Company news

MGM Reopens Casino in Springfield, Massachusetts, at 25 Percent Capacity

by Alex Tostado July 15, 2020

Springfield, Mass. — MGM Resorts International (NYSE: MGM) has reopened its casino in the western Massachusetts city of Springfield at 25 percent of its original capacity due to the COVID-19 pandemic. As of July 13, there were 112,000 confirmed coronavirus cases in the state of Massachusetts and 8,330 deaths. At this time, the resort’s 240-room hotel and spa remain closed, limiting the amenity options for guests to the 125,000-square-foot casino and three of the property’s food and beverage establishments, which will also operate at limited occupancies. Valet parking is also …

July 15, 2020

Company news News Retailers Washington

Sur La Table Files for Chapter 11 Bankruptcy, Plans to Close 56 Stores

by Alex Tostado July 10, 2020

Seattle — Privately held kitchenware retailer Sur La Table has filed for Chapter 11 bankruptcy protection. The Seattle-based company is set to close 56 of its 121 stores, according to reports by The New York Times, making it the latest retailer to struggle under strain caused by the COVID-19 pandemic. Following store closures and bankruptcy proceedings, Sur La Table has entered into a stalking horse agreement — or an initial bid on the assets of a bankrupt company — to affiliates of New York City-based Fortress Investment Group. The private …

July 10, 2020

Company news Illinois News Retailers

Despite Third-Quarter Losses, Walgreens to Invest $1 Billion to Open Doctors’ Offices at US Stores

by Alex Tostado July 10, 2020

Deerfield, Ill. — In its fiscal 2020 third-quarter results, Walgreens Boots Alliance Inc. said its performance was “significantly impacted by the COVID-19 pandemic,” causing sales to be roughly $700 million to $750 million lower. The decline is largely attributed to its international stores. In April, sales at Walgreens stores in the United Kingdom were down 85 percent. Deerfield-based Walgreens says that pharmacy volume was impacted globally by a drop in doctor visits and hospital patient admissions. Profits were also hurt by a shift to low-margin items and higher supply chain …

July 10, 2020

Company news New Jersey News Retailers

Bed Bath & Beyond to Close 200 Stores Over Next Two Years Following 49 Percent Decline in Sales Due to Pandemic

by Alex Tostado July 9, 2020

Union, N.J. — Bed Bath & Beyond (NASDAQ: BBBY) plans to close 200 stores over the next two years. The Union-based company made the announcement during its earnings statement for its fiscal first quarter, which runs from March through May. The report shows sales plummeted in the quarter due to the novel coronavirus pandemic and subsequent shutdowns affecting non-essential retailers. For the three-month period, net sales were approximately $1.3 billion, a 49 percent year-over-year decrease. Bed Bath & Beyond reports that 90 percent of its physical locations were closed for …

July 9, 2020

Company news New York News Retailers

Brooks Brothers Files for Chapter 11 Bankruptcy

by Alex Tostado July 9, 2020

New York City — Brooks Brothers Group Inc. is the latest retailer to file for bankruptcy protection, according to The Wall Street Journal and other media outlets. The two-century-old men’s apparel company is based in New York City. The Chapter 11 bankruptcy filing in Delaware will enable the company to seek a buyer and restructure its debts. Brooks Brothers is set to close 51 of its 250 North American stores, according to media reports.

July 9, 2020

Company news Entertainment Kansas News

AMC Theatres Delays Reopening Until July 30 to Coincide with Movie Releases

by Alex Tostado July 1, 2020

Leawood, Kan. — AMC Theatres has delayed its U.S. reopening date until July 30. The company will resume operations of 450 U.S. theaters as part of a phased plan that is expected to bring the 600-plus U.S. theaters to full operation by early August. AMC says the new reopening date aligns with updated release timing for major movies such as “Tenet” on Aug. 12 and “Mulan” on Aug. 21. Previously, AMC had expected to be fully open globally in July when Christopher Nolan’s spy film “Tenet” was scheduled to release …

July 1, 2020

California Company news Development News Retailers

Lowe Launches Retail reVision, Focuses on Transforming Properties into Retail Hubs

by Alex Tostado June 29, 2020

Los Angeles — Lowe has launched Retail reVision, its platform to reposition retail real estate. Under the initiative, the Los Angeles-based developer will target underperforming retail properties and partner with new and existing owners to manage or advise redevelopments. Lowe seeks properties that are regional draws, such as malls, community, lifestyle and power centers that are located in urban and suburban infill markets where Lowe currently operates. Target markets are California, the Pacific Northwest and Mid-Atlantic regions, the greater Denver and Phoenix metropolitan areas and the Carolinas. Lowe has named Joel …

June 29, 2020

Company news Malls Michigan News Retailers

Judge Orders Simon, Taubman to be Trial-Ready by Mid-November

by Alex Tostado June 29, 2020

Oakland County, Mich. — The dispute between Simon Property Group Inc. (NYSE: SPG) and Taubman Centers Inc. (NYSE: TCO) over a planned merger will move to a mediation phase. James Alexander, a circuit court judge with the state of Michigan, has ordered that the mediation phase be completed by July 31 and that the companies must be ready for a trial by mid-November. On Thursday, Taubman shareholders voted to approve and adopt the previously announced merger agreement dated Feb. 9 and says the company is “ready, willing and able to …

June 29, 2020

Company news New York News Retailers

Macy’s Inc. to Cut 3,900 Corporate Jobs, Projects $365 Million Savings in Operating Costs

by Alex Tostado June 25, 2020

New York City — Macy’s Inc. will lay off 3,900 employees in corporate and management positions, representing approximately 3 percent of its total workforce, according to a company statement issued today. Macy’s expects the reduction of staff to save approximately $365 million in operating costs for its 2020 fiscal year. Macy’s recently projected that it would show a $1.1 billion loss in operating income for its first quarter ending in early May, a result of temporary and permanent store closures, as well as significantly reduced sales amid the COVID-19 outbreak. …

June 25, 2020

California Company news Entertainment News Retailers

Disneyland Resort Pushes Reopening Date Beyond July 17

by Alex Tostado June 25, 2020

Anaheim, Calif. — Disneyland Resort has delayed the opening of its theme parks and resort hotels in Anaheim based on the State of California’s announcement that it will not issue theme park reopening guidelines until sometime after July 4. The company plans to announce a revised reopening date once government officials approve a phased reopening. Downtown Disney District, an outdoor shopping center at the resort, will reopen in July with health and safety protocols in place for employees and guests. This opening was approved with the restaurants and retail openings …

June 25, 2020

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