Dallas — Gold’s Gym, a fitness chain founded in California in 1965 and now headquartered in Dallas, has filed voluntary petitions for protection under Chapter 11 of the U.S. Bankruptcy Code as it works to restructure its debt. In a statement issued earlier this week, the company said that the financial fallout from COVID-19 has forced it to permanently close about 30 company-owned gyms. The company also said that the filing would not impact its licensing division and was not associated with any of its locally owned franchise gyms. Gold’s …
retailers
Dallas — Neiman Marcus Group LTD LLC has entered into a Restructuring Support Agreement (RSA) with a significant majority of its creditors to undergo a financial restructuring, substantially reducing its debt load and interest payments and supporting continued operations during the COVID-19 pandemic and beyond. To implement the RSA, the company has commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. As part of the process, Neiman Marcus Group has secured debtor-in-possession (DIP) financing of $675 million from creditors to enable …
Seattle —Nordstrom plans to permanently close 16 of its 116 full-line stores, with the company incurring the non-cash impairment charges associated with the closures. The clothing retailer hopes the closures will better position it for the long-term retail landscape at the end of the COVID-19 pandemic. The list of stores was not released. “We’ve been investing in our digital and physical capabilities to keep pace with rapidly changing customer expectations,” says Erik Nordstrom, CEO of Nordstrom Inc. “The impact of COVID-19 is only accelerating the importance of these capabilities in …
Los Angeles — Hightimes Holding Corp., the owner of High Times®, the most well-known brand in cannabis, has appointed Peter Horvath, former chief commercialization officer of American Eagle Outfitters and former chief operating officer at Victoria’s Secret, as the company’s new chief executive officer and board member. Horvath is coming onboard to spearhead the company’s retail expansion. Stormy Simon will step down as CEO. “We are pleased to welcome Peter to the High Times family, and to be able to tap into his wealth of experience capitalizing on major consumer …
New York — ShopOne Centers REIT Inc., a leading owner, operator and manager of high-quality grocery-anchored shopping centers, has promoted Bob Dake to chief operating officer and Tom Shine to senior vice president, property management. Dake previously served as ShopOne’s executive vice president of leasing, while Shine was the company’s vice president, property management. “The promotions of Bob and Tom are well deserved, as they have played critical roles in advancing the growth of our business and strengthening our relationships with flagship national and local retailers,” says John Roche, chief …
Westlake, Ohio — TravelCenters of America Inc. has commenced a company-wide reorganization, which is a key step in the company’s strategic, long term plan to improve its operational efficiency and profitability. The reorganization plan includes significant leadership changes with the addition of new senior vice presidents for a newly created hospitality department — under which the areas of restaurants, gaming and convenience stores will be consolidated — as well as in information technology. TA has also appointed a new senior vice president of corporate development, a new department initially tasked …
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 …
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 …
— By Mac McConnell — How to create a consistent luxury shopping experience across locations. Imagine you’re a shopper who just stepped into a luxury goods store. You are greeted by a sharply attired, uber-friendly store employee who hands you a tall glass of chilled sparkling wine and offers to give you a guided tour of the newest inventory. “No thanks for now,” you say, explaining that you’d rather do some browsing first. As you stroll through the aisles, you take in the impressive sights: the finish of …
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 …