Company news

Falls Church, Va. — Chicken salad restaurant concept Chicken Salad Chick has opened a new restaurant in Falls Church, a suburb of Washington, D.C. The first of eight units planned in the Northern Virginia suburbs of D.C., this marks the brand’s first entry into the market. Franchisee Devon Chamberlin will own and operate the units, with the next restaurant to be opened in Fairfax. 

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Chuys-Restaurant-El-Paso-Texas

Austin, Texas and Orlando, Fla. — Darden Restaurants (NYSE: DRI) has agreed to acquire Chuy’s Holdings (NASDAQ: CHUY) for $605 million in an all-cash transaction.  The Tex-Mex restaurant chain — which owns and operates 101 full-service restaurants across 15 states — will join Darden’s existing restaurant portfolio, which includes Olive Garden, LongHorn Steakhouse and Ruth’s Chris Steak House, among others.  Under terms of the merger agreement, Orlando-based Darden will acquire all outstanding shares of Chuy’s at $37.50 per share. The purchase price represents a 40 percent premium to the Austin-based company’s …

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Smoothie-Factory-Kitchen

Dallas — Dallas-based food-and-beverage franchising company BRIX Holdings LLC has entered into an agreement with franchise owner Richard Stassi to open four new units in Arizona and Missouri. Stassi will open three Smoothie Factory + Kitchen and Red Mango co-branded shops within the next three years in metro Phoenix and Scottsdale, Arizona. The first of the units is scheduled to open in early 2025. Franchisee Gary Patel signed the fourth deal with Stassi and will open a Red Mango store in Kansas City, Missouri, in early 2025, marking the first entry …

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Ace-Hardware_Somerset-Kentucky

Roswell, Ga. — Hardware retail chain Ace Hardware has opened its 5,000th domestic store. Dubbed Fixit Ace Hardware, the store is located in Roswell, roughly 20 miles north of Atlanta. Additionally, the retailer opened its 100th new store of the year in Henderson, Nevada, last month. Ace, which operates more than 5,800 outposts globally, plans to open an additional 200 stores by the end of this year, which marks 100 years of business for the brand. 

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Stop&Shop

Quincy, Mass. — Stop & Shop, a grocery store chain based in the Boston suburb of Quincy, has announced plans to close 32 locations by the end of this year.  Situated throughout the Northeast, the stores — described in a press release as “underperforming” — are located in Connecticut, Massachusetts, New Jersey, New York and Rhode Island. According to the grocer, the affected stores will shutter on or before Nov. 2. Associates at the locations will be offered other employment within the company.  “As we announced in May, Stop & Shop …

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Big-Lots_Inglewood-CA

Columbus, Ohio — Discount retailer Big Lots plans to close 35 to 40 stores this year, according to an SEC filing submitted by the company. Big Lots saw a 10.2 percent year-over-year decrease in net sales in the first quarter of 2024. In addition to the closures, the company announced plans to open three stores this year, though the filing cites “substantial doubt about the company’s ability to continue.” In a June press release, the retailer attributed declining sales to a “challenging consumer environment.”

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Garrett-Colburn-SRS

Dallas — SRS Real Estate Partners has appointed Garrett Colburn president of the firm. Colburn will work with CEO Chris Maguire to “generate growth across all platforms, including retail, capital markets and industrial.” Colburn, who has 15 years of experience in retail brokerage, first joined SRS in 2012. He currently serves as managing principal and co-market leader of the company’s five California offices and a member of the board of directors — positions he will continue to hold. Additionally, he will serve on the Dallas-based company’s executive committee. 

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Neiman-Marcus-Tampa

New York City and Dallas — HBC, the New York City-based parent company of Saks Fifth Avenue, has agreed to acquire Dallas-based Neiman Marcus Group. The merger between the two luxury fashion retailers is valued at $2.6 billion. An estimated closing date was not released. Following the acquisition, HBC will establish Saks Global, an entity that will combine the intellectual property and real estate assets of the two companies. Brands that are already owned by HBC or Neiman Marcus, including Saks OFF 5th, Bergdorf Goodman and Last Call Outlet, will continue …

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Bobs-Stores-Manchester-CT

Meriden, Conn. — Bob’s Stores is closing all locations and liquidating its inventory as part of the Chapter 11 bankruptcy restructuring petition filed on June 18. The Meriden-based clothing retailer, which is a subsidiary of GoDigital Media Group, was unable to secure the financing needed to maintain operations. Bob’s began going-out-of-business sales in stores on June 28 with discounts of 30 to 70 percent off merchandise. Hilco Merchant Resources, in a joint venture with Gordon Brothers, is managing the liquidation event that includes all 21 remaining stores throughout Connecticut, Massachusetts, New …

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Walgreens_Miami

Deerfield, Ill. — Walgreens (NASDAQ: WBA) is set to close a significant portion of its store locations across the United States over the next three years. The company is finalizing its “footprint optimization program” after failing to meet earnings expectations in its fiscal third quarter, which ended May 31. Walgreens CEO Tim Wentworth reported in the company’s earnings call on Thursday morning that 25 percent of stores in the United States were not profitable, and that “changes are imminent” for those locations. The retail pharmacy chain currently runs about 8,600 locations …

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