coronavirus

Roark Capital Invests $200 Million in The Cheesecake Factory Amid Pandemic-Related Closures

by Alex Tostado April 21, 2020

Atlanta and Calabasas Hills, Calif. — Roark Capital Group, a private equity firm based in Atlanta, has invested $200 million in The Cheesecake Factory Inc., owner and operator of the chain of restaurants of the same name. The Calabasas Hills-based company also owns and operates the North Italia chain, as well as a collection of restaurants within the Fox Restaurant Concepts subsidiary. The funds will be used to immediately help The Cheesecake Factory navigate the COVID-19 pandemic, in which its dine-in service has been closed. The company, which has been …

April 21, 2020

Company news New York News

Shake Shack to Return $10 Million Coronavirus Stimulus Loan

by Alex Tostado April 20, 2020

New York City — Shake Shack will return a $10 million coronavirus stimulus loan it received through the federal government’s Small Business Administration Paycheck Protection Program (PPP). The New York City-based burger chain said it will return the funds after garnering capital through its investors. Shake Shack received the $10 million loan April 10. Shake Shack operates 189 restaurants and employs about 8,000 workers.

April 20, 2020

Company news News Pennsylvania Retailers

PREIT Launches ‘Shop Local’ Website to Highlight Small Businesses in its Portfolio

by Alex Tostado April 20, 2020

Philadelphia — PREIT has launched a “shop local” section on its website to shine a spotlight on the small businesses in its portfolio. The Philadelphia-based mall owner reports that 48 percent of Americans work for a small business and 76 percent of those businesses have been affected by the COVID-19 outbreak. Furthermore, the company says small businesses make up 28 percent of its portfolio. The shop local page has categories that include home goods, food, health and wellness, athletic and outdoor, and apparel and accessories. “Our local businesses are among the enterprises hardest …

April 20, 2020

Arkansas Company news News Retailers

Walmart Reaches Goal to Hire 150,000 Associates, Pledges to Hire 50,000 More Amid COVID-19 Crisis

by Alex Tostado April 20, 2020

Bentonville, Ark. — Amid the COVID-19 crisis sweeping the nation, Walmart set a goal in mid-March of hiring 150,000 associates before May 1. Since then, the Bentonville-based retailer has hired an average of 5,000 people per day, surpassing its goal. Now Walmart has its sights set on hiring another 50,000 people. In a statement, the company said most of the new hires will be temporary who will support current associates and customers in locations with specific needs. Additionally, 85 percent of the 150,000 new associates are temporary or part-time workers. …

April 20, 2020

California Company news News Retailers

Jean Retailer True Religion Files for Chapter 11 Bankruptcy Amid Pandemic-Related Retail Closures

by Alex Tostado April 15, 2020

Manhattan Beach, Calif. — True Religion, a premium jeans retailer based in Manhattan Beach, filed papers in Delaware bankruptcy court Monday, April 13. In its filing, the company stated that pandemic-related closure of all its retail location and all the stores of its wholesale buyers had accelerated “existing liquidity constraints.” Due to these factors, True Religion furloughed all nonessential employees and reentered Chapter 11, which it previously entered in July 2017. “While the debtors would have preferred to wait out the current instabilities of the financial markets and retail industry …

April 15, 2020

Company news Maryland News Restaurants

Continental Realty Launches Internal ‘Eat Local’ Stimulus Plan

by Alex Tostado April 15, 2020

Baltimore — Continental Realty Corp. (CRC) has launched an internal program to aid the restaurant industry in the communities it serves. CRC owns and operates retail centers and multifamily properties in Maryland, Virginia, North Carolina, South Carolina, Tennessee, Alabama, Georgia and Florida. Between April 14 and May 15, any CRC employee who provides a receipt for food items bought locally will be reimbursed up to $200. “We feel extremely strongly about initiating a program that benefits our loyal and hard-working team members and supports the restaurant sector,” says Crystal Frey, …

April 15, 2020

Faris Lee Investments Features Industry Content

Faris Lee: The One Thing Worse than a Health Pandemic is a Fear Pandemic

by Sarah Daniels April 15, 2020

It’s been a rough month and a half for planet Earth, but there are signs of hope. China is returning to normal life as Italy and Spain begin to ease COVID-19 restrictions. The U.S. — the country with most coronavirus-related casualties so far — isn’t at the point of reopening yet, but there are early indications it isn’t far behind. The curve is continuing to flatten — even in hotspots like New York, where Gov. Cuomo announced on April 13 that “it appears we have a plateau.” The COVID-19 infection …

April 15, 2020

Company news Illinois News Retailers

Walgreens Expands Drive-Thru COVID-19 Testing to 15 New Locations in Seven States

by Alex Tostado April 8, 2020

Deerfield, Ill. — To provide greater access to COVID-19 testing and community resources, Deerfield-based Walgreens is working to expand drive-thru testing to 15 new sites in seven states. The locations include Arizona, Florida, Illinois, Kentucky, Louisiana, Tennessee and Texas. The testing sites will utilize Abbott’s new test, which delivers positive results in as little as five minutes and negative results within 13 minutes. The 15 locations are being finalized in collaboration with the U.S. Department of Health and Human Services and are planned for select hot spot markets with escalating …

April 8, 2020

Company news News Restaurants Tennessee

TC Restaurant Group Lays Off 411 Employees at Five Honky-Tonks in Nashville Due to Coronavirus Closures

by Alex Tostado April 8, 2020

Nashville, Tenn. — TC Restaurant Group has filed a Worker Adjustment and Retraining Notification (WARN) Act with the Tennessee Department of Labor and Workforce Development to notify the agency of 411 employee layoffs stemming from closures due to the coronavirus (COVID-19) pandemic. The Ohio-based company operates five honky-tonks in downtown Nashville, including Jason Aldean’s Kitchen + Rooftop Bar, Luke’s 32Bridge Food + Drink, Luigi’s City Pizza, Tequila Cowboy and FGL House. TC Restaurant Group says the employees were laid off in mid-March, when the company temporarily closed the doors to …

April 8, 2020

Company news New York News Retailers

Kimco Realty Testing Program to Aid Small Businesses Applying for Coronavirus Relief

by Alex Tostado April 7, 2020

Jericho, N.Y. — Kimco Realty has been testing a Tenant Assistance Program (TAP), a complimentary service to assist tenants in identifying applying for federal and state loans in the midst of the worldwide coronavirus (COVID-19) outbreak. Kimco and its subsidiaries are teaming with law firms. The Jericho-based company says these services have been rolled out in California and Florida, with plans to expand to other states in the coming days. “We are fully committed to the long-term success of our tenants, and we understand that immediate access to capital may …

April 7, 2020

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