COVID-19

Tropical Smoothie Cafe Opened 99 New Locations in 2020

by Katie Lee February 2, 2021

Atlanta — Tropical Smoothie Cafe, a leading national fast-casual cafe franchise, experienced another record-breaking year in 2020. Tropical Smoothie Cafe delivered its ninth consecutive year of positive same-store sales, with 2020 same-store sales coming in at +7.5%. The brand opened 99 new cafes, including its 900th location in Fort Benning, Ga. Further, the brand signed 254 new franchise agreements — 70% of which came from existing franchisees — and is on track to reach more than 1,000 operating restaurants in 2021. “Our success is directly related to the passion and …

February 2, 2021

Cover Story franchise development From The Magazine retailers

Making the Cut

by Katie Lee January 28, 2021

— Interview with Greg Smith — Sport Clips Haircuts proves how essential its service is with a thriving franchise system of more than 1,800 stores and locations in all 50 states. As many of us realized very soon into the pandemic, it’s easy to argue that hair salons are essential services. Nevertheless, like other hair salons around the country, Sport Clips Haircuts was forced to close its more than 1,800 locations during the spring shutdown. By October, nearly all had reopened and, as we continue to navigate the …

January 28, 2021

News retailers

L’Occitane, Inc. Files for Chapter 11, Will Optimize U.S. Store Footprint

by Katie Lee January 27, 2021

New York City — L’Occitane, Inc., a leading U.S. retailer of beauty and well-being products rich in natural and organic ingredients that preserves and celebrates the traditions of Provence, France, has filed for voluntary Chapter 11 bankruptcy this week and will optimize its store footprint to best position its business for the future. To implement this store footprint optimization plan, including the contemplated exit of unprofitable locations, the company commenced a voluntary case under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District …

January 27, 2021

News retailers

AMC Theatres Raises $917 Million of Investment Capital, Says Bankruptcy is ‘Completely Off Table’

by Katie Lee January 26, 2021

Leawood, Kan. — In an effort to remain financially afloat amid the COVID-19 pandemic, AMC Entertainment Holdings Inc. has raised or signed commitment letters to receive $917 million of new equity and debt capital. The Leawood, Kan.-based movie theater company says the increased liquidity should enable it to survive well into 2021. Of the $917 million, AMC raised $506 million of equity from the issuance of new common shares. Additionally, the company executed commitment letters for $411 million of incremental debt capital from upsizing and refinancing its European revolving credit …

January 26, 2021

HVAC/R Industry Voices lighting

Let There Be Light

by Katie Lee January 21, 2021

— By Mark Timmons — The 101 on UV-C lighting. Fall and winter present a new challenge in restaurant and facility management with the continuing COVID-19 pandemic impacting businesses around the world and now it’s flu season. Taking a look back, several months ago, in-person dining felt like an overwhelming hurdle. Reopening a retail business seemed daunting. Yet we did it. As we turn to stabilizing business, in some parts of the United States al fresco dining is done. It’s simply too cold outside for outdoor dining. With the …

January 21, 2021

News retailers

Store Closings Begin at All Christopher & Banks Locations Nationwide

by Katie Lee January 14, 2021

Chicago — On Jan. 13, 2021, Christopher & Banks filed for Chapter 11 reorganization and authorized store closing sales to be conducted by Hilco Merchant Resources. The store closing process has begun at more than 400 stores nationally. Christopher & Banks was founded in 1956. As of February 2020, the retailer had more than 450 locations. In a statement from Christopher & Banks, Keri Jones, president and CEO, said: “Since the start of the COVID pandemic, we have taken aggressive steps to protect our business while continuing to serve our …

January 14, 2021

News retailers

Express, Inc. Receives $140 Million in Additional Financing to Bolster Liquidity

by Katie Lee January 14, 2021

Columbus, Ohio — Fashion apparel retailer Express, Inc. has entered into a definitive loan agreement with Sycamore Partners as lead lender, along with Wells Fargo and Bank of America Merrill Lynch, that strengthens its liquidity position by an additional $140 million. The new financing includes a $90 million FILO Term Loan with a maturity date of May 24, 2024, and a $50 million Delayed Draw Term Loan, to be repaid upon receipt of a CARES Act tax refund expected to be received in the second quarter of 2021. This financing …

January 14, 2021

News retailers

Loves Furniture & Mattresses Files for Chapter 11 Bankruptcy Protection

by Katie Lee January 11, 2021

Warren, Mich. — Loves Furniture & Mattresses, owned by Dallas-based private equity firm U.S. Assets Inc., filed for Chapter 11 bankruptcy protection in early January amid struggles brought on by the COVID-19 pandemic. Loves was formed in April of this year and acquired 27 Art Van Furniture locations across Michigan, Pennsylvania, Ohio, Illinois, Virginia and Maryland in May. That deal did not include the stores’ underlying real estate, which had already been sold off, according to reports by the Detroit Free Press. The company also opened or acquired 13 additional …

January 11, 2021

News retailers

Macy’s to Shutter 45 More Locations, Including Longtime Store at Chicago’s Water Tower Place

by Katie Lee January 7, 2021

Chicago — Macy’s will close its longtime department store at Water Tower Place in Chicago, according to several media reports. The downtown mall is situated on the Magnificent Mile. Macy’s will begin a clearance sale this month at the 170,000-square-foot store. The retailer will continue to operate nearby stores in Skokie, Oak Brook, Schaumburg and Orland Park, Ill. In early 2020, before the COVID-19 pandemic, Macy’s announced that it would close 125 stores nationwide over a 3-year period in an effort to right-size its store fleet. During the first week …

January 7, 2021

Industry Voices waste management/recycling

A Delicate Balance

by Katie Lee January 6, 2021

— By Anthony Dilenno — Balancing economic and environmental responsibility. For restaurants and retailers, COVID-19 has disrupted every aspect of business. With so many critical issues that have risen to the top of the list of concerns, recycling programs tend to fall to the back burner as companies focus on economic survival. However, while COVID-19 (and a drop in scrap commodities prices) has driven up recycling costs for some items, prioritizing recycling of high-quality commodities still provides better value than sending trash to the landfill. America is facing a …

January 6, 2021

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