Paramus, N.J. — Arena STEM, a new retail “edu-tainment” concept, opened its first U.S. location at Westfield Garden State Plaza on December 18, 2020. The flagship store is located on level two near Nordstrom. Arena STEM is a new and innovative concept that provides an interactive environment for kids and young adults to play, learn and engage with science and technology. The 40,000-square-foot facility offers hands-on experiences with real-life models, racetracks, events, contests and classes that include 3-D drawing, robotics, model making and more. “More and more STEM curriculum has …
retailers
Westlake Village, Calif. — Just over 3 weeks after filing for Chapter 11 bankruptcy, Guitar Center appears ready to already emerge from the process. In its original filings, the Westlake Village, Calif.-based musical instrument and supplies retailer reported its business of instrument purchases, rentals, repairs and music lessons suffered amid the upheaval stemming from government-mandated shutdowns in response to the COVID-19 pandemic. At a virtual hearing on December 17, 2020, U.S. Bankruptcy Judge Kevin Huennekens, based in Richmond serving the Eastern District of Virginia, approved Guitar Center’s bankruptcy plan, according …
Warrendale, Pa. — A new deal with Bank of America, N.A. and Tiger Finance has allowed specialty retailer rue21 (r21 Holdings, Inc.) to strengthen its financial position and enabled it to refinance its existing term loan, increase available liquidity and lower its cost of capital. rue21 amended its asset-based credit facility to increase availability to $155 million due 2025 led by Bank of America, N.A. The new capital structure will allow it to accelerate strategic growth initiatives, including omni-channel enhancements to create more engaging customer experiences. “Today is an exciting …
New York City — Newmark has signed a 6,000-square-foot lease for the New York City flagship for Amsterdam’s fashion and lifestyle brand, Daily Paper, at 18 Delancey St. This transaction marks Daily Paper’s inaugural stateside flagship on New York’s Lower East Side. Newmark represented the landlord, Solar Realty Management, while Selene represented the tenant in the transaction. “Despite all the recent turmoil with COVID-19 and the restructuring of many retailers, brands like Daily Paper are embracing the changing landscape and using the unique physical space to amplify their aesthetic, creating …
Union, N.J. — Bed Bath & Beyond Inc. has entered into a definitive agreement to sell its remaining non-core banner Cost Plus World Market to Kingswood Capital Management, a Los Angeles-based private equity firm. Additionally, the company approved a new $150 million accelerated share repurchase program (ASR), subject to market conditions, which will be in addition to the $225 million ASR announced on October 28, 2020. Both ASR programs are expected to be completed by no later than the end of the company’s fiscal year on February 27, 2021. The …
Miami — Balfour Beatty has completed construction on River Landing Shops and Residences, a 2.5 million-square-foot, mixed-use development along the Miami River. On behalf of real estate investment trust H&R REIT and South Florida developer Urban-X Group, with Matthews Southwest providing owner representative services, the $298 million mega-project will be a premier dining and shopping destination in the heart of the second largest health district in the U.S. River Landing Shops and Residences is built on 8.1 acres of riverfront land and is one of the few projects in the …
Salisbury, N.C. — Food Lion has completed the $212.5 million remodel of 112 grocery stores in Virginia, West Virginia, Delaware, Pennsylvania and Maryland. The Salisbury, N.C.-based grocer hired 2,300 employees at the stores. According to a study conducted by Towson University’s Regional Economic Studies Institute, the stores will generate $360 million in economic impact. Over the next week, the locations will hold giveaways that will range from reusable shopping bags to gift cards. Each store now includes more items in the “local goodness” section, an expanded craft beer and limited …
Pittsburgh — DICK’S Sporting Goods, Inc., the largest U.S.-based, omnichannel sporting goods retailer, has named Edward W. Stack, chairman and chief executive officer, to assume the role of executive chairman and continue as chief merchant on February 1, 2021. He also will oversee key strategic growth initiatives for the company. Stack has served as chairman and CEO of DICK’S since he and his siblings bought his father’s two small sporting goods stores in upstate New York in 1984. Today, DICK’s has more than 850 stores. The company’s board of directors …
Houston — Francesca’s, the Houston-based apparel and accessories chain for women, has filed for Chapter 11 bankruptcy and will close an additional 97 stores across the country, according to documents filed in the U.S. Bankruptcy Court for the District of Delaware. Francesca’s had previously announced in mid-November that it would be closing 140 stores, or roughly 20% of its total count, and possibly pursuing a Chapter 11 bankruptcy declaration. According to CNBC, Francesca’s has received a buyout offer from Los Angeles-based TerraMar Capital and hopes to close a sale by …
Atlanta — The Home Depot® will open two new distribution centers in Perth Amboy, N.J., over the next 12 months to support the growing demand for flexible customer delivery options. The expansion is projected to bring more than 400 jobs to the tri-state area, including full- and part-time positions. The company currently operates six distribution centers across New Jersey, New York and Connecticut. “Our customers have varying needs — from DIYers renovating a room in their home to professional contractors on job sites to institutional business customers overseeing maintenance and …