Jacksonville, Fla. — Cracker Barrel Old Country Store Inc. has acquired Maple Street Biscuit Co. for $36 million in an all-cash deal. Maple Street’s portfolio comprised 28 company-owned and five franchise-owned restaurants in seven states at the time of sale. The company plans to convert its Holler & Dash Biscuit House into Maple Street Biscuit locations. Scott Moore and Gus Johnson founded Maple Street in Jacksonville in 2012. Moore will stay on as CEO and will report to Sandra Cochran, president and CEO of Cracker Barrel.
Los Angeles — Forever 21 Inc. has filed for chapter 11 bankruptcy in the United States Bankruptcy Court in the District of Delaware. Forever 21 intends to use these proceedings to facilitate a global restructuring that will allow the company to focus on a profitable core part of its operations. As part of its restructuring strategy, the company plans to exit most of its international locations in Asia and Europe, but will continue operations in Mexico and Latin America. The Wall Street Journal reports Forever 21 could close up to …
Atlanta and Champaign, Ill. — Inspire Brands Inc., the parent company of Arby’s, has agreed to acquire Jimmy John’s Gourmet Sandwiches. Terms of the transaction, expected to close by the end of October, were not disclosed. The Jimmy John’s Board of Directors, including founder and chairman Jimmy John Liautaud, unanimously approved the agreement. Jimmy John’s had $2.15 billion in U.S. sales last year across 2,803 stores, a roughly 50 percent increase in both sales and locations since 2013, according to The Wall Street Journal. Jimmy John’s, based in Champaign, opened its …
Chicago — Envoy Net Lease Partners has formed a joint venture with an unnamed partner to fund development projects of commercial, industrial, office and net-lease properties nationwide. The partner is backed by more than $10 billion in assets, allowing Envoy to fund projects up to $20 million. Envoy expects to originate over $200 million of build-to-suit construction loans in the next two years.
Toronto — Le Tote, a fashion rental subscription service, has agreed to buy Hudson’s Bay Co.’s (HBC) Lord + Taylor brand for $100 million. Le Tote will pay Toronto-based HBC $75 million in cash upon closing as well as a promissory note of $25 million, payable after two years. In addition, HBC will receive an equity stake in Le Tote, two seats on the company’s board of directors and certain rights as a minority shareholder. Le Tote will assume responsibility of Lord + Taylor’s 38 stores, digital channels and inventory. …
Rochelle Park, N.J. — Avenue Stores LLC will close all 222 of its Avenue stores across 33 states after failing to procure a buyer for the plus-size women’s clothing chain. It was not made immediately clear if the retailer will continue to operate its e-commerce platform. Philadelphia-based Versa Capital Management acquired Avenue Stores LLC in bankruptcy in 2012 when the retailer operated 433 stores. Avenue will hold liquidation sales in all of its stores, offering 30 to 50 percent off clothes, accessories and even store fixtures. Hilco Merchant Resources and …
New York City — Timothy Parlante has joined The Feil Organization’s New York City office as the director of leasing. Parlante will focus on the company’s office properties in New York and on Long Island. In his 12-year career, Parlante has represented both tenants and landlords in office negotiations. “Tim’s strong tenant relationships and deep knowledge of New York and Long Island office trends will be a solid addition to our exceptional team,” says Brian Feil, vice president of leasing. “We’re delighted to welcome him to the company.” Prior to …
Louisville, Ky. — Pizza Hut will close as many as 500 dine-in stores over the next 24 months as part of a broader strategy to bolster its delivery and carryout services, company executives said during the second-quarter earnings call. Food Business News first reported the announcement. Pizza Hut, which is owned by Louisville-based YUM! Brands, operates about 7,500 locations across the United States and 18,000 worldwide. In the United States, roughly 6,100 of the company’s locations are dine-in restaurants. The remaining locations are express units, which feature limited menus and minimal …
Deerfield, Ill. — Walgreens plans to close approximately 200 stores across the U.S. starting this fall as part of a cost-management program. Specific store locations have not been disclosed, but the new closures represent less than 3 percent of Walgreens’ U.S. footprint. The announcement was made in a Walgreens Boots Alliance regulatory filing Tuesday. The Deerfield, Illinois-based company had previously unveiled plans to close 200 stores in the United Kingdom. Currently, Walgreens operates more than 18,500 stores in 11 countries.
New York City — Luxury department store retailer Barneys New York has voluntarily filed for bankruptcy protection and has disclosed plans to close 15 of its 22 brick-and-mortar stores. The Chapter 11 filing in the U.S. Bankruptcy Court of the Southern District of New York indicated that Barneys had more than $100 million in assets and more than $100 million in debts, according to The Wall Street Journal. Barneys plans to keep five of its flagship locations open, including its famous Madison Avenue store. The retailer will also continue operating its …