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Joann Files for Chapter 11 Bankruptcy, Plans to Go Private

by Katie Lee

Hudson, Ohio — Joann Inc., a fabrics and sewing retailer based in Hudson, Ohio, has filed for prepackaged Chapter 11 bankruptcy. The company’s 829 stores and its website will remain open for business. Following the bankruptcy process, if approved, Joann will become a private company owned by some of its lenders and other industry parties, and its shares will no longer be listed on Nasdaq or any other national stock exchange. As of March 19, the company’s stock has been delisted. Joann expects to emerge from the voluntary bankruptcy process …

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Newspeoplerestaurants

Taco John’s Names New President and CEO

by Katie Lee

Cheyenne, Wyo. — Taco John’s® welcomes industry veteran Heather Neary to the executive leadership team as president and chief executive officer. Neary assumes the role from former CEO Jim Creel, who retired after more than two decades. During Creel’s tenure, the chain became one of the largest Mexican quick-service restaurant brands in the country. Neary brings more than two decades of relevant restaurant, brand and franchise leadership experience to her new role, most recently as the brand president at KBP Brands, a large QSR franchisee. She joins Taco John’s as …

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Newsretailers

Revo Opens First U.S. Store in Manhattan’s SoHo District

by Katie Lee

New York City — Revo, a premium, high-quality, performance sunglass company, opened its first U.S. brick-and-mortar retail store in Manhattan’s SoHo neighborhood on March 13. The retail showroom is located at 436 West Broadway. The new store introduces an exclusive and engaging shopping experience to both loyal Revo enthusiasts and those discovering the iconic brand for the first time. Once inside, visitors are greeted by a series of displays showcasing the complete spectrum of Revo’s offerings, all of which feature the brand’s signature NASA-based lens technology. Custom prescription sunglasses, limited …

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franchise developmentNewsrestaurants

QDOBA Appoints Chief Development Officer, Head of International Business

by Katie Lee

San Diego — QDOBA has hired Jeremy Vitaro as chief development officer and head of international. The restaurant development veteran joins QDOBA from Little Caesars Pizza and Dunkin’ Brands; he will be responsible for QDOBA’s asset light development strategy, including new restaurant growth, system remodeling, refranchising, acquisition, prototype design and real estate and construction. “We are thrilled with Jeremy’s decision to join the QDOBA leadership team,” says John Cywinski, CEO of QDOBA and Modern Market Eatery. “QDOBA is an exceptionally well-positioned brand and what I consider to be the best …

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construction and designNewsretailerssupply chain

Home Depot Plans 4 New Distribution Centers for Professional Customers

by Katie Lee

Detroit, Los Angeles, San Antonio & Toronto — The Home Depot Inc. plans to open four new distribution centers in Detroit, Los Angeles, San Antonio and Toronto. The new facilities are a key component of the company’s efforts to cater to professional customers such as developers, general contractors, remodelers and property managers. The new distribution centers will stock large, bulky merchandise such as lumber, insulation and roofing shingles. The new distribution centers are expected to open in the first half of this year. Home Depot has opened similar hubs across …

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Bojangles Plans First Locations in Arizona as Part of Westward Expansion

by Katie Lee

Charlotte, N.C. — Bojangles has signed a multi-unit development agreement that will bring 20 new restaurants to Phoenix, marking the next chapter of the brand’s expansion West and its first locations in the state of Arizona. The growth will be led by operators LVP Restaurant Group, LLC, an entity of LV Petroleum, in partnership with Kingsbarn Realty Capital, serving as real estate developer. This agreement is an extension of the group’s partnership with Bojangles, signing a multi-unit development agreement last year to bring 20 first-to-market restaurants to Las Vegas, and …

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Newsretailers

Tempur Sealy Moves Forward on Mattress Firm Acquisition

by Katie Lee

Lexington, Ky. — Tempur Sealy International, Inc. has provided an update on its intended acquisition of Mattress Firm Group Inc. On May 9, 2023, Tempur Sealy signed a definitive agreement to acquire Mattress Firm, the largest mattress specialty retailer in the U.S. The company continues to work with the Federal Trade Commission (FTC) to advance the transaction, and now expects that the FTC will complete its review by the end of the second quarter. Temper Sealy expects the transaction to close in mid- to late 2024. Tempur Sealy and Mattress …

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franchise developmentNewspeoplerestaurants

Restaurant Brands International Makes Key Leadership Changes

by Katie Lee

Toronto — Josh Kobza, chief executive officer of Restaurant Brands International Inc. (RBI) has announced leadership team changes to support the company’s long term growth outlook of reaching a minimum of 40,000 restaurants, $60 billion in system-wide sales and $3.2 billion in adjusted operating income by 2028. Sami Siddiqui has been appointed chief financial officer, succeeding Matt Dunnigan who is leaving the company. Jeff Klein has been appointed president of Popeyes U.S. and Canada, succeeding Siddiqui who has led the brand for nearly 4 years. Thiago Santelmo has been appointed …

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Newsretailersstore closings

Dollar Tree to Close 1,000 Stores Nationwide

by Katie Lee

Chesapeake, Va. — Dollar Tree Inc. plans to close approximately 970 underperforming Family Dollar stores. In addition, Chesapeake, Va.-based Dollar Tree identified approximately 30 underperforming Dollar Tree stores for closure. Roughly 600 Family Dollar stores are slated to close in the first half of fiscal 2024, with about 370 Family Dollar locations and the 30 Dollar Tree locations set for closure at the end of each store’s current lease term. Years of mismanagement and poor conditions in stores have hurt Family Dollar’s brand, reports CNN. The discount chain is known …

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KFC Surpasses 30,000 Restaurants Worldwide

by Katie Lee

Plano, Texas — KFC has opened its 30,000th location globally with a new restaurant in Rome, Italy. After the brand opened its very first restaurant in 1952, a new KFC location now opens somewhere in the world every 3.5 hours on average. KFC plans to enter its 150th country later this year. “Opening our 30,000th restaurant is a testament to the support of our local business partners, employees and customers over the past nearly 75 years,” says Sabir Sami, CEO of KFC Global. “While we are a global brand, we …

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