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Apax Partners to Take rue21 Private in $1.1 Billion Deal
(Reuters - 5/23/2013)Private equity firm Apax Partners LLP has agreed to acquire rue21 Inc for about $1.1 billion, attracted by the teen-apparel retailer's growth and cash flow and keen to add to a retail portfolio that includes Cole Haan and Takko Fashion. (full story)
Noodles & Co. Files for $75M IPO
(Nation's Restaurant News - 5/23/2013)Noodles & Co. on Thursday became the first in the restaurant space to file for an initial public offering this year. With an IPO that was long expected, the Broomfield, Colo.-based fast-casual chain is seeking to raise up to $75 million with the goal of repaying debt and growing nationally. If growth continues at the current rate, the company said, Noodles could eventually reach 2,500 units in the U.S. within 15 to 20 years. (full story)
Dealmakers Leave RECon 2013 Satisfied
(National Real Estate Investor - 5/23/2013)The frenzy of meetings and cocktail parties is over. And most of the 33,000-plus attendees of ICSC’s RECon 2013 have gone home tired, but satisfied. What’s most promising is the fact that many retailers are no longer in defensive modes. Instead, with sales rising they are signing extensions and looking for ways to grow portfolios. And new players are coming on the scene as well. (full story)
Belgian Grocer Delhaize Looks to Sell Two U.S. Units
(Reuters - 5/23/2013)Belgian grocer Delhaize is looking to sell two of its U.S. businesses as it continues to cut costs in the region, according to two sources familiar with the matter. Harveys, which operates 73 supermarkets in Georgia, South Carolina and Florida, focuses on selling regional and fresh products. Sweetbay, which had 105 stores in Florida at the end of 2012, caters to the Hispanic market. (full story)
Tops Buys Four Big M Stores
(Supermarket News - 5/23/2013)Tops Friendly Markets has acquired four Big M stores in upstate New York and will rebrand them under the Tops name. The stores, previously owned by the Bonisteel family, are located in the towns of Boonville, Watertown, Sandy Creek and Adams. This acquisition expands Tops’ footprint further into areas of northern and central New York State and follows Tops’ previous acquisition of three Big M supermarkets located in Elbridge, Mexico and Jordan. (full story)
Restaurants to Add 448,000 Summer Jobs, According to National Restaurant Association Projections
(RestaurantNews.com - 5/23/2013)Restaurants are expected to add 448,000 jobs this summer season, a 4.5 percent increase over the March 2013 employment level, according to National Restaurant Association (NRA) projections released today. The projected gain represents an improvement over the 2012 summer season. (full story)
The Shake Shack Explosion
(Grub Street - 5/23/2013)Last month, Shake Shack opened its 25th location, an outpost in Boca Raton, Florida. Five days before that, Shake Shack also announced plans for a location on the Las Vegas strip in 2014. Tomorrow, Shake Shack's first American airport branch will open at JFK's Terminal 4. What had been steady growth is now a full-fledged explosion, as Danny Meyer's burger-and-custard chain is on track to triple in size this year alone, from a dozen locations last summer to at least 33 in six countries by the end of 2013. (full story)
Whole Foods co-CEO Says Grocer Wants to Open 40 More Stores in Canada
(Financial Post - 5/22/2013)Whole Foods Market Inc. says it could open 40 or more stores and eventually tally $1-billion in annual sales in Canada as part of a wider expansion that continues unabated. The company has previously said that it could have 1,000 stores one day. It is opening about 30 stores a year now but may increase that pace. (full story)
Analysts: Yum Plans to Double U.S. Taco Bell Sales
(Nation's Restaurant Mews - 5/22/2013)Yum! Brands Inc. plans to double Taco Bell’s domestic annual sales to $14 billion by 2021, according to two securities analysts who attended investor meetings with the company Tuesday. Yum told attendees that system growth would include an increase in average unit volumes from $1.3 million in fiscal 2012 to about $1.8 million by the end of the decade, as well as growing its unit count from 5,700 to 8,000 locations. (full story)
Subway has 40K Locations in Sight
(QSRweb.com - 5/22/2013)During the first quarter of 2013, Subway opened more than 600 new locations around the world, crossing the 39,000-unit mark. According to the company, "40,000 locations is well within our sites." The U.S. saw the addition of 232 new Subway franchises, boosting total counts here to nearly 26,000. Individual milestones were witnessed in Texas, now with 2,100 stores; Florida, with 1,500 stores; New York, 1,300 stores; Missouri, with 500; and New Hampshire at 100 locations. (full story)
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