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Eldorado Resorts Temporarily Closes Three Casinos in Mississippi

by Alex Tostado

Greenville, Lula And Vicksburg, Miss. — Eldorado Resorts Inc. has temporarily closed Tropicana Greenville, Isle of Capri Lula and Lady Luck Vicksburg in Mississippi, due to the worldwide COVID-19 outbreak. The Reno, Nevada-based company said in a press release that the closures are in accordance with the Mississippi Gaming Commission order to shut down operations as of midnight local time, March 16. Eldorado agreed to sell Lady Luck last summer to Twin River Worldwide. The sale is expected to close this year. Eldorado acquired Tropicana Entertainment Inc. and all of …

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Company newsNew YorkNewsRetailers

Modell’s Sporting Goods to Close All 153 Stores

by Alex Tostado

New York City — Modell’s Sporting Goods has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of New Jersey. The fourth-generation, family-owned retailer will close all of its 153 stores throughout New York, New Jersey, Pennsylvania, Connecticut, Rhode Island, Massachusetts, New Hampshire, Delaware, Maryland, Virginia and Washington, D.C. The New York City-based sporting goods, athletic footwear, active apparel and fan gear retailer was founded in 1889. The company will begin liquidation sales Friday, March 13 and plans to continue operating its online platform. Modell’s …

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Company newsMichiganNews

Art Van Furniture Officially Files for Chapter 11 Bankruptcy

by Alex Tostado

Warren, Mich. — Art Van Furniture LLC officially filed for Chapter 11 bankruptcy Sunday night after announcing Thursday that it would close all of its stores. The Warren-based retailer filed with the U.S. Bankruptcy Court District of Delaware. In the filing, Art Van said it operates 169 locations, including 92 furniture and mattress showrooms and 77 freestanding mattress and specialty locations. The company expects to close the stores by May 31 and lay off all of its 3,100 employees. Multiple media outlets reported that the company has between $100 million and …

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Company newsMichiganNewsRetailers

Midwest Retailer Art Van Furniture to Close All Stores

by Alex Tostado

Warren, Mich. — AVF Holdings Inc. has unveiled that it will cease operations and begin liquidation sales at all 141 of its company-owned stores in Michigan, Illinois, Indiana, Missouri and Ohio. The Warren-based company operates under the brands Art Van Furniture, Art Van PureSleep and Scott Shuptrine Interiors. Levin & Wolf Furniture in Ohio and Pennsylvania will be sold to Robert Levin, pending court approval. Eight Wolf Furniture stores in Maryland and Virginia will also be liquidated. Art Van Elslander opened his first furniture store in metro Detroit in 1959. …

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Company newsNewsRetailersTexas

Pier 1 Imports Files for Chapter 11 Bankruptcy

by Alex Tostado

Fort Worth, Texas — Home furnishing retailer Pier 1 Imports has filed for Chapter 11 bankruptcy in federal court in Richmond, Virginia, according to a report from The Wall Street Journal. The filing comes about six weeks after the Fort Worth-based retailer announced that it would close some 450 stores, about half of its total store count. The company is also closing two distribution centers. Pier 1 has entered into a plan support agreement with its term loan lenders, which include Bank of America and Wells Fargo, and is pursuing a sale …

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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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