Philadelphia — Five Below (NASDAQ: FIVE), a discount retail chain headquartered in Philadelphia, has now reopened 90 percent of its stores across the United States. Due to the COVID-19 pandemic, the company temporarily closed all of its 920 stores across 36 states on March 20 and began reopening them in late April. Five Below reported a net sales decrease of 44.9 percent from $364.8 million to $200.9 million between the first quarters of 2019 and 2020. The first quarter of the company’s 2020 fiscal year ended May 2. In addition, …
Dover, Del. — Lululemon (Nasdaq: LULU), a provider of athletic apparel that is based in Vancouver, British Columbia, but incorporated in Delaware, has now reopened 295 of its 489 stores, or roughly 60 percent of its worldwide locations. The company reported net revenue of $652 million in its fiscal first quarter, which ended May 3, compared with $785 million during the same period a year ago, a 17 percent decline. Lululemon closed all of its stores in mainland China following the outbreak of COVID-19 and subsequently shuttered its Europe and …
Indianapolis — Simon Property Group (NYSE: SPG) has terminated its Feb. 9 merger agreement with Taubman Centers Inc. (NYSE: TCO). Simon also filed an action today in Michigan’s Oakland County Circuit Court saying Taubman breached the covenants in the merger agreement. Under the terms of the agreement, Simon was to acquire an 80 percent interest in Taubman for approximately $3.6 billion. Indianapolis-based Simon says its termination of the merger agreement is based on two separate grounds. “First, the COVID-19 pandemic has had a uniquely material and disproportionate effect on Taubman compared …
Leawood, Kan. — AMC Entertainment Holdings Inc. (NYSE: AMC) plans to reopen almost all of its U.S. and U.K. theaters in July. The Leawood-based movie theater chain has already reopened 10 theaters in Norway, Germany, Spain and Portugal, and expects to be fully open globally in July ahead of the release of Christopher Nolan’s “Tenet” on July 17 and Disney’s “Mulan” on July 24. AMC is working closely with local, national and international officials to coordinate timing and requirements of reopening. It is consulting with the Harvard University School of …
Canton, Mass. — Fast-food breakfast chain Dunkin’ (NASDAQ: DNKN) has announced plans to hire 25,000 new employees nationwide as the company looks to lead the charge out of nationwide coronavirus quarantines. Taco Bell recently made a similar declaration, vowing in late May to hire 30,000 workers this summer. With 55,000 planned hires between just two companies, quick-service restaurants could be an early sign of economic recovery during the COVID-19 pandemic. The reliance on drive-thru and pickup orders makes fast food a natural type of restaurant to rebound first. On Friday, …
Woonsocket, R.I. — CVS/pharmacy has added 55 COVID-19 testing sites in North Carolina and 15 sites in South Carolina. The tests are accessible through appointments only. Patients will be required to stay in their cars and will be directed to the pharmacy drive-thru window, where they will be provided with a test kit and given instructions. A CVS team member will observe the self-swab process to ensure it is done properly. Tests will be sent to an independent, third-party lab for processing and the results will be available in approximately …
Denver — As retailers continue to face uncertain times during the COVID-19 pandemic, Denver-based Baceline Investments has shifted its focus to providing support and creating tools, resources and personal guidance for the small businesses of its 73 neighborhood shopping centers under management nationwide. The boutique private equity real estate investment and management company’s national portfolio currently includes 900 small business tenants. “We’ve taken an all-hands-on-deck approach to supporting our small business partners,” says Todd Laurie, partner and executive vice president of fund services for Baceline. “We’ve mobilized our company into …
Plano, Texas — J.C. Penney released an update on its store optimization strategy on Thursday, announcing plans to close 154 stores around the country as part of Phase I of the plan. The closings of those stores are scheduled to begin Friday, June 12. The Plano-based retailer expects to announce additional closings after Phase I, which will feature store-closing sales at the shuttered locations that are expected to take 10 to 16 weeks to complete. A list of which stores are closing as part of Phase I can be found …
Indianapolis — Indianapolis-based mall owner Simon Property Group has sued Gap Inc. for refusing to pay rent for stores temporarily closed during the coronavirus pandemic, according to The Wall Street Journal. The retailer owes three months of rent amounting to nearly $66 million. The lawsuit was filed in Delaware state court. Both Banana Republic and Old Navy fall under the Gap umbrella of brands. Gap is one of Simon’s biggest tenant in terms of rent. Simon has 412 stores that are leased to Gap, Banana Republic or Old Navy within …
Leawood, Kan. — AMC Entertainment Holdings Inc. (NYSE: AMC) says it has “substantial doubt” for its ability to remain in business after shutdowns due to the coronavirus. If the movie theater chain is not able to recommence operations within its estimated timeline, it will require additional capital. The Leawood-based company temporarily suspended operations at all of its theaters through June and is generating no revenue. Even if governmental operating restrictions are lifted in certain jurisdictions, AMC says distributors may delay the release of new films until operating restrictions are eased …