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Experiential
FeaturesFrom The Magazine

Experiential Retail Adjusts for a Post-COVID Comeback

by Katie Sloan

Shopping center owners thought the solution to combat online shopping was so crystal clear. Give them experiences. Provide social spaces. Make interaction the focal point. And this worked…for a while.  Entertainment and food and beverage operators soon absorbed the spaces left behind by traditional retailers. Old Sears locations became luxury movie theaters. Vacant in-line spaces could be taken over by Instagrammable pop-up experiences. Mall kiosks that once sold tchotchkes could now be occupied by virtual reality pods. Even mall food courts were redesigned as food halls, a cooler, sleeker older …

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Company newsIllinoisNews

Virtas Partners, Seaker Group Join to Help Retail Clients Struggling with Overhead Costs Due to COVID-19 Restrictions

by Katie Sloan

Chicago — Virtas Partners has joined in an alliance with The Seaker Group to help retail clients struggling with excessive overhead costs amid continuing restrictions on retailers due to the COVID-19 pandemic. “We are bringing together The Seaker Group’s insightful approach to analytics with Virtas Partners’ deep experience in restructuring and debt placement, and in real estate development and management,” says David Kirshenbaum, managing director at Virtas Partners. “Together, we will provide the support businesses need to optimize their real estate portfolio to reduce their cost structure. In hostile operating …

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Company newsNew YorkNews

U.S. Division of L’Occitane Files for Chapter 11 Bankruptcy Protection, Plans Store Closures

by Katie Sloan

New York City — The U.S. arm of beauty retailer L’Occitane en Provence has filed for Chapter 11 bankruptcy protection and announced plans to close several stores in an effort to optimize the company’s 166-location U.S. footprint.  At least 23 stores are being targeted for closure in the U.S. and the company is taking a closer look at its other leases in hopes of better positioning L’Occitane for success over the next few years, according to reports by the New York Business Journal. Stores are set to remain open through the …

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Saucy-Brew-Works
DevelopmentLeasingMichiganNews

Saucy Brew Works to Open Brewpub, Coffeehouse in Detroit’s Brush Park

by Katie Sloan

Detroit — Saucy Brew Works will open a new brewpub and coffeehouse in Detroit’s Brush Park neighborhood. The opening is slated for March 3. The 5,700-square-foot space will be the first restaurant within Bedrock’s City Modern apartment development. Guests will enjoy a variety of beers and specialty coffees in addition to food offerings such as appetizers, sandwiches, wings and pizza. In response to COVID-19, Saucy Brew Works will provide hand sanitizer, masks, six-foot table distancing and floor markers for spacing. Residents of City Modern will receive a 20 percent discount. This …

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AMC
Company newsFinanceKansasNews

AMC Theatres Raises $917 Million of Investment Capital, Says Bankruptcy is ‘Completely Off Table’

by Katie Sloan

Leawood, Kan. — In effort to remain financially afloat amid the COVID-19 pandemic, AMC Entertainment Holdings Inc. (NYSE: AMC) has raised or signed commitment letters to receive $917 million of new equity and debt capital. The Leawood-based movie theater company says the increased liquidity should enable it to survive well into 2021. Of the $917 million, AMC raised $506 million of equity from the issuance of new common shares. Additionally, the company executed commitment letters for $411 million of incremental debt capital from upsizing and refinancing its European revolving credit …

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MichiganNewsRestaurants

Indoor Dining Expected to Resume Feb. 1 in Michigan

by Alex Tostado

Lansing, Mich. — The State of Michigan has continued its ban on indoor dining but is expected to lift the restriction beginning Feb. 1. Indoor dining will resume with “mitigation measures, capacity limits and a curfew,” according to the Michigan Department of Health and Human Services. For now, a new epidemic order issued by the department that is valid from Jan. 16 to 31 enables Michigan residents to participate in indoor group exercise and non-contact sports, as long as masks and social distancing guidelines are in place. College and university …

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ColoradoCompany newsEntertainmentNews

Punch Bowl Social Files for Chapter 11 Bankruptcy

by Alex Tostado

Denver — Punch Bowl Social has filed for voluntary Chapter 11 bankruptcy through the U.S. Bankruptcy Court for the District of Delaware. The Denver-based “eatertainment” concept has closed all but three of its locations due to the COVID-19 pandemic. The venues in Austin, Texas; Arlington, Virginia; and Atlanta remain open. In summer 2019, Cracker Barrel invested $140 million in Punch Bowl Social. According to multiple media reports, the restaurant chain chose during the pandemic to not invest any further in Punch Bowl Social, instead focusing on its own business.

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CaliforniaCompany newsIllinoisMarylandNews

Sameday Testing to Open Five COVID-19 Testing Sites at Westfield Shopping Center Locations

by Alex Tostado

Los Angeles — Sameday Testing will open five new COVID-19 testing facilities within Westfield shopping centers. The locations will be at Westfield Annapolis, Westfield Montogmery and Westfield Wheaton in Maryland; The Village at Westfield Topanga in Woodland Hills, California; and Westfield Old Orchard in Skokie, Illinois. The Los Angeles-based operator now has more than 30 locations in cities including Washington, D.C., Los Angeles, Dallas and Miami. Patrons can receive COVID-19 testing at the sites as well as future vaccinations. “We must grow faster than the virus to beat it — …

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NewsRetailersWashington DC

Retail Sales in November Show Negative Growth for First Time Since May, Remain Higher than Last Year

by Alex Tostado

Washington, D.C. — Retail sales in November declined 1.1 percent compared to October of this year, the U.S. Commerce Department reported Wednesday. The monthly decline is the first dip since April, when sales plummeted 14.7 percent due to the COVID-19 pandemic. November sales totaled $546.5 billion, which was an increase of 4.1 percent from November 2019. Additionally, the three-month period from September 2020 to November was 5.2 percent higher than the same time period a year ago. Month-over-month, motor vehicle and parts dealers, home furniture stores, electronics and appliances stores, …

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Company newsNewsWisconsin

Outlook Management Group Partners with Local Businesses to Donate Meals to Families in Need in Milwaukee

by Alex Tostado

Milwaukee — Outlook Management Group LLC’s president Ray Balfanz has partnered with Hunger Task Force of Milwaukee and other local small businesses to donate food to Milwaukee residents in need. Balfanz created the CollectionConnection to raise money for meals. The six-week fundraiser will end Dec. 31. As of Dec. 11, $2,225 had been raised, which means meals plus one holiday meal for 20 families for one week have been donated through the program. Balfanz is teaming with Wisconsin-based companies such as Pinnacle Construction, LLJ Ventures and Wisconsin Mall Properties. Balfanz says …

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