Austin, Texas — Texas Gov. Greg Abbott has issued a proclamation allowing the state’s water parks, driver education programs and food-court dining areas within shopping malls to resume operations at limited capacities. Beginning on Friday, May 29, under Phase II of the state’s reopening plan, these establishments may reopen at 25 percent of their normal operating limits. All businesses must adhere to designated sanitation and social-distancing protocols as well. In addition, starting Sunday, May 31, recreational sports programs for adults can resume, but games and similar competitions may not begin …
Dallas — Tuesday Morning Corp. (NASDAQ: TUES) has filed for Chapter 11 bankruptcy protection. The Dallas-based retailer says the actions are in response to “the immense strain the COVID-19 pandemic and related store closures have put on the business.” Tuesday Morning is a discount home furnishings chain. The company opened its first store in 1974 and currently operates 687 stores in 39 states. The retailer expects to permanently close approximately 230 stores to focus on high-performing locations. The phased store closures will take place this summer. Following the temporary closure …
Spring, Texas — JLL has negotiated the sale of Rayford Village, a 19,950-square-foot retail center located in the northern Houston suburb of Spring. The two-building property houses tenants such as Cole Veterinary Services, SK Salon, Goodwill and Papa John’s. Ryan West, John Indelli and Katherine Miller of JLL represented the seller, BNS Rayford Partners LP, in the transaction. Michael Johnson, Stuart Helper and Trey Pizzitola of JLL arranged acquisition financing through First Community Credit Union on behalf of the undisclosed buyer. The loan carried a 10-year term and a fixed …
Fort Worth, Texas — Pier 1 Imports Inc. has filed a motion in U.S. Bankruptcy Court to begin the process of closing all of its remaining stores and liquidating its assets, including its intellectual property and e-commerce business, the Fort Worth-based home goods retailer said on Tuesday. Pier 1 closed about 450 stores in January and filed for Chapter 11 bankruptcy in mid-February prior to the outbreak of COVID-19. However, CEO Robert Riesbeck said in the statement that the pandemic had amplified the company’s struggles to restructure debt and secure investment that would …
Austin, Texas — Texas Gov. Greg Abbott released plans for the second phase of the state’s plan to reopen the economy at a press on Monday afternoon, notably giving bars the option to begin reopening Friday, May 22. Under the terms of the plan, Texas bars, wine tasting rooms and craft breweries may initially reopen at 25 percent occupancy with regard to indoor seating only. In addition, childcare centers, youth clubs and bowling alleys may begin reopening this week as part of Phase II of the plan. Restaurants may increase …
Plano, Texas — J.C. Penney Co. (NYSE: JCP) has filed for Chapter 11 bankruptcy protection in a bid to strengthen its finances through an extensive debt restructuring. The company filed on the evening of Friday, May 15 in the U.S. Bankruptcy Court for the Southern District of Texas, located in Corpus Christi. The Plano-based retailer has secured $900 million in debtor-in-possession financing from its existing first-lien lenders that is expected to knock several billion dollars off its total debt load. J.C. Penney, a company with a 118-year operating history, said …
Brick-and-mortar retailers in Texas that have found creative ways to develop new income streams and to leverage technology to directly engage their customer bases have proven most resilient in battling the financial headwinds the sector faces as a result of the COVID-19 outbreak. A panel of retail real estate professionals in Dallas and Austin spoke to this trend and others during the Texas Retail Reboot webinar, which was held on Thursday, May 7. Shopping Center Business and Texas Real Estate Business, two magazines published by Atlanta-based France Media Inc., hosted the event, which drew more than …
On May 7, Texas Real Estate Business and Shopping Center Business magazines hosted “Texas Retail Reboot,” a webinar taking an in-depth look at what the Texas retail real estate community needs as the state reopens after statewide shutdowns due to COVID-19. The coronavirus pandemic isn’t over, but Texas retail is adjusting to a new normal, including figuring out what retail will look like going forward. What will the future of Texas retail look like post-coronavirus? Find out what industry experts have to say about these topics and more: How will Texas retailers …
Dallas — Neiman Marcus Group has filed for Chapter 11 bankruptcy protection as the Dallas-based luxury retailer enters into negotiations with creditors to restructure its debt. Upon emergence, the company anticipates it will eliminate approximately $4 billion of its existing debt. Neiman Marcus has secured $675 million in debtor-in-possession financing from creditors to enable business continuity during the bankruptcy proceedings. These creditors have also committed to a $750 million exit-financing package that would provide additional liquidity for the business. Neiman Marcus Group, which also owns Bergdorf Goodman and Last Call, …
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 …