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Garrett-Colburn-SRS
Company newsNewsTexas

SRS Appoints Garrett Colburn President

by Hayden Spiess

Dallas — SRS Real Estate Partners has appointed Garrett Colburn president of the firm. Colburn will work with CEO Chris Maguire to “generate growth across all platforms, including retail, capital markets and industrial.” Colburn, who has 15 years of experience in retail brokerage, first joined SRS in 2012. He currently serves as managing principal and co-market leader of the company’s five California offices and a member of the board of directors — positions he will continue to hold. Additionally, he will serve on the Dallas-based company’s executive committee. 

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Neiman-Marcus-Tampa
Company newsInvestment salesNew YorkNewsTexas

Saks Fifth Avenue Parent Company Agrees to Acquire Neiman Marcus for $2.6 Billion

by Hayden Spiess

New York City and Dallas — HBC, the New York City-based parent company of Saks Fifth Avenue, has agreed to acquire Dallas-based Neiman Marcus Group. The merger between the two luxury fashion retailers is valued at $2.6 billion. An estimated closing date was not released. Following the acquisition, HBC will establish Saks Global, an entity that will combine the intellectual property and real estate assets of the two companies. Brands that are already owned by HBC or Neiman Marcus, including Saks OFF 5th, Bergdorf Goodman and Last Call Outlet, will continue …

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Bobs-Stores-Manchester-CT
Company newsConnecticutNews

Bob’s Stores to Close All 21 Remaining Locations After 70 Years in Business

by Hayden Spiess

Meriden, Conn. — Bob’s Stores is closing all locations and liquidating its inventory as part of the Chapter 11 bankruptcy restructuring petition filed on June 18. The Meriden-based clothing retailer, which is a subsidiary of GoDigital Media Group, was unable to secure the financing needed to maintain operations. Bob’s began going-out-of-business sales in stores on June 28 with discounts of 30 to 70 percent off merchandise. Hilco Merchant Resources, in a joint venture with Gordon Brothers, is managing the liquidation event that includes all 21 remaining stores throughout Connecticut, Massachusetts, New …

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Walgreens_Miami
Company newsIllinoisNews

Walgreens Considers 2,150 Underperforming Stores for Potential Closure

by Hayden Spiess

Deerfield, Ill. — Walgreens (NASDAQ: WBA) is set to close a significant portion of its store locations across the United States over the next three years. The company is finalizing its “footprint optimization program” after failing to meet earnings expectations in its fiscal third quarter, which ended May 31. Walgreens CEO Tim Wentworth reported in the company’s earnings call on Thursday morning that 25 percent of stores in the United States were not profitable, and that “changes are imminent” for those locations. The retail pharmacy chain currently runs about 8,600 locations …

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Company newsNew YorkNews

ShopOne Promotes Chris Reed to CEO

by Hayden Spiess

New York City — ShopOne Centers REIT has promoted Chris Reed to chief executive officer. Reed joined the company in 2020 as vice president of acquisitions and most recently served as chief investment officer. Former CEO John Roche will now transition to the role of chairman with ShopOne. Additionally, chief operating officer Mike Makinen has been appointed president of the company. Makinen joined ShopOne in 2021 with more than 25 years of retail real estate experience, including roles with SITE Centers, Equity One and Olshan Properties. 

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Express
Company newsInvestment salesNew YorkNews

PHOENIX Acquires Majority of Express Retail Assets

by Hayden Spiess

New York City — PHOENIX — a new direct to consumer (DTC) platform led by WHP Global in collaboration with an affiliate of Simon Property Group, Brookfield Properties and Centennial Real Estate — has acquired the majority of apparel brand Express’ retail operating assets. PHOENIX is now the operator of the entirety of the brick-and-mortar and e-commerce portfolio of both Express and Bonobos, which features more than 450 physical stores. 

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ColoradoCompany newsNewsRestaurants

Smalls Sliders Signs 10-Unit Franchise Deal in Colorado 

by Hayden Spiess

Denver — Fast-casual food-and-beverage brand Smalls Sliders has signed a new, 10-unit franchise deal in Colorado, marking the concept’s first entry into the state. An entity doing business as Mountain Sliders LLC will own and operate the restaurants, which will be situated in metro Denver. Locations will include Boulder, Longmont, Greeley and Fort Collins, with the first unit scheduled to open in 2025. 

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Company newsGeorgiaNewsRestaurants

Jack in the Box to Open 15 Restaurants in Georgia

by Hayden Spiess

San Diego — San Diego-based Jack in the Box has announced plans to open 15 restaurants in Georgia, marking the first entry into the state for the fast-casual brand. New sites have not yet been selected, but plans include a focus on the Macon, Augusta and Savannah markets. A franchisee will own and operate the restaurants. Jack in the Box also recently announced a commitment to 30 new units in Florida. 

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Company newsGeorgiaNews

Walmart to Close Two Stores in Metro Atlanta

by Hayden Spiess

Dunwoody and Marietta, Ga. — Walmart has announced plans to close two stores located in metro Atlanta. A Walmart Supercenter in Dunwoody, Georgia, and Walmart Neighborhood Market in Marietta, Georgia, will close on July 12. According to a statement from the company, which operates 213 Walmart and Sam’s Clubs stores in the state, there are no additional closures planned at this time. 

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Alamo-Drafthouse
CaliforniaCompany newsEntertainmentInvestment salesNewsTexas

Sony Pictures Entertainment Acquires Theater Chain Alamo Drafthouse Cinema

by Hayden Spiess

Culver City, Calif. and Austin, Texas — Sony Pictures Entertainment has acquired theater chain Alamo Drafthouse Cinema from Altamont Capital Partners, Fortress Investment Group and founder Tim League for an undisclosed price.  Alamo Drafthouse was founded in 1997 in Austin, and has grown from a single mom-and-pop location to 35 cinemas across 25 metropolitan areas. The company is the seventh-largest theater chain in North America and was one of the pioneers of the in-theater elevated food and drink concept.  Alamo Drafthouse will maintain its headquarters in Austin and will continue to …

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