New York City — J.Crew Group, Inc. has filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern District of Virginia. The company has secured commitments for a debtor-in-possession financing facility of $400 million and committed exit financing provided by existing lenders Anchorage Capital Group, L.L.C., GSO Capital Partners and Davidson Kempner Capital Management LP, among others. Subject to court approval, the DIP financing, combined with the company’s projected cash flows, is expected to support its operations during the …
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Indianapolis — Simon Property Group has released plans for reopening several of its malls in the first half of May. The openings are based on current state and/or local stay-at-home orders put in place as a result of the COVID-19 pandemic. Previously scheduled to open May 1, some properties in Georgia and Indiana have been delayed to a May 4 opening. View the reopening schedule here. Indianapolis-based Simon says its protocols have been reviewed and approved by experts in epidemiology and environmental health and safety. The protocols are in effort …
Union, N.J. — Bed Bath & Beyond Inc. has made four new strategic appointments to its leadership team, each of whom will report directly to President & CEO Mark Tritton. This includes the appointment of Gustavo Arnal as executive vice president, chief financial officer (CFO) and treasurer, effective May 4, 2020. Arnal joins the company following his previous role as Group CFO of Avon, prior to which he held senior positions at Walgreens Boots Alliance and Procter & Gamble. Bed Bath & Beyond’s current CFO and treasurer, Robyn D’Elia, is …
Oak Brook, Ill. — Let’s Pave has recognized the toll COVID-19 has taken on assisted living communities across the country. In an effort to provide a well-deserved ‘Thank You’ and support to those medical professionals, aides and staff members who are risking their health and well-being, Let’s Pave has raised more than $40,000 in 24 hours, which will be distributed to various healthcare and assisted living facilities throughout the country, starting in the Massachusetts area. The company’s goal is to raise much more over the next few weeks. Let’s Pave …
San Francisco — Curry Up Now, the nation’s largest and fastest growing Indian fast-casual concept, has launched its ‘Roll it Forward’ campaign in an effort to show gratitude for healthcare workers across the country and help those whose lives and jobs have been affected by the COVID-19 crisis. The initiative, which will be offered at all 11 of Curry Up Now’s restaurants from coast-to-coast, invites guests to purchase $12 Donation Meals that Curry Up Now will match meal-for-meal. Guests can add any denomination of Donation Meals to their ‘cart’ — …
Woonsocket, R.I. — CVS Health joined other pharmacy chains and retailers at the White House on April 27, 2020 to announce the next phase in COVID-19 testing. In addition to the large-scale test sites the company has been operating since March, CVS Health will utilize its expansive community presence to bring testing closer to home while maintaining strict safety standards. “Our industry has been united by the unique role we can play in addressing the pandemic and protecting people’s health,” says Larry J. Merlo, president and CEO, CVS Health. “We all …
Covington, Ky. — Papi Jocho’s Street Dogs and Cantina will launch its first restaurant location on May 5, 2020. The concept will focus on Mexican-inspired street dogs and is designed to be a fast-casual restaurant with endless energy and an edgy personality. Papi Jocho’s, conceptualized by the owners of the popular Agave & Rye Tequila and Bourbon Hall, launches at a time when many restaurants are learning how to adapt to the current pandemic. Instead, the new restaurant will cater to the unique experience many Americans are facing today — …
Raleigh, N.C. — Pacific Retail Capital Partners (PRCP) has been hired to take over the management and leasing of the popular 1.3 million-square-foot Crabtree Valley Mall in Raleigh, N.C. In the midst of the national coronavirus pandemic that caused shopping centers to shut down all over the country, Pacific Retail Capital Partners has well prepared and helped its clients, like Crabtree Valley Mall, to not only endure but also to thrive. “Amidst this unprecedented time when shopping centers across the country are closed due to COVID-19, we are adapting, leading …
Roark Capital Invests $200 Million in The Cheesecake Factory Amid Pandemic-Related Closures
by Katie Lee
Atlanta and Calabasas Hills, Calif. — Roark Capital Group, a private equity firm based in Atlanta, has invested $200 million in The Cheesecake Factory Inc., owner and operator of the chain of restaurants of the same name. The Calabasas Hills, Calif.-based company also owns and operates the North Italia chain, as well as a collection of restaurants within the Fox Restaurant Concepts subsidiary. The funds will be used to immediately help The Cheesecake Factory navigate the COVID-19 pandemic, in which its dine-in service has been closed. The company, which has …
Publix Launches Initiative to Purchase Leftover Food from Farmers, Donate to Feeding America
by Katie Lee
Lakeland, Fla. — Publix Inc. has launched an initiative to help feed families that purchase 150,000 pounds of produce and 43,500 gallons of leftover milk from Florida farmers. The Lakeland, Fla.-based grocer will then donate the excess items to Feeding America in the coming weeks. Feeding America projects that 17.1 million families in the United States will experience food insecurity during the COVID-19 pandemic. “Like so many others right now, Florida farmers are in a time of need. We are humbled Publix is purchasing additional fresh vegetables from us and …