November 6, 2024
Franchise Group filed a voluntary Chapter 11 petition in the U.S. Bankruptcy Court for the District of Delaware. The Company said it has entered into a restructuring support agreement (RSA) with holders of approximately 80% of its first lien debt on a comprehensive solution “to strengthen FRG's capital structure and best position its leading brands -- Pet Supplies Plus, The Vitamin Shoppe, and Buddy's Home Furnishings -- for continued sustainable growth.”
As part of this strategy, FRG has determined to wind down American Freight, which has struggled due to sustained inflation and macroeconomic challenges facing the large durable goods sector. It will be commencing store closing sales at locations nationwide and online on November 5.
The below map shows the locations of the Company's four banners: Pet Supplies Plus (762 stores), The Vitamin Shoppe (694 stores), Buddy's (336 stores), and American Freight (336 stores).
TGI Friday’s filed a voluntary Chapter 11 petition in the U.S. Bankruptcy Court for the Northern District of Texas. The Company joins a growing number of restaurant chains to file for bankruptcy protection this year. The Company owns and operates 39 domestic restaurants in the TGI Friday's casual dining chain. Management said, “The Company expects to use the time and legal protections made available through the Chapter 11 restructuring process to allow it to explore strategic alternatives in order to ensure the long-term viability of the brand.”
The below map shows the 208 TGI Friday's locations operating in the U.S. There are also 81 locations in the U.K.
Primark will open its first store in Texas on December 12, bring its store count to 29 locations across 12 states. The 37,000 square-foot store will be located in McAllen. Primark announced two new lease signings in Texas, for stores at North East Mall in Hurst, and Willowbrook Mall in Houston. These openings will be in addition to previously announced Texas openings in El Paso and Houston.
Meanwhile, Primark recently revealed plans to open its first store in Manhattan, in the Herald Square area. See the adjacent map for Primark's planned openings, according to our Retail Openings & Closings tracker.
In the Blink Fitness, DIP case, the Debtors announced that Pinnacle US Holdings LLC, a subsidiary of PureGym Ltd., was the successful bidder for a portion of the Company’s assets at an auction. Under the terms of the agreement, PureGym, whose investors include Leonard Green & Partners and KKR, will acquire Blink's corporate operations and a substantial portion of Blink's locations, with a focus on New York and New Jersey, for $121 million in cash. PureGym also intends to assume certain liabilities. Blink continues to evaluate bids submitted for locations outside of New York and New Jersey.
The below map shows the Blink locations in the Greater New York City area.
Wendy's is closing 140 "outdated" and "underperforming" restaurants in the coming months, the Company announced during its recent earnings call. This is offset by the Company's plan to open 250 to 300 restaurants globally during 2024, across the U.S., Canada, and Latin America.
See the adjacent map for the Company's planned openings, according to our Retail Openings & Closings tracker.
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