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Jack in the Box, Del Taco Enter into $575 Million Merger Agreement

by Katie Lee

San Diego and Lake Forest, Calif. — Jack in the Box Inc. and Del Taco Restaurants have entered into a merger agreement valued at approximately $575 million, inclusive of existing debt. Under the terms of the agreement, Jack in the Box will acquire Del Taco for $12.51 per share in cash. The deal, which is expected to close in the first quarter of 2022, would yield a company with more than 2,800 restaurants across 25 states. In addition, the new entity plans to grow its store count by 4% annually …

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managementNewsproperty management

Washington Prime Group Files for Chapter 11 Bankruptcy Amid Pandemic-Related Struggles

by Katie Lee

Columbus, Ohio — Washington Prime Group, an Ohio-based owner-operator of regional malls and shopping centers, has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas. WPG cited insurmountable operating challenges tied to the COVID-19 pandemic as the primary catalyst behind the move. Against that backdrop, both CNBC and Reuters reported that many of the company’s tenants were unable to pay rent at various points in time over the last 16 months as public health mandates and lockdowns decimated foot traffic throughout the brick-and-mortar …

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Newsretailers

Francesca’s Files for Bankruptcy, to Close 97 More Stores

by Katie Lee

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 …

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Newsproperty management

Simon, Taubman Revise Merger Agreement, Reduce Asking Price by $800 Million

by Katie Lee

Indianapolis and Bloomfield Hills, Mich. — Simon Property Group and Taubman Centers Inc. have modified their merger agreement to include a new purchase price of $43 per share, enabling Simon to proceed with its acquisition of an 80% interest in Taubman. CNBC reports that the decline in the agreed-upon share price from $52.50 per share effectively reduces the price tag of the deal by $800 million. This announcement comes just as the two regional mall REITs were set to square off in Circuit Court for the Sixth Judicial District of …

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Newsrestaurants

Inspire Brands Agrees to Acquire Dunkin’ in $11.3 Billion Transaction

by Katie Lee

Atlanta and Canton, Mass. — Inspire Brands has agreed to acquire fast-food breakfast chain Dunkin’ Brands in a transaction valued at $11.3 billion. The deal is expected to close by the end of the year. Atlanta-based Inspire Brands is the parent company of restaurant chains such as Arby’s, Jimmy John’s, Sonic Drive-In and Buffalo Wild Wings. In addition to its namesake coffee and breakfast chain, Canton, Mass.-based Dunkin’ Brands also owns ice cream parlor chain Baskin-Robbins, which respectively have about 12,500 and 8,000 locations worldwide. Dunkin’ has about 9,600 locations …

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Newsretailers

Regal Cinemas Temporarily Suspending All U.S. Theater Operations

by Katie Lee

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 …

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Newsretailers

Parent Companies of Lord & Taylor, Men’s Wearhouse Both File for Chapter 11 Bankruptcy

by Katie Lee

New York City and Freemont, Calif. — The list of apparel retailers to file for Chapter 11 bankruptcy grew longer over the weekend as the parent companies of Lord & Taylor and Men’s Wearhouse both filed petitions for Chapter 11 bankruptcy protection in an effort to restructure their debt loads. Le Tote Inc., a New York City-based e-commerce firm specializing in the clothing sector that owns Lord & Taylor, filed its petition in the U.S. Bankruptcy Court for the Eastern District of Virginia. Tailored Brands, the Fremont-based parent company of …

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Newsretailers

Lululemon Reopens 60% of Stores

by Katie Lee

Dover, Del. — Lululemon, a provider of athletic apparel that is based in Canada but incorporated in Delaware, has now reopened 295 of its 489 stores, or roughly 60% of its worldwide locations. The company released the results of its fiscal first quarter, which ended on May 3, and posted a decline of 17% in net revenue from approximately $785 million to $652 million relative to the first quarter of 2019. In February, at the beginning of the company’s fiscal year, Lululemon closed all of its stores in mainland China …

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Newsretailers

Target, Other Retailers Temporarily Close Stores Across Nation in Response to Violent Protests

by Katie Lee

Minneapolis — Minnesota-based discount retailer Target has temporarily closed six stores in four states in response to protests that turned violent over the weekend. The looting and destruction of commercial property took place in the days following the death of George Floyd, an unarmed black man who died May 25 following an encounter with Minneapolis police during which an officer knelt on his neck for several minutes. On Sunday, several other retailers, including CVS, Apple and Walmart also announced temporary closures or adjusted hours in major cities where rioting had …

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Newsretailers

J.C. Penney Files for Chapter 11 Bankruptcy, Secures $900M for Debt Restructuring

by Katie Lee

Plano, Texas — J.C. Penney Co. has filed for Chapter 11 bankruptcy protection in a bid to strengthen its finances through an extensive debt restructuring. The company filed on May 15 in the U.S. Bankruptcy Court for the Southern District of Texas, located in Corpus Christi. The Plano, Texas-based retailer has secured $900 million in debtor-in-possession financing from its existing first-lien lenders that is expected to knock several billion dollars off its total debt load. J.C. Penney, a company with a 118-year operating history, said that it would disclose in …

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