Grand Prairie, Texas — Phoenix-based grocer Sprouts Farmers Market will open a 25,000-square-foot store in Grand Prairie, located roughly midway between Dallas and Fort Worth, in the second half of the year. The opening is part of a larger rollout of 20 stores nationwide that feature the grocer’s new format, which is slightly smaller than its existing prototype. Sprouts currently operates 362 stores across 23 states and is also planning to open a new store in Irving.
New York City — WHP Global has acquired a controlling interest in Tru Kids Inc. (TRU), parent company to Toys ‘R’ Us, Babies ‘R’ Us, Geoffrey the Giraffe brands and more than 20 related consumer toy and baby brands. Tru Kids Inc. bought the Toys ‘R’ Us brand and its intellectual property in September 2017 when the company filed for Chapter 11 bankruptcy, according to reports by CNBC. Tru Kids has implemented a number of strategies since in an attempt to stir up momentum, including opening two pop-up locations in …
Carlsbad, Calif. and Dallas, Texas — Carlsbad, Calif.-based equipment and apparel manufacturer Callaway Golf Co. (NYSE: ELY) has completed its merger with Topgolf Entertainment Group. Under the terms of the merger agreement, Callaway issued approximately 90 million shares of its common stock to the shareholders of Topgolf (excluding Callaway, which previously held approximately 14 percent of Topgolf’s outstanding shares). Callaway shareholders now own approximately 51.3 percent of the outstanding shares of the newly combined entity, and former Topgolf shareholders (excluding Callaway) own approximately 48.7 percent. Both firms have strong real …
Austin, Texas — Alamo Drafthouse Cinema has filed for Chapter 11 bankruptcy protection and entered into an asset purchase agreement with its group of senior lenders that is led by California-based Altamont Capital Partners and Fortress Investment Group. The agreement involves the sale of “substantially all” of the company’s assets, though it remains unclear how many of its 41 theaters Alamo Drafthouse plans to close. As part of its filing, Alamo Drafthouse has asked the U.S. Bankruptcy Court for the District of Delaware to approve a 75-day timeline for restructuring …
Phoenix — Sprouts Farmers Market has announced plans to open 20 stores in 2021. The Arizona-based grocer will open 10 stores in Florida. Future stores are also planned for Georgia, Colorado, California, Texas, Arizona and Nevada. Stores in Dania Beach, Florida; Grand Prairie, Texas; Phoenix; and Smyrna, Georgia; will offer Sprouts’ updated, smaller-format store layout, which averages 25,000 square feet. One store in Tustin, California, will also be remodeled this year with the new layout. Additionally, the company is set to open two local produce distribution centers this year in …
Chicago — Virtas Partners has joined in an alliance with The Seaker Group to help retail clients struggling with excessive overhead costs amid continuing restrictions on retailers due to the COVID-19 pandemic. “We are bringing together The Seaker Group’s insightful approach to analytics with Virtas Partners’ deep experience in restructuring and debt placement, and in real estate development and management,” says David Kirshenbaum, managing director at Virtas Partners. “Together, we will provide the support businesses need to optimize their real estate portfolio to reduce their cost structure. In hostile operating …
Irving, Tx. — Affiliates of Apollo Global Management Inc. (NYSE: APO) have entered into an agreement to buy arts and crafts retailer Michaels (NASDAQ: MIK) and take the company private in a deal that is valued at approximately $5 billion. Under the terms of the agreement, Apollo will tender an offer to acquire all outstanding shares of Michaels common stock for $22 per share in cash. The purchase price represents a 47 percent premium over the Irving-based arts and crafts retailer’s closing stock price on Feb. 26, the last trading …
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 …