New York City — New York City-based RCS Real Estate Advisors has facilitated an agreement between Premium Brands, the owner and operator of Ann Taylor and Lane Bryant, and Simon Property Group to keep all Ann Taylor, LOFT, and Lane Bryant stores located at Simon properties open. Related to this agreement, a filing was made with the bankruptcy court on February 18 to assume the leases involved and Simon withdrew their objection to the confirmation of the company’s go-forward plan.
Burbank, Calif. — Once a shopping mall mainstay, The Walt Disney Co. (NYSE: DIS) has announced plans to close at least 60 of its brick-and-mortar locations — or 30 percent — in the U.S. and Canada in a bid to shift its focus to e-commerce. These closures are being described as the “beginning” of the company’s downsizing efforts, according to The New York Times, with a significant number of overseas stores also expected to close in 2021. The specific stores to be closed were not disclosed. Changing consumer behavior was cited as a catalyst …
Bloomfield Hills, Mich. — William Taubman has been promoted to president of The Taubman Company Co. and will retain his role as chief operating officer. William Taubman will continue to report to Chairman and Chief Executive Officer Robert Taubman while leading the company’s development, center operations, leasing and strategic communications functions. Prior to being named president, Taubman served as chief operating officer and as a member of the company’s board of directors. He has also held the positions of executive vice president and vice president of development and acquisitions since …
Minneapolis — Target (NYSE: TGT) has announced plans to open small-scale Apple (NASDAQ: AAPL) shops inside 17 of its stores this month, with additional locations scheduled to open this fall. The company will also expand its online Apple product offerings over the coming weeks. The new Apple in-store experience will offer a mix of products and accessories in a dedicated space designed for guests to see new products and view demonstrations by Target Tech Consultants, who will receive specialized training from Apple. Each shop will feature new lighting fixtures and displays for …
Atlanta — Chicken Salad Chick, a Southern-inspired, fast-casual chicken salad restaurant chain, will relocate its headquarters from Auburn, Alabama, to Atlanta. The move is slated to take place during the first quarter. Chicken Salad Chick’s new office will be located in the city’s Vinings district at the Overlook II building, which is situated at 2839 Paces Ferry Road in Atlanta. The company’s new office is 21 miles north of the Hartsfield-Jackson Atlanta International Airport. Scott Deviney, president and CEO of Chicken Salad Chick, says the company’s decision to move to Atlanta is …
Batavia, Ill. — Aldi, a discount grocer based in Essen, Germany, is continuing its nationwide expansion with 100 new stores to open this year. The grocer plans to grow its footprint in select markets in Arizona, California, Florida and the Northeast U.S. Aldi also plans to add curbside pickup service to 500 additional stores this year, bringing its total number of stores with curbside options to 1,200. Nearly all U.S. Aldi locations offer delivery services through its partnership with Instacart. Additionally, today marks the groundbreaking of Aldi’s 564,000-square-foot distribution center …
New York City — The U.S. arm of beauty retailer L’Occitane en Provence has filed for Chapter 11 bankruptcy protection and announced plans to close several stores in an effort to optimize the company’s 166-location U.S. footprint. At least 23 stores are being targeted for closure in the U.S. and the company is taking a closer look at its other leases in hopes of better positioning L’Occitane for success over the next few years, according to reports by the New York Business Journal. Stores are set to remain open through the …
Leawood, Kan. — In effort to remain financially afloat amid the COVID-19 pandemic, AMC Entertainment Holdings Inc. (NYSE: AMC) has raised or signed commitment letters to receive $917 million of new equity and debt capital. The Leawood-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 …
Pittsburgh — American Eagle Outfitters, Inc. (NYSE: AEO) has announced plans to close hundreds of its flagship American Eagle stores over the course of the next few years, while seeking to grow the company’s more successful lingerie and active-wear brand, Aerie, into a $2 billion business. The Pittsburgh-based company’s chief financial officer, Michael Mathias, announced plans to close 200 to 225 of the company’s 880 existing American Eagle locations over the next two to three years during a virtual investor meeting held Thursday, Jan. 21. “Our primary focus for the next few …
Jacksonville, Fla. — Southeastern Grocers Inc., the Jacksonville-based parent company of grocery brands Winn-Dixie, BI-LO, Fresco y Mas and Harveys Supermarket, is moving forward with its initial public offering (IPO) that it filed in mid-October. Founded in 1924, Southeastern Grocers operates 638 grocery stores, pharmacies and liquor stores across Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina and South Carolina. According to Market Watch, the company has 36,000 employees and its expected listing date for its shares of common stock is next week under the symbol “SEGR” on the New York Stock Exchange …