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Company newsNewsRhode Island

CVS Reports 3.5 Percent Revenue Growth in Third Quarter, Expands Healthcare Services

by Katie Sloan

Woodsocket, R.I. — CVS Health Corp. (NYSE: CVS) reported $67.1 billion in revenue for the third quarter, a 3.5 percent increase from that period a year ago. The company cited the expansion of its healthcare services, particularly its doubling of its COVID-19 testing sites to more than 4,000 pharmacy locations nationwide, as a key driver of growth. According to CNBC, CVS surpassed analysts’ expectations of $66.6 billion in quarterly revenue, prompting the Woonsocket, Rhode Island-based chain to raise its 2020 earnings guidance. The stock price of CVS opened at $63.05 per share …

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Company newsGeorgiaNewsOklahoma

Stan Johnson Co. Acquires Shane Investment Property Group

by Katie Sloan

Tulsa, Okla. and Atlanta— Real estate brokerage and advisory firm Stan Johnson Co. has acquired Atlanta-based Shane Investment Property Group for an undisclosed price. This acquisition will support the Tulsa-based company’s multi-tenant retail investment sales growth and diversification strategy, as well as the opening of a second metro-Atlanta office in the northern suburb of Alpharetta. “Shane Investment Property Group is well-known in the Atlanta area and greater Southeast market for providing exceptional client service and their cultural identity complements ours very well,” says Stan Johnson, president and CEO of Stan …

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Company newsNewsPennsylvania

Pet Valu Winding Down Operations, Closing All 358 Stores and Warehouses in the United States

by Katie Sloan

Wayne, Pa. — Pet Valu Inc., a specialty retailer of pet food and supplies, has opted to wind down its U.S. operations. The retailer will close all 358 stores in the Midwest, Northeast and Mid-Atlantic, as well as its warehouses and its U.S. headquarters office in Wayne. No timeline for closures was disclosed, but Pet Valu is currently doing final liquidation sales for all its merchandise. Additionally, the retailer is marketing all of its store fixtures, furniture and equipment for sale. Pet Valu Inc. licenses its name from Pet Valu Canada, …

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Company newsMassachusettsNews

Restaurant Chain Friendly’s Files for Chapter 11 Bankruptcy, Enters into Sale Agreement

by Katie Sloan

Wilbraham, Mass. — FIC Restaurants Inc., a restaurant company that operates the Friendly’s brand, has filed for Chapter 11 bankruptcy and entered in an agreement to sell all of its assets to Amici Partners Group LLC. Nearly all of Friendly’s 130 corporate-owned and franchised restaurant locations, known for burgers, sandwiches and ice cream, are expected to remain open subject to COVID-19 limitations. Friendly’s stated that it has sufficient cash on-hand to continue operations, meet its obligations to employees, franchisees and vendors. Upon the sale closing, Amici expects to retain most employees at …

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Philadelphia Fashion District
Company newsNewsPennsylvaniaTennessee

Mall Owners CBL & Associates, PREIT File for Chapter 11 Bankruptcy Protection

by Katie Sloan

Chattanooga, Tenn. and Philadelphia — Against headwinds brought on by the COVID-19 pandemic, CBL & Associates Properties Inc. andPennsylvania Real Estate Investment Trust (PREIT) filed for Chapter 11 bankruptcy protection on Sunday, Nov. 1. PREIT Philadelphia-based PREIT owns and operates 22.5 million square feet of retail space including 19 mall properties in New Jersey, Pennsylvania, Massachusetts, Maryland, Virginia, Michigan, North Carolina and South Carolina. The company has reached a Restructuring Support Agreement (RSA) with its bank lenders, under which an additional $150 million will be committed to recapitalize the business …

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Company newsGeorgiaMassachusettsNews

Inspire Brands Agrees to Acquire Dunkin’ in $11.3 Billion Transaction

by Katie Sloan

Atlanta and Canton, Mass. — Inspire Brands has agreed to acquire fast-food breakfast chain Dunkin’ Brands (NASDAQ: DNKN) in a transaction valued at $11.3 billion. The deal is expected to close by the end of the year. Atlanta-based Inspire Brands is the parent company of restaurant chains such as Arby’s, Jimmy John’s, Sonic Drive-In and Buffalo Wild Wings. In addition to its namesake coffee and breakfast chain, Canton, Massachusetts-based Dunkin’ Brands also owns ice cream parlor chain Baskin-Robbins, which respectively have about 12,500 and 8,000 locations worldwide. The deal’s price tag equates …

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Company newsKentuckyNewsRestaurants

Yum Brands Reports 8 Percent Revenue Growth in Third Quarter

by Alex Tostado

Louisville, Ky. — Yum Brands reported third-quarter revenue of $1.45 billion, up 8 percent from the same period a year ago. Taco Bell reported the highest positive year-over-year growth, recording $501 million in sales, a 2 percent increase from third-quarter 2019. Pizza Hut’s sales also grew, reaching $243 million, a 1 percent increase. Though KFC recorded the highest company sales total, reaching $583 million for the quarter, it was still a 4 percent decrease from the $609 million total recorded in the third quarter of 2019. Additionally, Louisville-based Yum Brands …

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Company newsNewsRestaurantsWashington

Starbucks Beats Quarterly Expectations, Shows Signs of Quickened Recovery

by Alex Tostado

Seattle — Starbucks Coffee reports that global comparable-store sales fell 9 percent in the fiscal fourth quarter on a year-over-year basis, but the company’s performance still beat economists’ expectations. Total revenue for the Seattle-based coffee chain reached $6.2 billion in the fiscal fourth quarter, which ended Sept. 27. Economists had expected the total to be $6.06 billion. “I am very pleased with our strong finish to fiscal 2020, underpinned by a faster-than-expected recovery in our two lead growth markets, the U.S. and China,” says Kevin Johnson, president and CEO of …

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CaliforniaCompany newsNews

Donahue Schriber Realty Group Hires Michael Glimcher as CEO, President

by Alex Tostado

Costa Mesa, Calif. — Donahue Schriber Realty Group has hired Michael Glimcher as its new CEO and president effective Monday, Nov. 2. Costa Mesa-based Donahue Schriber also hired Kevin Halleran as executive vice president and chief financial officer. Glimcher and Halleran were both previously with Chicago-based Starwood Retail Partners. Glimcher served as CEO of Glimcher Realty Trust from 2005 to 2017. He has been CEO of Starwood since June 2017. Glimcher and Halleran will fill the roles of Patrick Donahue, chairman and CEO; and Lawrence Casey, president and COO. Both …

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Company newsNew YorkNewsRetailers

Stuyvesant Plaza Donates $100,000 in Gift Cards to University of Albany Students

by Alex Tostado

Albany, N.Y. — Stuyvesant Plaza has donated $100,000 worth of gift cards to help students at the University of Albany buy basic needs items, professional clothing for job interviews and health and wellness services. The gift cards can be used at retailers within the shopping center, which is situated at 1475 Western Ave., adjacent to the university. Stuyvesant Plaza is home to 18 tenants and was originally built in 1959. “UAlbany students are part of the fabric of the Capital Region and the Stuyvesant Plaza community,” says Edward Swyer, president …

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