Orlando, Fla. — Orlando-based Italian dining chain Buca di Beppo has voluntarily filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. The restructuring will involve 44 core restaurants, as well as a new store currently being opened. According to a press release issued by the company, it is “committed to ensuring that the restaurants operate as usual.” Gray Reed & McGraw LLP is serving as legal advisor, and CR3 Partners LLC is acting as financial advisor, as well as providing corporate leadership as the chief restructuring officer. Stout Capital …
Milton, Ga. — Knuckies Hoagies, a sandwich concept founded in Milton in 2019, has announced a new partnership with Walmart. The brand has executed leases to open restaurants within 14 Walmart stores across six states, including Georgia, South Carolina, North Carolina, Oklahoma and Texas. According to a press release issued by the Knuckies Franchise Co., the partnership offers “a built-in customer base and prime locations.”
Sandy Springs, Ga. — Experiential Brands, a company that owns a portfolio of fast-casual restaurant brands, has launched SocialBites Food Hub in Sandy Springs, a suburb of Atlanta. Now open, the venue features multiple food-and-beverage concepts, as well as indoor and outdoor gathering spaces, interactive décor, entertainment programming, a full bar and private event space. Restaurant concepts at the property include The Original Hot Chicken, INKED Tacos, Flametown Burgers and Pinsa Roman Pizza. A second SocialBites is scheduled to open in Woodstock, roughly 30 miles outside Atlanta, later this year.
Store closures have been making headlines — from drugstores to restaurants and big box retailers. While some worry this is a sign of a slowing retail market, disposing of excess space quickly at the right price saves companies valuable time and money. Closures are not limited to retailers that are struggling — healthy retailers and restaurants shutter locations where their prototype may have evolved or the demographic makeup of the neighborhood has shifted. Mark Reeder, executive vice president at SRS Real Estate Partners, has provided disposition solutions for national retailers …
Falls Church, Va. — Chicken salad restaurant concept Chicken Salad Chick has opened a new restaurant in Falls Church, a suburb of Washington, D.C. The first of eight units planned in the Northern Virginia suburbs of D.C., this marks the brand’s first entry into the market. Franchisee Devon Chamberlin will own and operate the units, with the next restaurant to be opened in Fairfax.
Austin, Texas and Orlando, Fla. — Darden Restaurants (NYSE: DRI) has agreed to acquire Chuy’s Holdings (NASDAQ: CHUY) for $605 million in an all-cash transaction. The Tex-Mex restaurant chain — which owns and operates 101 full-service restaurants across 15 states — will join Darden’s existing restaurant portfolio, which includes Olive Garden, LongHorn Steakhouse and Ruth’s Chris Steak House, among others. Under terms of the merger agreement, Orlando-based Darden will acquire all outstanding shares of Chuy’s at $37.50 per share. The purchase price represents a 40 percent premium to the Austin-based company’s …
Dallas — Dallas-based food-and-beverage franchising company BRIX Holdings LLC has entered into an agreement with franchise owner Richard Stassi to open four new units in Arizona and Missouri. Stassi will open three Smoothie Factory + Kitchen and Red Mango co-branded shops within the next three years in metro Phoenix and Scottsdale, Arizona. The first of the units is scheduled to open in early 2025. Franchisee Gary Patel signed the fourth deal with Stassi and will open a Red Mango store in Kansas City, Missouri, in early 2025, marking the first entry …
Pleasant Grove, Utah — Three new restaurant tenants have signed leases at Valley Grove, a $1.2 billion mixed-use development in Pleasant Grove. Upon full build-out, the project will comprise more than 1.5 million square feet of retail, office and hospitality space. The Great Greek Mediterranean Grill, Rancherito’s and Wildside Bowls are now open at the property, occupying a total of 5,498 square feet. Cameron Simonsen of Colliers International represented Wildside Bowls in the lease negotiations. Jace Bankhead of Legend Partners represented The Great Greek Mediterranean Grill, and Christopher Wilson of CRC …
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.
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.