Philadelphia — Philadelphia-based brand Bagels & Co. has announced plans to open 20 new stores throughout Florida and Pennsylvania. Scheduled to open by 2024, the shops will offer bagel and cream cheese varieties, as well as other deli fare. Restaurant group Glu Hospitality owns the brand, which currently operates four outposts in Philadelphia, with three new stores scheduled to open in the city this year. New locations will also include Fort Lauderdale and Wilton Manors in South Florida.
Philadelphia — Rite Aid Corp. (NYSE: RAD) has filed for Chapter 11 bankruptcy protection and has received financial commitments totaling roughly $3.4 billion from lenders to support business operations as the company works to restructure its debt. The Philadelphia-based pharmacy and convenience store chain did not say whether it would immediately close any stores as a direct result of this filing, just that it would continue “assessing its footprint and closing underperforming stores.” However, in September, The Wall Street Journal reported that Rite Aid had proposed to its creditors a restructuring …
Minneapolis — The Target Corp. has announced plans to close nine stores in four states. Scheduled to close Oct. 21, the stores are located in New York City; Seattle; Portland, Oregon; San Francisco; and Oakland, California. In a statement, the brand attributed the closures to the fact that “theft and organized retail crime are threatening the safety of [its] team and guests and contributing to unsustainable business performance.”
Cincinnati and Boise, Idaho — Kroger Co. (NYSE: KR) and Albertsons Cos. Inc. (NYSE: ACI) have agreed to sell 413 stores across 17 states and Washington D.C. as part of the $24.6 billion merger between the two grocery giants. The buyer is C&S Wholesale Grocers, a New Hampshire-based grocery supply company overseeing brands including Piggly Wiggly and Grand Union. According to multiple news outlets including USA Today and Crain’s, the sales price is roughly $1.9 billion. In addition to the 400-plus grocery stores, C&S will also acquire eight distribution centers and two office properties …
Washington, D.C. — The National Retail Federation (NRF) has acquired the Reverse Logistics Association (RLA), a global trade association for the returns and reverse industry. “Retailers understand the importance of sustainability practices and the environmental, economic, social and consumer benefits that accompany them,” says Matthew Shay, president and chief executive officer of the NRF. “RLA’s reverse logistics expertise will help our members to ‘close the loop’ and accelerate the emergence of the circular economy,” he adds. The circular economy constitutes the efforts to reuse or recycle useful products, materials and resources.
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The Picklr to Open 80 New Venues in 11 States
Kaysville, Utah — Utah-based indoor pickleball brand The Picklr will open 80 new venues across eleven states, including Arizona, Colorado, Florida, Georgia, Illinois, Minnesota, Nevada, Tennessee, Texas, Utah and Wyoming. The facilities will be opened in partnership with 13 new franchisees. “With seven corporate owned facilities, our first-mover advantage has undeniably led to a high level of interest from well capitalized candidates across the entire country,” says Scott Schubiger, chief growth officer of The Picklr.
Jericho and New York City, N.Y. — Kimco Realty (NYSE: KIM) has entered into a definitive merger agreement with RPT Realty (NYSE: RPT) under which Kimco will acquire RPT Realty in an all-stock transaction. Both REITs are based in New York — Kimco in Jericho and RPT in Manhattan — and own and operate open-air and grocery-anchored shopping centers, as well as mixed-use assets. Kimco valued the transaction at approximately $2 billion, including the assumption of debt and preferred stock. The merger will add 56 open-air shopping centers, including 43 wholly …
Milford, Conn. — Private equity firm Roark Capital has entered into a definitive agreement with Subway to acquire the Milford-based restaurant chain. The price was not disclosed, but according to CNBC, Subway previously sought $10 billion, and The Wall Street Journal reported on Monday that Roark offered $9.6 billion. According to CNBC, other bidders reportedly included TDR Capital and Sycamore Partners. Founded more than 50 years ago by Peter Buck and Fred DeLuca, Subway boasts 36,592 restaurants globally, according to the company website. Market-research firm Technomic has reported that the chain garnered $9.8 billion in domestic sales …
Kansas City, Mo. — Kansas City-based Chicken N Pickle has announced plans to open seven new locations by the first quarter of 2025. Plans include locations in St. Charles, Missouri; Allen, Texas; Fishers, Indiana; Henderson, Nevada; Webster, Texas; Thornton, Colorado; and Parker, Colorado. Chicken N Pickle outposts typically comprise 32,000 square feet and feature a restaurant, sports bar, pickleball courts and yard games. The new openings will nearly double the brand’s footprint, which currently includes eight locations.
Dublin, Ohio — The Wendy’s Co. has announced plans to open more than 200 new restaurants through 2024. The new restaurants will feature the brand’s Global Next Gen design, which features a dual-sided kitchen, self-order kiosks and a dedicated delivery pick-up window and parking spaces. “The Global Next Gen future-forward design unlocks 400 times the capacity for digital orders, accelerating the system’s digital growth,” says Abigail Pringle, president of international and chief development officer with the company.