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Regal Cinemas to Temporarily Suspend All U.S. Theater Operations Beginning Oct. 8

by Alex Tostado

Knoxville, Tenn. — Regal Cinemas will temporarily suspend operations at all of its 536 U.S. theaters beginning Thursday, Oct. 8. British owner-operator Cineworld owns Knoxville, Tennessee-based Regal Cinemas, which has about 7,000 screens across its U.S. portfolio of theaters. Cineworld also announced plans to close all of its theaters in the United Kingdom this week. The closures will impact about 40,000 employees, according to Cineworld. “This is not a decision we made lightly, and we did everything in our power to support a safe and sustainable reopening in the United …

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Company newsDevelopmentNewsPennsylvaniaRetailersVermont

Heidenberg Properties Group Redevelops Two Retail Properties in Pennsylvania, Vermont

by Alex Tostado

Hummelstown, Pa. and Berlin Vt. — Heidenberg Properties Group is redeveloping two retail properties in the midst of the coronavirus pandemic. The Closter, New Jersey-based owner and developer is working to redevelop Hershey Square Shopping Center in Hummelstown and Berlin Mall in Berlin. Anchor tenant Kmart vacated 107,000 square feet within Hershey Square in March 2019. Heidenberg Properties has been underway leasing the space with 10-year leases to multiple tenants, including Planet Fitness, TJ Maxx, Big Lots and Five Below. Additionally, Chipotle Mexican Grill will occupy space at a new …

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CaliforniaCompany newsEntertainmentNews

Media Reports: Disney to Lay off 28,000 Employees at Theme Parks in California, Florida

by Alex Tostado

Burbank, Calif. — The Walt Disney Co. will lay off 28,000 employees who were previously furloughed due to the coronavirus pandemic, according to multiple media reports. Disney World in Orlando, Fla., and Disneyland in Anaheim, Calif., both closed in mid-March due to the COVID-19 outbreak. Disney’s chief financial officer Christine McCarthy said in May that for every two weeks the parks were closed, the company lost $500 million. Disney World reopened in July with limited capacity, but Disneyland remains closed under California guidelines. A timeline for reopening has not been established. …

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Company newsNewsOregonRetailers

Nike’s Online Sales Jump 82 Percent Resulting in $10.6B in Quarterly Revenue

by Alex Tostado

Beaverton, Ore. — Nike Inc. (NYSE: NKE), the Beaverton-based footwear giant, has reported its revenues were $10.6 billion for its 2021 fiscal first quarter, which ended Aug. 31. The revenue represents a decrease of 1 percent from the same period in 2019, with its direct sales at $3.7 billion, up 12 percent, and Nike Brand digital sales swelling by 82 percent. The digital sales growth resulted from e-commerce increases across North America, Greater China, Asia Pacific, Latin America, Europe, the Middle East and Africa. According to the company, its first-quarter …

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Company newsNewsRetailersWashington

Costco Reports 12.5 Percent Increase in Quarterly Sales as Fiscal Year Sales Soar

by Alex Tostado

Issaquah, Wash. — Costco Wholesale Corp. (NASDAQ: COST) has reported a 12.5 percent increase in quarterly net sales in its fiscal fourth quarter, which ended Aug. 30. Costco’s sales jumped to $52.9 billion from $46.4 billion last year. Costco also experienced a 91 percent jump in quarterly e-commerce sales, resulting in a 50 percent increase over the previous year. The company’s net income for the fourth quarter was $1.4 billion, compared with $1.1 billion last year, even though this year’s fourth quarter was negatively impacted by $281 million in costs …

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Company newsFloridaNewsRestaurants

Darden Restaurants Reports 28.4 Percent Slide in Fiscal First-Quarter Sales

by Alex Tostado

Orlando, Fla. — Darden Restaurants Inc. (NYSE: DRI) has reported its sales fell 28.4 percent in its fiscal first quarter, which ended Aug. 30. The Orlando-based company 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 reported that sales in its fine dining restaurants fell 38.9 percent year-over-year. Sales at Olive Garden slid 27.7 percent, while LongHorn saw a decrease of 16.3 percent. At the beginning of its first quarter, Darden had 68 percent of …

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CaliforniaCompany newsDevelopmentGrocery-anchoredNews

Lewis Retail Centers Opens 105,000-Square-Foot MarketPlace at Calimesa, Implements Upgrade Plans at Existing Centers

by Alex Tostado

Calimesa, Calif. — Upland, California-based Lewis Retail Centers, part of the Lewis Group of Cos., has opened The MarketPlace at Calimesa, a shopping center located Calimesa. Stater Bros. Market anchors the 105,000-square-foot retail center. Additional tenants include Starbucks Coffee, Del Taco, Cold Stone Creamery, Jack in the Box, Modern Nails, Skin Solutions Aesthetics and Supercuts. Lewis Retail Centers has started construction on a Safeway location at Damonte Ranch Town Center in Reno, Nevada. The new 62,000-square-foot Safeway will be the third anchor of the shopping center. Other tenants include The …

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Company newsEntertainmentNewsTexas

Dave & Buster’s Reports 85 Percent Drop in Quarterly Revenue, Flirts With Bankruptcy

by Alex Tostado

Dallas — Dave & Buster’s (NASDAQ: PLAY) reported an 85 percent drop in total revenue for the second quarter relative to that period a year, prompting several media organizations, including The Wall Street Journal, to report that bankruptcy filings may be imminent. Comparable store sales decreased by 87 percent during the second quarter, which saw the Dallas-based entertainment chain gradually reopen its venues. About 90 of Dave & Buster’s 137 locations are currently open for business across 27 states. Multiple news outlets, including The New York Post, have also reported that Dave & …

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Company newsGeorgiaKentuckyNewsRestaurants

Papa John’s to Open New Regional Office in Metro Atlanta by Next Summer

by Alex Tostado

Louisville, Ky. — Papa John’s International Inc. has announced it will open a new global headquarters in metro Atlanta by summer 2021. The Louisville-based pizza chain is in the process of picking an office space and expects to have a location finalized by the end of this year. Georgia Gov. Brian Kemp’s office says the move is expected to bring 200 jobs to the area. Papa John’s will move its menu innovation; marketing; customer experience; human resources; diversity, equity and inclusion; communications; and development departments to Georgia. IT, supply chain …

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Company newsNew YorkNewsRetailers

Century 21 Files for Bankruptcy, to Close All 13 Department Stores

by Alex Tostado

New York City — Century 21, a New York City-based department store chain with a 60-year operating history, has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York. The retailer will soon begin the process of ceasing operations and will close all 13 of its stores, which are located in New York, New Jersey, Pennsylvania and Florida. The decision follows nonpayment by Century 21’s insurance providers of $175 million due under policies put in place to protect against losses stemming from business …

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