Chattanooga, Tenn. — CBL Properties has struck a deal with its lenders on a restructuring plan that will eliminate $900 million in debt and reduce annual interest expense by $20 million. Although the official press release from CBL did not mention bankruptcy, a representative from the company told the Chattanooga Times Free Press that the company plans to use the Chapter 11 bankruptcy process to complete the restructuring. The announcement follows the company’s August 18 second-quarter earnings call, where CBL revealed that it had drawn down its entire revolving credit …
jeff shaw
Houston — Charming Charlie, a women’s fashion and beauty chain based in Houston, filed for Chapter 11 bankruptcy on July 11, 2019. It is the second time the retailer known for its colorful displays of jewelry, handbags, apparel and beauty products has filed for bankruptcy in less than 2 years. The company now plans to close all 261 of its remaining stores across 38 states. The retailer’s first filing was in December 2017, and the financial restructuring was completed the following April. However, the company continued to struggle following the …
San Francisco — A joint venture led by Sansome Pacific, a real estate investment firm based in San Francisco, has acquired 11 locations of outdoor sports retailer Cabela’s for $324.3 million. The transaction was structured as a sale-leaseback with the seller, Bass Pro Shops, which owns the Cabela’s brand. Much like Bass Pro Shops, Cabela’s is known for its sprawling retail campuses. The 11-property portfolio spans 1.6 million square feet on 227 acres of land. Bass Pro Shops is based in Springfield, Mo., while Cabela’s is based in Sidney, Neb. …
Springfield, Mo. — O’Reilly Automotive, Inc., a leading retailer in the automotive aftermarket industry, has completed its previously announced leadership succession plan. Greg Henslee, who has served as the company’s chief executive officer (CEO) since February of 2005, was elected to serve as a director on the company’s board of directors and was subsequently appointed by the board to serve as executive vice chairman. In conjunction with Henslee’s election to the board, Greg Johnson was promoted to CEO and co-president, and Jeff Shaw was promoted to chief operating officer and …