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J.C. Penney Files for Chapter 11 Bankruptcy, Secures $900 Million for Debt Restructuring

by Alex Tostado

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 …

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FeaturesRetailersTexas

Innovative, Tech-Savvy Retailers Better Equipped to Survive, says Texas Panel

by Alex Tostado

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 …

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Grocery-anchoredIndustry ContentLeasingMallsOperationsRestaurantsTexasWebinar

Webinar: Texas Retail Reboot — What Does the Future of Retail Look Like Post-Coronavirus?

by Sarah Daniels

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 …

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Neiman Marcus Bankruptcy
Company newsNewsRetailersTexas

Neiman Marcus Files for Chapter 11 Bankruptcy, to Shed $4 Billion in Debt

by Alex Tostado

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, …

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Company newsNewsTexas

Gold’s Gym Files for Chapter 11 Bankruptcy, Permanently Closes 30 Centers

by Alex Tostado

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 …

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DevelopmentNewsRetailersTexas

Archway Properties Breaks Ground on 22,016-Square-Foot Retail Project in Houston for Northern Tool

by Alex Tostado

Houston — Archway Properties has broken ground on a 22,016-square-foot build-to-suit retail project in Houston for Northern Tool + Equipment. The building will be situated on a freeway-fronting pad site within the 111-acre Park Air 59 mixed-use development on the city’s northeastern side. The store will be the Minnesota-based retailer’s eighth in Houston and is expected to open in the first quarter of 2021.

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Investment salesNewsRetailersTexas

NewQuest Arranges Sale of 23,217-Square-Foot Shopping Center in Houston

by Alex Tostado

Houston — NewQuest Properties has arranged the sale of Chimney Rock Bellaire Shopping Center, a 23,217-square-foot retail center in southwest Houston. The property was developed in phases in 1990 and 2012 and was 99 percent leased at the time of sale to tenants such as The Mays School, Green Restaurant and Speedy Cash. Kelley Workman of NewQuest represented the seller, F6 Properties, in the transaction. Tony Luk of LYT Realty Inc. represented the buyer, JCV Capital Inc.

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DevelopmentNewsRetailersTexas

Gordon Partners Completes 100,000-Square-Foot Retail Remodeling Project in Arlington

by Alex Tostado

Arlington, Texas — Houston-based Gordon Partners has completed the remodeling of Green Oaks Plaza, a 100,000-square-foot shopping center located at the junction of Interstate 20 and Little Road in Arlington.  Movie Tavern and Sprouts Farmers Market anchor the property. Capital improvements included heightening the facades, replacing tenant signage, upgrading landscaping and adding two additional pylon signs. Gordon Partners acquired the asset in 2018 at 82 percent occupancy and has executed leases that will bring occupancy above 95 percent. The company also plans to develop a 2,300-square-foot outparcel building with a …

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Company newsEntertainmentNewsRetailersTexas

Cinemark Theatres to Sell $250 Million in Senior Debt

by Alex Tostado

Plano, Texas — Cinemark Theatres, an operating subsidiary of Cinemark USA Inc., has announced the sale of $250 million in senior debt notes in a private offering, the Plano-based entertainment company said in a statement Monday. The offering on senior secured notes that are due in 2025 is expected to close April 20, subject to customary closing conditions. Cinemark said it plans to use proceeds from the sale for “general corporate purposes” that will increase liquidity. Multiple news outlets, including The Dallas Morning News and the Phoenix Business Journal, also report that Cinemark …

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Investment salesNewsRetailersTexas

Wellington Realty Brokers Sale of 54,250-Square-Foot Ridge Road Towne Center in Rockwall, Texas

by Alex Tostado

Rockwall, Texas — Wellington Realty has brokered the sale of Ridge Road Towne Center, a 54,250-square-foot neighborhood shopping center in Rockwall, a northeastern suburb of Dallas. The property was built in 2005 and was 74 percent leased at the time of sale. David Shaffer, Caleb Jones, Curtis Sung, Tammy Shaffer and Brandon Johnson of Wellington Realty represented the seller in the transaction. Additional terms of sale were not disclosed.

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