Dallas — Gold’s Gym, a fitness chain founded in California in 1965 and now headquartered in Dallas, has filed voluntary petitions for protection under Chapter 11 of the U.S. Bankruptcy Code as it works to restructure its debt. In a statement issued earlier this week, the company said that the financial fallout from COVID-19 has forced it to permanently close about 30 company-owned gyms. The company also said that the filing would not impact its licensing division and was not associated with any of its locally owned franchise gyms. Gold’s …
Seattle — This week, Seattle-based Starbucks started re-opening its company-operated stores across the United States. Operating under modified operations and hours, including heightened safety protocols, the company plans to have more than 85 percent of stores opened by May 9 and expects to have more than 90 percent of stores open by early June. The company is using its experience in China, where more than 98 percent of its store are open and operating under revised protocols, as the foundation for its re-opening in the United States amid the continued …
New York City — J.Crew Group Inc., which operates the J.Crew and Madewell fashion retail brands, has filed for Chapter 11 bankruptcy protection. The company hopes to restructure its debt while aiming to eventually reopen its stores in the aftermath of the COVID-19 pandemic. Chinos Holdings Inc., the parent company of J.Crew, filed the voluntary petitions for protection Monday in the U.S. Bankruptcy Court of the Eastern District of Virginia. In a statement, the New York City-based retailer said its lenders and stakeholders agreed to convert $1.6 billion of debt …
Indianapolis — Simon Property Group (NYSE: SPG) has released plans for reopening several of its malls in the first half of May. The openings are based on current state and/or local stay-at-home orders put in place as a result of the COVID-19 pandemic. Previously scheduled to open today, some properties in Georgia and Indiana have been delayed to a May 4 opening. View the reopening schedule here. Indianapolis-based Simon says its protocols have been reviewed and approved by experts in epidemiology and environmental health and safety. The protocols are in …
Rockville, Md. — Federal Realty Investment Trust will implement a new program dubbed The Pick-Up at its properties beginning Friday, May 15. In the midst of the COVID-19 crisis, the Rockville-based company said the program will offer a singular service across its tenants to limit physical contact. Federal Realty will introduce the new service where permitted by local jurisdictions. When a customer places an order with a retailer or restaurant within a Federal Realty-owned property by phone or online, the customer can designate a pick-up time and will be assigned …
New York City — Macy’s Inc. plans to reopen 68 of its approximately 775 stores Monday, after state and federal mandates forced the retailer to temporarily close its stores during the COVID-19 outbreak. The New York City-based retailer plans to open an additional 50 stores May 11. The department store chain closed all of its stores and furloughed most of its storefront workforce on March 17. The closures also included the company’s subsidiary chains, Bloomingdale’s and Bluemercury, but all three chains have maintained their online services. The newly opened Macy’s …
Phoenix — Sprouts Farmers Market has expanded its grocery pickup and delivery platform to 30 of its store in Texas as the Phoenix-based grocer faces heightened demand amid the COVID-19 outbreak. Customers may choose between same-day pickup and ordering several days in advance. Sprouts has partnered with Instacart to roll out its delivery service and plans to have it available at its 340 nationwide stores by early May. Sprouts currently operates about 45 stores in Texas, with two more slated to open in the coming months in Houston and Tyler.
East Rutherford, N.J. — German Doner Kebab (GDK), a fast-casual restaurant chain, plans to open 350 restaurants in the United States over the next seven years. The first location will be within American Dream in East Rutherford. The Glasgow, Scotland-based company specializes in doner kebab, which is a slow-cooked meat often served on a flatbread. GDK operates more than 70 locations in the United Kingdom, Sweden, Dubai, Abu-Dhabi, Oman, and Bahrain. GDK also plans to open locations in Ireland and Saudi Arabia. New York City-based JAACRES is representing GDK in …
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 …
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.