Philadelphia — Urban Outfitters reported an 8.4 percent sales decrease for the two months that ended Dec. 31, 2020 relative to that period in 2019. The Philadelphia-based apparel retailer said that lower sales within its brick-and-mortar stores were partially offset by double-digit sales growth across the digital platforms of its family of brands, which includes Free People and Anthropologie Group. For the fiscal year 2020, the company’s net sales declined by 14.3 percent year-over-year, although the retailer did open 18 new stores over the last 12 months. In addition, Urban …
Warren, Mich. — Loves Furniture & Mattresses, owned by Dallas-based private equity firm U.S. Assets Inc., filed for Chapter 11 bankruptcy protection this week amid struggles brought on by the COVID-19 pandemic. Loves was formed in April of this year and acquired 27 Art Van Furniture locations across Michigan, Pennsylvania, Ohio, Illinois, Virginia and Maryland in May. That deal did not include the stores’ underlying real estate, which had already been sold off, according to reports by the Detroit Free Press. The company also opened or acquired 13 additional locations between May …
Columbus, Ohio — L Brands Inc., the parent company of retailers Victoria’s Secret and Bath & Body Works, reported that its same-store sales during the holiday period grew 5 percent, compared with a 3 percent drop one year ago. Shoppers purchased more loungewear, hand soap and candles ahead of the new year. Comparable sales at Bath & Body Works increased 17 percent for the nine-week period that ended Jan. 2. Columbus-based L Brands expects to report its fourth-quarter earnings Feb. 24.
Union, N.J. — Bed Bath & Beyond reported 2 percent comparable sales growth for its fiscal third quarter that ended Nov. 30, an increase that was fueled largely by 77 percent growth in digital sales compared with the same period a year ago. Despite this growth, the Union, New Jersey-based retailer will continue with its plan that was announced in July of last year to close some 200 stores by mid-2022. According to CNBC, this includes the closing of 43 stores by the end of February. Bed Bath & Beyond also agreed in …
St. Louis — Midwest Retail Properties has rebranded as MRP Capital Group. The St. Louis-based company, founded in 2013, is no longer solely focused on the Midwest region. The private equity real estate firm owns and manages Walmart-anchored shopping centers in secondary and tertiary locations nationwide. MRP’s current portfolio is comprised of more than 1 million square feet of retail space across 15 states.
Indianapolis — Simon Property Group Inc. has completed its acquisition of an 80 percent ownership interest in The Taubman Realty Group Limited Partnership (TRG) for approximately $3.4 billion. Under the terms of the transaction, Simon, through its operating partnership, Simon Property Group L.P., acquired all of Taubman Centers Inc.’s (TCO) common stock for $43 per share in cash, and the Taubman family sold approximately one-third of its ownership interest at the transaction price and remains a 20 percent partner in TRG. BofA Securities, Citigroup Global Markets Inc. and Evercore Group, …
Chicago — Macy’s will close its longtime department store at Water Tower Place in Chicago, according to several media reports. The downtown mall is situated on the Magnificent Mile. Macy’s will begin a clearance sale this month at the 170,000-square-foot store. The retailer will continue to operate nearby stores in Skokie, Oak Brook, Schaumburg and Orland Park, Illinois. In early 2020, before the COVID-19 pandemic, Macy’s announced that it would close 125 stores nationwide over a three-year period in an effort to right-size its store fleet. This week, Macy’s unveiled …
Denver — Punch Bowl Social has filed for voluntary Chapter 11 bankruptcy through the U.S. Bankruptcy Court for the District of Delaware. The Denver-based “eatertainment” concept has closed all but three of its locations due to the COVID-19 pandemic. The venues in Austin, Texas; Arlington, Virginia; and Atlanta remain open. In summer 2019, Cracker Barrel invested $140 million in Punch Bowl Social. According to multiple media reports, the restaurant chain chose during the pandemic to not invest any further in Punch Bowl Social, instead focusing on its own business.
Westlake Village, Calif. — Just over three weeks after filing for Chapter 11 bankruptcy, Guitar Center appears ready to already emerge from the process. In its original filings, the Westlake Village-based musical instrument and supplies retailer reported its business of instrument purchases, rentals, repairs and music lessons suffered amid the upheaval stemming from government-mandated shutdowns in response to the COVID-19 pandemic. At a virtual hearing Thursday, U.S. Bankruptcy Judge Kevin Huennekens, based in Richmond serving the Eastern District of Virginia, approved Guitar Center’s bankruptcy plan, according to Bloomberg. The retailer expects …
Orlando, Fla. — Darden Restaurants Inc. has reported a 19.4 percent decline in total year-over-year revenues during its fiscal year 2021 second quarter, the company said Friday. Orlando-based Darden’s second quarter ended Nov. 29 with $1.66 billion in total revenue compared with $2.06 billion in fiscal second-quarter 2020. Darden owns restaurant brands including Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s. Darden reports that Olive Garden year-over-year sales dipped 19 percent to $829.5 million. LongHorn Steakhouse sales fell 8.9 …