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AcquisitionsCompany NewsNortheastRetailTop Stories

DICK’S Sporting Goods to Acquire Foot Locker for $2.4B, Keep Brand Intact

by Hayden Spiess

PITTSBURGH AND NEW YORK CITY — DICK’S Sporting Goods Inc. (NYSE: DKS) has entered into a definitive merger agreement with footwear and apparel retailer Foot Locker Inc. (NYSE: FL). Under the agreement, sporting goods retailer DICK’S will acquire Foot Locker for an equity value of roughly $2.4 billion and an enterprise value of $2.5 billion.  Foot Locker operates approximately 2,400 retail stores across 20 countries in North America, Europe, Asia, Australia and New Zealand. Foot Locker’s portfolio of brands also includes Kids Foot Locker, Champs Sports, WSS and atmos.  DICK’S plans to operate Foot Locker as a standalone business unit and maintain the various Foot Locker brands. This acquisition will mark the first international expansion for the Pittsburgh-based sporting goods retailer.  Upon completion of the merger, which has been unanimously approved by the boards of directors of the two companies, Foot Locker shareholders will choose to receive either $24 in cash or 0.1168 shares of DICK’S common stock for each share of Foot Locker common stock. The $24 value represents a premium of roughly 66 percent to Foot Locker’s 60-trading day volume weighted average price. “We have long admired the cultural significance and brand equity that Foot Locker and its …

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Company NewsNortheastPennsylvaniaRetail

Rite Aid Files for Chapter 11 Bankruptcy, Explores Acquisition Opportunities

by Taylor Williams

CAMP HILL, PA. — Rite Aid has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of New Jersey and is exploring opportunities to be acquired by outside entities. The announcement marks the second time in 24 months that the Pennsylvania-based convenience and drugstore chain has filed for voluntary Chapter 11 bankruptcy protection. The previous filing in October 2023 preceded the closure of hundreds of stores across the country. The company did not explicitly say in this filing how many of its stores would be immediately impacted, only noting that it would “divest or monetize any assets that are not sold through the court-supervised process.” To facilitate a potential sale, Rite Aid has secured commitments from some of its existing lenders to access approximately $1.9 billion in new financing, which will be used to fund existing operations prior to and during a court-supervised sales process. According to USA Today, Rite Aid operated about 1,200 stores across 15 states at the time of the latest filing.

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AcquisitionsCompany NewsRestaurantRetailTexasTop Stories

Sunoco Agrees to Acquire Fuel Distributor Parkland in $9.1B Deal

by John Nelson

DALLAS AND CALGARY, ALBERTA — Sunoco LP (NYSE: SUN), a Dallas-based fuel distributor and operator, has entered into a definitive agreement to acquire Parkland Corp. (TSX: PKI), a Calgary-based owner and operator of gas stations, convenience stores and electric vehicle charging stations in North America and the Caribbean. Parkland’s retail store count totals nearly 4,000 locations operating under the Esso, Ultramar, Chevron, On the Run, Pioneer and Fas Gas Plus fuel brands. Sunoco plans to acquire all outstanding shares of Parkland in a cash and equity transaction valued at approximately $9.1 billion, including assumed debt and the acquisition of Parkland’s Burnaby refinery in British Columbia, which produces 55,000 barrels of low-carbon fuels daily. “This strategic combination is a compelling outcome for Parkland shareholders,” says Michael Jennings, executive chairman of Parkland. “This partnership creates significant financial benefits for shareholders and would position the combined company as the largest independent fuel distributor in the Americas.” The acquisition was unanimously approved by the boards of directors for both companies. The deal is expected to close in the second half of 2025 upon the satisfaction of closing conditions, including approval by Parkland’s shareholders and customary regulatory and stock exchange listing approvals. Parkland’s board of …

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Company NewsTop Stories

Pershing Square Acquires $900M Stake in Howard Hughes Holdings

by Taylor Williams

NEW YORK CITY AND THE WOODLANDS, TEXAS — Pershing Square Capital Management, a New York City-based hedge fund founded and operated by Bill Ackman, has acquired 9 million shares of newly issued common stock of real estate giant The Howard Hughes Holdings Inc. (NYSE: HHH) in a deal valued at roughly $900 million. The deal closed today. The purchase price of $100 per share represents a premium of 48 percent to HHH’s closing per-share price of $67.47 on Friday, May 2. Pershing Square now owns 46.9 percent of HHH’s outstanding shares and has generally agreed to limit its voting power to 40 percent and its beneficial ownership to 47 percent. According to Reuters, Pershing Square’s stake in HHH was previously 37.6 percent. Pershing Square’s investment enables HHH to become a diversified holding company by acquiring controlling stakes in high-quality, public and private operating companies while continuing to invest in and grow the company’s core real estate development and master-planned communities business.  Ackman, who currently serves as chairman and CEO of Pershing Square, has been named executive chairman of the HHH’s board of directors. Ryan Israel, Pershing Square’s chief investment officer, will become HHH’s chief investment officer, a new senior leadership …

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Jack in the Box
CaliforniaCompany NewsRestaurantRetailWestern

Jack in the Box to Close Up to 200 Stores, Company to Explore Sale of Del Taco

by Amy Works

SAN DIEGO — Jack in the Box Inc. has announced plans to improve its long-term financial performance across its restaurant system, which includes the closure of 150 to 200 underperforming Jack in the Box restaurants, as well as possible alternatives for its Del Taco brand, which it acquired in March 2022. Jack in the Box will implement a block closure program, which will comprise of approximately 80 to 120 restaurant closures between now and December 31, with the remaining underperforming restaurants closing thereafter, based upon franchise agreement termination dates. San Diego-based Jack in the Box Inc. operates and franchises Jack in the Box, one of the nation’s largest hamburger chains, with approximately 2,200 restaurants across 22 states, and Del Taco, the second largest Mexican-American quick-service restaurant chain by units in the U.S. with approximately 600 restaurants across 17 states.

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AcquisitionsCompany NewsHospitalityMarylandSoutheast

Marriott to Acquire CitizenM Hotel Brand for $355M

by John Nelson

BETHESDA, MD. — Marriott International has reached an agreement to acquire the brand and related intellectual property of citizenM, a hospitality brand based in the Netherlands. The deal is valued at $355 million. The citizenM brand comprises 36 open hotels spanning 8,544 rooms, with properties located in cities such as Paris, Rome, London, New York City and Miami. There are three more citizenM-branded hotels in the development pipeline totaling more than 600 rooms that are set to open by mid-2026. The citizenM select-service lodging brand was founded in 2008. Following closing, the citizenM portfolio will become part of Marriott’s system, with the hotels owned and leased by citizenM subject to new long-term franchise agreements with Marriott. The seller may also receive earn-out payments up to $110 million that are based on the future growth of the brand over a specified, multi-year timeframe. The closing of the transaction is subject to various customary conditions, including U.S. regulatory approval. Morgan Stanley & Co. International plc and Eastdil Secured acted as financial advisors to citizenM in the transaction.

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Company NewsDevelopmentIndianaIndustrialMidwestOfficeTop Stories

Roche to Invest $50B for U.S. Expansion, Including New Pharmaceutical Manufacturing Facilities

by John Nelson

INDIANAPOLIS — Roche, a Swiss biotechnology company whose U.S. headquarters is in Indianapolis, has announced its intention to invest $50 billion in the United States over the next five years. The investment will include new and expanded life sciences facilities across the country, as well as a new 900,000-square-foot manufacturing facility, the location of which will be announced soon. This project will be a manufacturing facility for Roche’s portfolio of next-generation weight loss medicines. The other new developments will include a gene therapy manufacturing facility in Pennsylvania, a new plant in Indiana for continuous glucose monitoring and a new research-and-development (R&D) center in Massachusetts. Roche will also expand and upgrade its existing pharmaceutical manufacturing facilities in Kentucky, Indiana, New Jersey, Oregon and Pennsylvania as part of the investment, as well as expand R&D centers in Arizona, California and Indiana. Roche’s investment is expected to create more than 12,000 new jobs, including nearly 6,500 construction jobs and 1,000 permanent jobs at the new and expanded facilities. The construction timeline for these projects was not announced. Once Roche’s new and expanded facilities come on line, the firm says it will be able to export more medicines from the United States than it …

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AcquisitionsCompany NewsGeorgiaRestaurantRetailSoutheast

Hooters Files for Bankruptcy, Plans to Sell All Company-Owned Restaurants to Franchisees

by John Nelson

ATLANTA — HOA Restaurant Group, parent company of restaurant chain Hooters, has filed for Chapter 11 bankruptcy protection, entering into a Restructuring Support Agreement (RSA) that will facilitate the continued operation of the company’s restaurants under new ownership. Hooters restaurants will continue to operate as usual throughout the bankruptcy process. A partnership between two existing Hooters franchisees, Hooters Inc. and Hoot Owl Restaurants, reached an agreement with Hooters of America (HOA) to acquire more than 100 HOA-owned Hooters restaurants, which, when added with the franchisees’ existing holdings, will account for approximately 70 percent of Hooters’ domestic locations. Upon completion of the Chapter 11 process, all Hooters locations will be franchisee-owned. Hooters Brand Management (HBM) will provide most of the franchise support for the company, including oversight of the national ad fund, the central purchasing organization and franchise development and support. North Point Mergers & Acquisitions represented the buying group, Hooters Inc. and Hoot Owl Restaurants, while Morrison & Foerster LLP is serving as their legal counsel.

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Hyundai
Company NewsDevelopmentIndustrialLouisianaSoutheastTop Stories

Hyundai to Develop $5.8B Steel Plant in Louisiana as Part of $21B U.S. Investment Announcement

by Hayden Spiess

ASCENSION PARISH, LA. AND SEOUL — Hyundai Steel Co., a South Korean steel manufacturer and part of automotive giant Hyundai Motor Group, has announced plans to develop a $5.8 billion steel manufacturing facility in southeast Louisiana’s Ascension Parish. The new steel plant is part of Hyundai’s announcement for $21 billion in U.S. investments between 2025 and 2028. Construction on the plant, which will be capable of producing 2.7 million metric tons of steel annually, is scheduled to begin in the third quarter of 2026 in Ascension Parish. Hyundai Steel is targeting commercial production of automotive steel plates to begin at the mill in 2029. According to a statement issued by Louisiana Gov. Jeff Landry, the new facility is expected to create 1,400 new direct jobs with an average salary of $95,000. Louisiana Economic Development (LED) also estimates that the project will result in 4,100 indirect new jobs.  A large portion of the steel manufactured at the mill will be transported to Hyundai vehicle manufacturing plants throughout the country. Hyundai Steel also plans to open up sales of its automotive steel plates to other auto manufacturers in the United States, Europe and Latin America, according to Seo Gang-Hyun, president and CEO …

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Sell-Pull-Quote
CaliforniaCompany NewsRetailTop StoriesWestern

Forever 21 Files for Chapter 11 Bankruptcy, Will Close All U.S. Stores

by Taylor Williams

LOS ANGELES — Forever 21 has filed for Chapter 11 bankruptcy and will begin the process of closing all its U.S. stores. According to Reuters, the U.S. store count is about 350. The Los Angeles-based apparel retailer filed over the weekend in the U.S. Bankruptcy Court for the District of Delaware. Forever 21 has entered into a plan support agreement with its lenders to begin the voluntary closure process while continuing to look for sales opportunities of existing U.S. assets. Forever 21 was founded in 1984 and had a footprint of more than 800 stores worldwide at the height of its operation. The company also filed for Chapter 11 bankruptcy protection in 2019, which led to the company closing 350 stores across the United States and other countries. International stores are not impacted by the 2025 filing. As a relative staple within American mall tenancy, Forever 21 faced new challenges in its post-2019 bankruptcy filing stemming from the COVID-19 pandemic and elevated competition from e-commerce brands and platforms. According to CNBC, the company has been hit especially hard by competition from Chinese platforms Shein and Temu. The company’s ownership structure underwent a series of changes between 2021 and 2023, and …

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