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Company newsIndianaNewsRetailers

Simon Property Group to Acquire Majority Interest in Taubman Centers for $3.6 Billion

by Alex Tostado

Indianapolis — Simon Property Group (NYSE: SPG) has agreed to acquire an 80 percent interest in Taubman Centers Inc. (NYSE: TCO), a Michigan-based retail owner-operator, for approximately $3.6 billion. Under the terms of the agreement, Simon is buying all of Taubman’s common stock at a price of $52.20 per share in an all-cash deal. The transaction is expected to close in mid-2020. The purchase price represents a 51 percent premium over Taubman’s closing price of $34.67 per share Friday, Feb. 7. Taubman’s existing debt, which Simon will assume, was factored …

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Company newsNew YorkNewsRetailers

Macy’s to Close 125 Stores, Consolidate Headquarters to New York City

by Alex Tostado

New York City — Macy’s Inc. (NYSE: M) has unveiled plans to close 125 of its least productive stores over the next three years. The retailer will also close its offices in San Francisco, downtown Cincinnati and Lorain, Ohio, leaving the New York City office as the sole corporate headquarters. The reorganization strategy also includes increasing the Macy’s digital platform, while optimizing its brick-and-mortar portfolio and lowering overhead costs. Beginning this year, Macy’s expects the strategy to generate annual gross savings of approximately $1.5 billion, to be fully realized by …

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ColoradoCompany newsNewsRestaurants

Ziggi’s Coffee Plans 16 New Locations in 2020

by Alex Tostado

Longmont, Colo. — Ziggi’s Coffee, with 21 café/drive-thrus across Colorado, Oklahoma and Arizona, plans to open in Pennsylvania, Iowa, Oregon and California — with 16 expected to open in 2020 — as it continues its expansion into new markets. Husband-and-wife-duo Brandon and Camrin Knudsen started the chain on Main Street and 4th Avenue in Longmont in August 2004. Ziggi’s has signed 43 franchisee agreements in seven states, according to Brandon.

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Company newsGrocery-anchoredNewsNorth CarolinaRetailers

Specialty Grocer Earth Fare to Close All Stores and Liquidate Inventory, Files for Chapter 11 Bankruptcy

by Alex Tostado

Asheville, N.C. — Earth Fare, a privately held grocery chain that sells natural and organic products, says it will shutter all of its stores and launch a liquidation inventory sale. The grocer lists 46 stores on its website, the bulk of which are in Florida and its home state of North Carolina. Earth Fare also has five stores in the Midwest and a few others in Alabama, Georgia, Tennessee, Virginia and South Carolina. Earth Fare is also shuttering its corporate office in Asheville. The Wall Street Journal reported that Earth Fare, …

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CaliforniaCompany newsNewsRetailers

Forever 21 Agrees to Sell Stores to Group of Landlords for $81 Million

by Alex Tostado

Los Angeles — Forever 21 Inc. has entered into an agreement to sell its stores to a group of landlords led by Simon Property Group Inc., Brookfield Property Partners LP and Authentic Brands Group LLC for $81 million, according to papers filed in U.S. Bankruptcy Court in Wilmington, Delaware. The buyers have made a deposit with an ESCROW agent in the amount of $13.5 million. The group, known as SPARC Group F21, is stalking horse bidders, meaning other companies have until Friday, Feb. 7 to place any counteroffers. If any such bids are …

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Company newsNewsRetailersVirginia

Hair Salon Retailer Ratner Cos. to Close More Than 80 Salons

by Alex Tostado

Vienna, Va. — The Ratner Cos., the parent company of salon concepts such as Hair Cuttery, Bubbles and Salon Cielo, plans to trim its 844-store portfolio by 10 percent. The company plans to maintain a presence in all existing markets as it looks to shift resources to its best-performing salons. Ratner Cos. cites “intense competition and rising operating costs,” as well as shifting consumer shopping methods, as the basis for its decision. The firm has engaged in discussions with landlords to renegotiate terms or exit some of its leases. In …

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Company newsDevelopmentNewsPennsylvaniaRetailers

Five Below Plans to Open 180 Stores in Fiscal Year 2020

by Alex Tostado

Philadelphia — Five Below Inc. plans to open 180 stores this year, which would grow the Philadelphia-based retailer’s footprint by 20 percent. The announcement came during the company’s fourth-quarter earnings call. Specific plans for the openings were not disclosed. At the same time, Joel Anderson, president and CEO of Five Below, said the company also acquired the e-commerce platform, fulfillment operation and certain other assets of Hollar.com.

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Company newsMassachusettsNewsRetailers

Bose to Close All Remaining U.S. Stores

by Alex Tostado

Framingham, Mass. — Bose Corp. will close all of its 54 stores in the U.S., as well as many remaining locations in Australia, Japan and Europe in the coming months, totaling 119 brick-and-mortar locations. The Framingham-based company, which specializes in audio engineering, said the closures are due to “dramatic” shifts to online shopping. Bose opened its first store in 1993 and currently has its biggest concentration of stores in the Northeast (10), Southern California (nine) and Florida (seven). “Originally, our retail stores gave people a way to experience, test and talk …

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Company newsNewsRetailersTexas

Pier 1 Imports to Shutter Up to 450 Stores

by Alex Tostado

Fort Worth, Texas — Pier 1 Imports Inc., a home goods retailer based in Fort Worth, has announced its intention to shutter up to 450 stores, which represents nearly half of its current store count of 936. The retailer also plans to close a select number of distribution centers and reduce its corporate expenses, which includes corporate layoffs. Pier 1 says that its efforts will help right-size the company’s omni-channel operations and allow it to move forward with an “appropriately sized store footprint.” Pier 1 has hired a third-party liquidator …

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Company newsNew YorkNews

Newmark Group Acquires London-Based Retail Firm Harper Dennis Hobbs

by Alex Tostado

New York City — Newmark Group Inc., a division of New York City-based real estate firm Newmark Knight Frank (NKF), has acquired Harper Dennis Hobbs Holdings Ltd. (HDH), a London-based firm specializing in retail acquisitions. NKF operates numerous offices across the United States, and the acquisition of the HDH opens opportunities to service European tenants seeking access to North American consumers. More than 50 employees, including 30 brokers and staff, will join Newmark Group as a result of the acquisition, though the firm will continue to operate as Harper Dennis …

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