Plano, Texas — J.C. Penney has drafted and filed an asset purchase agreement (APA), effectively moving the Plano, Texas-based retailer one step closer to concluding negotiations for its acquisition by Brookfield Asset Management and Simon Property Group, a $1.75 billion deal that was announced in September. J.C. Penney CEO Jill Soltau described this filing as “another important milestone in our restructuring plan” that should help the company shed its Chapter 11 bankruptcy status in time for the holiday shopping season. A hearing to seek court approval for the transaction is …
retailers
Sonic Automotive Expands EchoPark Brand Nationwide, Opens First in the State of Tennessee
by Katie Lee
Nashville, Tenn. — Sonic Automotive, Inc., a Fortune 500 Company and one of the nation’s largest automotive retailers, has opened its newest EchoPark specialty pre-owned vehicle store in Nashville, Tenn. As Sonic Automotive continues to rapidly expand its EchoPark network, its first Tennessee location will allow car buyers in the region to shop an assortment of high-quality, 1- to 4-year-old pre-owned vehicles priced 20% to 40% below new car pricing. This new EchoPark location, located just north of downtown Nashville, was formerly a Sonic Automotive franchised dealership that was recently …
Atlanta — With its retail concept a proven success in several major U.S. markets, Painted Tree Marketplace plans to accelerate expansion plans on a national basis in major suburban markets, with a focus on the Southeast, Midwest and Southwest. Painted Tree currently operates eight U.S. locations in Arkansas, Georgia, Tennessee and Texas, with additional locations scheduled to open soon. Painted Tree is aiming for 10 to 12 new store openings per year. Store sizes will range from 30,000 to 50,000 square feet, with a typical footprint of 35,000 square feet. …
Georgetown, Texas — Sport Clips Haircuts has reopened 98% of its more than 1,800 locations in the U.S. and Canada. At the onset of the pandemic, Sport Clips sent out a letter to landlords saying it would waive franchise agreement fees for franchisees in an attempt to make paying rent more feasible. By paying more than $300,000 in rent for 69 company-owned locations in Texas, Arkansas, Nevada and Oklahoma, Sport Clips was able to prioritize tools and resources for franchisees. “Few times does a company get the opportunity to truly illustrate that values are not …
Goodlettsville, Tenn. — Dollar General has unveiled its newest retail store concept: popshelf. This new store aims to engage customers with a fun, affordable and stress-free shopping experience where they can find on-trend seasonal and home décor, health and beauty must-haves, home cleaning supplies, party goods, entertaining needs and much more — with approximately 95% of items priced at $5 or less. The first two popshelf locations will open near Nashville, Tenn., this fall. “We are excited to introduce popshelf from a position of strength, further highlighting our innovative spirit …
— By Katie Lee — Even during a pandemic, Jersey Mike’s continues to grow and evolve — adding 200 stores this year and fully funding the ongoing retrofits of its 1,800+ locations. Ten years ago, Retail & Restaurant Facility Business first featured Jersey Mike’s on its cover. At the time, the iconic sub sandwich chain, which launched in 1956 in Point Pleasant, New Jersey, had 450 stores open and under development in 29 states. One short decade later? Jersey Mike’s is just getting started. The company has more than …
San Francisco — Gap Inc. has appointed Nancy Green as the president and CEO of Old Navy, the company’s largest brand. Green will report to Sonia Syngal, CEO of Gap Inc., and will serve on the company’s senior leadership team. Green has served as interim head of Old Navy since March and was previously president and chief creative officer of the brand. “Nancy is a visionary leader who brings deep customer empathy to her role every day. She has led the brand through one of the most challenging periods in …
Hartland, Wis. — Batteries Plus, the nation’s largest and fastest-growing battery, light bulb, key fob and repair franchise, has been ranked No. 131 on Franchise Times’ Top 200+ List, the most comprehensive ranking of the 500 largest franchise systems in the United States. The prestigious list is based on Batteries Plus’s global system sales and number of locations. The brand joins the list among some of the nation’s most recognizable brands. In 2020, Batteries Plus signed 20 franchise agreements and is on track to have 20 new agreements signed by …
Knoxville, Tenn. — Regal Cinemas will temporarily suspend operations at all of its 536 U.S. theaters beginning Thursday, Oct. 8. British owner-operator Cineworld owns Knoxville, Tenn.-based Regal Cinemas, which has about 7,000 screens across its U.S. portfolio of theaters. Cineworld also announced plans to close all of its theaters in the United Kingdom this week. The closures will impact about 40,000 employees, according to Cineworld. “This is not a decision we made lightly, and we did everything in our power to support a safe and sustainable reopening in the United …
East Rutherford, N.J. — Triple Five Group has reopened the American Dream shopping and entertainment destination in East Rutherford, located just outside New York City. American Dream is located in the Meadowlands Sports Complex by MetLife Stadium, home of the New York Jets and Giants and features some 3 million square feet of retail and entertainment space. According to local media reports, marquee attractions such as the Nickelodeon Universe theme park, DreamWorks water park, Angry Birds mini-golf and an NHL-sized ice skating rink are now open under limited capacities. Masks …