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 …
retailers
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 …
Goodlettsville, Tenn. — Dollar General has opened its 17,000th store in Fountain, Colo. Dollar General opened its first store in Colorado in 2006 and currently employs more than 500 individuals in the state through approximately 60 store locations. DG was originally founded as a wholesale venture in 1939 by J.L. Turner and Cal Turner, Sr. The father-and-son duo pioneered the “dollar store” concept in 1955 with the opening of the first Dollar General store in Springfield, Ky. Today, DG is comprised of 17,000 company-owned retail locations and more than 25 …
New York City — Tapestry, Inc., a leading New York-based house of modern luxury accessories and lifestyle brands (Coach, Kate Spade, Stuart Weitzman), has appointed Joanne Crevoiserat as chief executive officer. She had served as the company’s interim CEO since July 2020, after having joined the company as chief financial officer in August 2019. Before that, she was executive vice president and chief operating officer of Abercrombie & Fitch. “After completing a comprehensive internal and external search, the board unanimously concluded that Joanne is the best candidate to lead Tapestry’s …
Menomonee Falls, Wis., and San Francisco — Sephora will debut at least 850 “Sephora at Kohl’s” locations within Kohl’s stores by 2023, the San Francisco-based cosmetic company announced. The locations will span 2,500 square feet and will typically be situated near the front of each Kohl’s. Sephora at Kohl’s shops will replace Kohl’s current in-store beauty assortment. Exterior signage at locations that feature the in-store shops will display both Kohl’s and Sephora branding. These locations will be selected based on existing Sephora store proximity, market opportunity and customer insights. Menomonee …
Premium Apparel Agrees to Acquire Multiple Clothing Brands from Ascena Retail Group for $540 Million
by Katie Lee
New York City and Mahwah, N.J. — Premium Apparel LLC, an affiliate of New York City-based private equity firm Sycamore Partners, has entered into an agreement to purchase multiple clothing brands from Mahwah, N.J.-based Ascena Retail Group for $540 million. The apparel and footwear brands in question include Ann Taylor, LOFT, Lane Bryant and Lou & Grey. Under the terms of the deal, which is expected to close by mid-December, Premium Apparel will acquire the brands on a cash-free and debt-free basis. Premium Apparel did not specify how many of …
Union, N.J. — Bed Bath & Beyond Inc. has named John Welling as senior vice president (SVP), merchandise planning, allocation & operations, effective immediately. Welling will report to Joe Hartsig, Bed Bath & Beyond’s chief merchandising officer (CMO), and president of Harmon Health & Beauty Stores. Welling will be responsible for helping lead the transformation of Bed Bath & Beyond’s inventory planning and replenishment strategy, a core pillar in the company’s strategic growth plan. This includes implementing enhanced merchandising processes and inventory systems to improve in-stock levels and turn times, …