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Burger-King
Company newsDevelopmentFloridaNews

Burger King to Invest $300 Million to Remodel 1,100 US Restaurants by 2028

by Katie Sloan

Miami — Burger King plans to invest $300 million to modernize 1,100 U.S. restaurants by 2028, according to parent company Restaurant Brands International Inc. (NYSE: QSR). Each restaurant will be renovated in a new layout, called Sizzle, that emphasizes flexibility as well as the digital, pick-up and drive-thru experiences. In addition to the planned renovations, the investment will also cover cash incentives for top-performing operators. “We are committed to giving our guests the very best experience in all our restaurants and that includes a modern, exciting restaurant image and digital …

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Walmart-Health
ArkansasCompany newsNews

Walmart to Shutter All 51 Walmart Health Centers, Virtual Care Service

by Katie Sloan

Bentonville, Ark. — Walmart has decided to shutter all 51 Walmart Health locations, as well as the Walmart Health Virtual Care service. The Bentonville-based retail giant stated that the business model, which was formally launched in 2019, was not sustainable. The company cited a lack of profitability due to “the challenging reimbursement environment and escalating operating costs.” Walmart Health locations are situated in six different states — Arkansas, Florida, Georgia, Illinois, Missouri and Texas — according to the Walmart Health online directory. The company didn’t offer a timeline for when …

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Tropical-Smoothie-Cafe
Company newsGeorgiaNew YorkNewsRestaurants

Blackstone Agrees to Acquire Tropical Smoothie Cafe for Nearly $2 Billion

by Hayden Spiess

Atlanta and New York City — Blackstone has entered into a definitive merger agreement to acquire Tropical Smoothie Cafe, a franchiser of fast-casual restaurants, from Levine Leichtman Capital Partners. The deal values the Atlanta-based smoothie chain at around $2 billion, including debt, according to The Wall Street Journal. Tropical Smoothie Cafe began as a single location in Destin, Florida, in 1997. The chain has grown to more than 1,400 locations in 44 states today. The company opened more than 175 locations in 2023, 70 percent of which were opened by existing franchisees. …

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Company newsNew JerseyNew YorkNews

Foot Locker Introduces New Store Format

by Hayden Spiess

New York City — New York City-based footwear retailer Foot Locker has introduced a new store format, debuting the design at its location within Willowbrook Mall in Wayne, New Jersey. Features of the new format include a more streamlined store layout, dedicated sections for new product releases, enhanced presentation, a communal try-on are, omnichannel technology and a “sneaker hub” with lacing customization and expanded ordering options. Foot Locker plans to open additional stores with this design throughout 2024, including at the retailer’s flagship location in New York City. Additionally, the brand …

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Kroger_Banks-Crossing_Fayetteville
Company newsIdahoInvestment salesNewsOhio

Kroger, Albertsons to Sell 166 Additional Stores in $2.9 Billion Divestiture Agreement Ahead of Proposed Merger 

by Hayden Spiess

Cincinnati — Cincinnati-based The Kroger Co. and Boise, Idaho-based Albertsons Cos. Inc. have announced plans to sell an additional 166 grocery stores to C&S Wholesale Grocers in a divestiture package. This marks an amendment to an existing agreement with the buyer, which will now acquire a total 579 stores in a $2.9 billion deal. The original divestiture package was announced in September of last year, in connection with a proposed merger between Kroger and Albertsons.  In February, the Federal Trade Commission (FTC) sued to block Kroger’s $24.6 billion acquisition of Albertsons …

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Slim-Chickens
Company newsNewsRestaurantsSouth Carolina

Slim Chickens Opens Two New Restaurants in South Carolina

by Hayden Spiess

Columbia and Florence, S.C. — Slim Chickens has opened two new restaurants in South Carolina. Located in Columbia and Florence, the stores are owned and operated by franchisees Break Bread Ventures and Chandler Restaurant Group, respectively. This marks the seventh Slim Chickens restaurant for Break Bread Ventures and the second for Chandler Restaurant Group. Slim Chickens’ current portfolio includes more than 265 units in the United States, the U.K. and Turkey. 

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Express
Company newsFinanceNewsOhio

Fashion Retailer Express Files for Bankruptcy, Plans to Close 107 Stores and Sell to Investment Group

by Hayden Spiess

Columbus, Ohio — Fashion Retailer Express Inc. (OTCMKTS: EXPR) has filed for Chapter 11 bankruptcy protection and announced plans to close 107 of its 602 stores. The Columbus-based company’s portfolio includes apparel brands such as Bonobos, Express and UpWest Express. As part of the proceedings, 95 stores under the company’s Express banner will be shuttered alongside all 12 of its UpWest Express locations. Further details on the specific locations set for closure were not provided, but closing sales at the impacted locations are anticipated to begin tomorrow, April 23. Business at …

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4000-Union-Pacific-Ave-4040-Noakes-Ave-Commerce-CA
CaliforniaCompany newsNews

Deep-Discount Retailer 99 Cents Only to Close All 371 Store Locations

by Katie Sloan

Commerce, Calif. — 99 Cents Only Stores LLC has announced plans to close all 371 of its stores and wind down business operations. The company has entered into an agreement with Hilco Global to liquidate all merchandise and dispose of fixtures, furnishings and equipment at the stores. Sales under this agreement are expected to begin today. 99 Cents Only was founded in 1982 as a deep-discount retailer where every item cost less than a dollar. The company is headquartered in the southeast Los Angeles suburb of Commerce, and currently operates stores …

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Willow-Grove-Park_Pennsylvania
Company newsFinanceNewsPennsylvania

PREIT Completes Financial Restructuring 

by Hayden Spiess

Philadelphia — PREIT Realty has completed a financial and corporate restructuring. This marks the company’s emergence from bankruptcy — it initially filed for Chapter 11 bankruptcy protection in December 2023, with the company’s creditors agreeing to a “prepackaged” bankruptcy. The Philadelphia-based company owns and operates malls in New Jersey, Pennsylvania, Massachusetts, Maryland, Virginia, Michigan, North Carolina and South Carolina, in addition to properties in the multifamily, hotel and healthcare sectors.  PREIT reduced its total debt by roughly $835 million through a previously announced reorganization plan and received commitments of approximately $130 …

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Nut-Tree_Vacaville-Calif
CaliforniaCompany newsNews

NewMark Merrill to Manage 372,225-Square-Foot Retail Center in Vacaville, California

by Hayden Spiess

Vacaville, Calif. — NewMark Merrill has been named the manager of Nut Tree Plaza (The Nut Tree), a 372,225-square-foot retail center located in Vacaville. Originally established in 1921 as a roadside fruit stand, the property is leased to tenants including PetSmart, Nordstrom Rack, Kirkland’s, Ulta Beauty, Old Navy, Michaels and HomeGoods. NewMark Merrill’s portfolio now includes more than 100 shopping centers owned and/or managed by the company throughout the country. 

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