|
Closings & Financial Woes
|
|
|
Closings & Financial WoesLord & Taylor (212-391-3344) will close its outlet store at Town & Country Mall in Arlington Heights, IL. Sales were brisk at the location and the closing is due to internal marketing. The center is being redeveloped by Visconsi Companies Ltd. (216-464-5550) into a power project.
Hollywood Entertainment trading as Hollywood Video (503-570-1600) will close 43 stores in 2001. The company operates 1,818 locations in 47 states.
Gateway Inc. (605-232-2000) closed 27 stores to improve the company’s bottom line. Of the 27 stores closed: nine of the locations are in CA and eight of those are in the greater Los Angeles area; three stores in VA; two each in FL, IL, NJ, NY and TX; and single stores in GA, IN, OR, TN and UT. The company operates 299 stores after the closures.
The Cato Corporation (704-551-7686) will close 10 stores in 2001. The company operates 863 stores in 23 states under the trade names Its Fashion! and Cato.
Tower Records (916-373-2500) will close an unspecified number of its 184 stores. The book division will face the majority of the downsizing. The company plans to close and liquidate all stand-alone and combination bookstores. Tower’s parent company, MTS Inc. is seeking an extension of its credit facility with J.P. Morgan Chase & Co.
Friedman’s Inc. (912-233-9333) will close seven of its jewelry stores in 2001. The company operates 635 locations in 21 states.
Shoney’s Inc. (615-391-5201) sold 12 Shoney’s Restaurants and six Captain D’s units to franchisees. The company closed 18 other locations (13 Shoney’s and five Captain D’s). The company operates 1,006 unites in 27 states.
ACE Cash Express (972-550-5000) plans to close 84 unprofitable or underperforming locations by the end of June. The company operates 1,221 check-cashing and payroll advance stores nationwide.
Longs Drugs (925-210-6763) closed 14 underperforming stores in the western states. The closures took place at four locations in WA, five in CO, three in CA and two in NV. The company operates 417 stores in the western states and HI. Albertsons (714-739-6738) closed its grocery store on Atlantic Avenue in North Long Beach, CA. The building will be demolished and a 16,784 sq.ft. Sav-On Drugstore will be built on the site. That store will stock more food items than its typical drug stores.
Carmike Theaters (706-576-3400) closed its Hillsboro Eight movie theater in Tampa, FL. The theater is located on West Hillsborough Avenue and was the company’s last theater in the Tampa Bay market. The company has been under Chapter 11 Bankruptcy protection since August.
QVC Inc. (484-701-1000) will close its 14,000 sq.ft. outlet store at Loehmann’s Plaza in Virginia Beach, VA. The company operates seven outlet stores in PA and VA, in addition to its online and cable television operations.
HomeBase (949-442-5000) closed two Colorado Springs, CO locations. The retailer will close its 109,000 sq.ft. store located at the intersection of State Highway 83 and Jamboree Drive, just north of the Chapel Hills Mall. The company will also close its 92,000 sq.ft. store at the intersection of Academy Boulevard and Hancock Expressway.
the quarter which ended February 24, 2001. The company operates 1,200 stores under the names Cub Foods, Sav-A-Lot and Laneco.
Store of Knowledge (562-345-1000) has filed for chapter 11 bankruptcy protection and will close at least 21 of its 91 units. The chain is the third educational toys and software chain to go bankrupt in the last 24 months.
Silver Cinemas International (972-503-9851) doing business as Landmark Theater will close its Palo Alto Square Theater in Palo Alto, CA. The theater is located at the intersection of Page Mill and El Camino Roads and may be converted to office space. The company operates 52 Landmark Theaters and 22 Silver Cinemas nationwide.
The Metropolitan Restaurant (716-882-0772) closed its location on Elmwood Avenue in Buffalo, NY. The site had been tenanted by Rigoletto’s for ten years prior to the Metropolitan. The Fritz Bistro also closed its restaurant at Clarence Center located on Goodrich Road in Buffalo, NY.
D.I.Y. Home Warehouse (216-328-5100) will close three OH locations by the end of July. The store is closing its Mentor location to take advantage of subleasing the building to another tenant. The Brook Park and Medina stores were underperforming but have also had interest in the property sites.
Avado Brands, Inc. (706-342-4552) will close its Don Pablo’s Mexican Kitchen at the Augusta Exchange in Augusta, GA. The company also closed Don Pablo’s units in Montgomery, AL; Tallahassee, FL and Gastonia, NC.
AMC Entertainment, Inc. (816-221-4000) closed the eight-screen theater on the bottom level of the Ward Parkway Center in Kansas City, MO. The section of the center will be repositioned to fit smaller lifestyle tenants.
Venator Group (212-720-3700) will close all 323 Northern Reflections stores in the U.S. Up to 30 of the stores may be reopened under one of the company’s other concepts including Foot Locker, Lady Foot Locker, Kids Foot Locker and Champs Sports. The sporting goods retailer operates over 3,600 stores worldwide.
Dillard’s (501-376-5200) will close its North Hills Mall location in Raleigh, NC when the center begins its redevelopment. The store could close as early as the end of 2001. The company will open a new store at the Triangle Town Center in North Raleigh, NC.
Outdoor World (706-563-2113) will close its store located on Veterans Parkway in Columbus, GA. The company cited the cost of moving the store from Cross Country Plaza as a reason for closing.
Hardee’s (252-977-2000) closed three locations in SC. The underperforing stores were located on Assembly Street in Columbia, on Two Notch Road in Columbia and on South Hampton Street in Kershaw. The company operates 2,593 units nationwide.
The Athlete’s Foot Group, Inc. (770-514-4500) will close its freestanding location at Eagleridge Shopping Center in Pueblo, CO. The building, located in front of Circuit City is owned by Colliers International (208-472-2850).
The Gap (650-952-4400) will not open a 30,000 sq.ft. store in the $13 million Liberty Center in Bethlehem, PA. The downtown center is now without a national retail anchor. The company will close six Manhattan locations in the coming year. The company will close stores located at the intersection of East 23rd Street and Lexington Avenue; East 36th Street and Third Avenue; East 54th Street and Third Avenue; East 86th Street and Madison Avenue; West 96th Street and Broadway and on Fifth Avenue at 52nd Street. American Eagle Outfitters is reportedly interested in the sites.
Rite Aid (717-761-2633) will close its store located on Newtown Road near Baker Road in Virginia Beach, VA. Divaris Real Estate (757-497-2113) will handle the disposition of the lease. Gottschalks, Inc. (559-434-8000) will close its location at University Center Mall in Anchorage, AK. The store was hurt by the decresed traffic at the center since the closing of smaller stores.
Carolina Pottery (919-934-9258) will close its 80,000 sq.ft. store at Crossroads Mall in Fort Mill, SC. The company filed for chapter 11 bankruptcy protection and is closing five of its seven stores. The other closings will occur in Mount Pleasent, SC; GA, TN and KY.
New World Coffee-Manhattan Bagel Inc. (732-544-0155) will acquire the bankrupt Einstein/Noah Bagel Corporation. Einstein/Noah is majority owned by Boston Chicken Plan Trust and operates 461 stores nationwide. Manhattan Bagel operates 338 units in the U.S.
Phar-Mor (330-746-6641) has made an offer to acquire bankrupt Drug Emporium. The company’s offer will be wieghed by the bankruptcy court against the offer proffered by Snyder’s Drugs.
Play Co. Toys & Entertainment Corporation (760-471-4505) will close 33 stores in accordance with the chapter 11 filing in bankruptcy court. The collectible toy retailer will close 16 stores in southern CA; three in Las Vegas, NV; three in TX; two in IL; two in Charlotte, NC and one each in Tempe, AZ; Broomfiled, CO; Orlando, FL; Nashville, TN; Hanover, MD; Bloomington, MN and Auburn Hills, MI. |