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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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CaliforniaCompany newsNewsRestaurants

Chipotle Reports $1.6 Billion in Third-Quarter Revenue as Digital Sales Triple

by Alex Tostado

Newport Beach, Calif. — Year-over-year revenue for Chipotle Mexican Grill increased 14.1 percent to $1.6 billion for third-quarter 2020. Digital sales soared 202.5 percent to $776.4 million, accounting for 48.8 percent of sales for the period. The company’s net income was $80.2 million. Despite the sales increase, the net income is a decrease from $98.6 million in third-quarter 2019 as expenses increased during the COVID-19 pandemic. In addition to increased revenue, the Newport Beach-based fast-casual chain opened 44 new restaurants and closed three locations during the third quarter, bringing the …

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CaliforniaCompany newsNewsRetailers

Marcus & Millichap Hires Daniel Taub as National Director of Retail Division

by Alex Tostado

Calabasas, Calif. — Marcus & Millichap has hired Daniel Taub as a senior vice president and national director of its retail division, the Calabasas brokerage firm announced. Taub has more than 25 years of experience and joins Marcus & Millichap after previously serving as managing director for DMT CRE Advisors in New York. Taub has also held positions as president and chief operating officer of DLC Management Corp., a shopping center owner, operator and manager. “I am excited to join Marcus & Millichap, especially during this time of change in …

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Company newsMinnesotaNewsRetailers

Target Introduces More Safety Measures Ahead of Holiday Season

by Alex Tostado

Minneapolis — Ahead of the holiday shopping season, Minneapolis-based Target Corp. is adding more safety measures for shoppers in response to the ongoing COVID-19 pandemic. Customers can download the Target app to utilize contactless payment options and employees throughout the store will have handheld checkout devices to make purchases more convenient. Shoppers can even reserve a spot in line by checking on their specific Target store on the website. Target is also doubling the number of curbside pickup parking spaces. Customers can show their barcode through the car window and maintain …

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Company newsNewsRetailersTexas

J.C. Penney Files APA with Brookfield, Simon, Expects to End Bankruptcy by December

by Alex Tostado

Plano, Texas — J.C. Penney has drafted and filed an asset purchase agreement (APA), effectively moving the Plano-based retailer one step closer to concluding negotiations for its acquisition by Brookfield Asset Management and Simon Property Group, a $1.75 billion deal that was announced in September. J.C. Penney CEO Jill Soltau described this filing as “another important milestone in our restructuring plan” that should help the company shed its Chapter 11 bankruptcy status in time for the holiday shopping season. A hearing to seek court approval for the transaction is expected …

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