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Roark Capital Invests $200 Million in The Cheesecake Factory Amid Pandemic-Related Closures

by Alex Tostado

Atlanta and Calabasas Hills, Calif. — Roark Capital Group, a private equity firm based in Atlanta, has invested $200 million in The Cheesecake Factory Inc., owner and operator of the chain of restaurants of the same name. The Calabasas Hills-based company also owns and operates the North Italia chain, as well as a collection of restaurants within the Fox Restaurant Concepts subsidiary. The funds will be used to immediately help The Cheesecake Factory navigate the COVID-19 pandemic, in which its dine-in service has been closed. The company, which has been …

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Company newsNew YorkNews

Shake Shack to Return $10 Million Coronavirus Stimulus Loan

by Alex Tostado

New York City — Shake Shack will return a $10 million coronavirus stimulus loan it received through the federal government’s Small Business Administration Paycheck Protection Program (PPP). The New York City-based burger chain said it will return the funds after garnering capital through its investors. Shake Shack received the $10 million loan April 10. ​Shake Shack operates 189 restaurants and employs about 8,000 workers.

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Company newsNewsPennsylvaniaRetailers

PREIT Launches ‘Shop Local’ Website to Highlight Small Businesses in its Portfolio

by Alex Tostado

Philadelphia — PREIT has launched a “shop local” section on its website to shine a spotlight on the small businesses in its portfolio. The Philadelphia-based mall owner reports that 48 percent of Americans work for a small business and 76 percent of those businesses have been affected by the COVID-19 outbreak. Furthermore, the company says small businesses make up 28 percent of its portfolio. The shop local page​ has categories that include home goods, food, health and wellness, athletic and outdoor, and apparel and accessories. “Our local businesses are among the enterprises hardest …

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ArkansasCompany newsNewsRetailers

Walmart Reaches Goal to Hire 150,000 Associates, Pledges to Hire 50,000 More Amid COVID-19 Crisis

by Alex Tostado

Bentonville, Ark. — Amid the COVID-19 crisis sweeping the nation, Walmart set a goal in mid-March of hiring 150,000 associates before May 1. Since then, the Bentonville-based retailer has hired an average of 5,000 people per day, surpassing its goal. Now Walmart has its sights set on hiring another 50,000 people. In a statement, the company said most of the new hires will be temporary who will support current associates and customers in locations with specific needs. Additionally, 85 percent of the 150,000 new associates are temporary or part-time workers. …

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CaliforniaCompany newsRetailers

Irvine Co. Defers Rent for Retail Merchants Affected by Coronavirus

by Alex Tostado

Newport Beach, Calif. — Irvine Co. will defer three months of rent for retailers in need due to COVID-19. The Newport Beach-based company said the deferment is interest- and penalty free. Retailers that do defer will have 12 months to become current, Irvine said. Irvine’s retail portfolio includes Irvine Spectrum Center, Fashion Island and The Market Place. Click here to read more about Irvine’s COVID-19 response.

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Company newsPennsylvaniaRetailers

PREIT Partners with Local Charities to Support Local Coronavirus Efforts

by Alex Tostado

Philadelphia — Philadelphia-based PREIT has a message for the communities it serves: We’re in this together. With that in mind, PREIT workers and tenants have been teaming with charities to support coronavirus relief efforts. At Woodland Mall in Grand Rapids, Michigan, PREIT employees and Feeding America West Michigan provided food for more than 400 families in need. Cecily McCabe, marketing director at Woodland Mall, with the help of the National Guard; Cosmic Candy Co.; Monica Sparks, Kent County Commissioner; Tricho Salon & Spa; Adolescent and Family Behavioral Health Services; and …

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Company newsMallsNorth CarolinaRetailers

Tanger Outlets Sets Up Several Uses for Centers to Aid in Coronavirus Relief Efforts

by Alex Tostado

Greensboro, N.C. — Tanger Outlets has converted several of its outlets centers and parking lots to assist in coronavirus (COVID-19) relief efforts. The Greensboro-based retailer has taken up food and supply drives to support families in the communities it serves. Additionally, the company has converted several of its parking lots to help police and EMS workers set up remote staging areas. Tanger is also still running blood drives with the American Red Cross at select locations. Click here for more information on Tanger services.

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Company newsFloridaGrocery-anchoredRetailers

Publix Offers Rent Relief for Tenants Affected by Coronavirus Outbreak at its Owned Shopping Centers

by Alex Tostado

Lakeland, Fla. — Publix Super Markets is offering two months of rent relief to businesses that operate within Publix-owned shopping centers that have closed due to the coronavirus outbreak. The Lakeland-based grocer is also waiving payments for common area maintenance fees and taxes, regardless of the tenant’s access to other relief or assistance. Publix operates 1,243 stores in seven Southeastern states, including Florida, Georgia, South Carolina, North Carolina, Tennessee and Alabama. A total number of businesses that have closed within Publix-owned centers was not disclosed. Publix owns more than 330 …

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CaliforniaCompany newsNewsRetailers

Jean Retailer True Religion Files for Chapter 11 Bankruptcy Amid Pandemic-Related Retail Closures

by Alex Tostado

Manhattan Beach, Calif. — True Religion, a premium jeans retailer based in Manhattan Beach, filed papers in Delaware bankruptcy court Monday, April 13. In its filing, the company stated that pandemic-related closure of all its retail location and all the stores of its wholesale buyers had accelerated “existing liquidity constraints.” Due to these factors, True Religion furloughed all nonessential employees and reentered Chapter 11, which it previously entered in July 2017. “While the debtors would have preferred to wait out the current instabilities of the financial markets and retail industry …

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Company newsMarylandNewsRestaurants

Continental Realty Launches Internal ‘Eat Local’ Stimulus Plan

by Alex Tostado

Baltimore — Continental Realty Corp. (CRC) has launched an internal program to aid the restaurant industry in the communities it serves. CRC owns and operates retail centers and multifamily properties in Maryland, Virginia, North Carolina, South Carolina, Tennessee, Alabama, Georgia and Florida. Between April 14 and May 15, any CRC employee who provides a receipt for food items bought locally will be reimbursed up to $200. “We feel extremely strongly about initiating a program that benefits our loyal and hard-working team members and supports the restaurant sector,” says Crystal Frey, …

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