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Company NewsFloridaRestaurantRetailSoutheast

Darden Restaurants Reports 28.4 Percent Slide in Fiscal First-Quarter Sales

by Alex Tostado

ORLANDO, FLA. — Darden Restaurants Inc. (NYSE: DRI) has reported its sales fell 28.4 percent in its fiscal first quarter, which ended Aug. 30. The Orlando-based company owns restaurant brands including Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s. Darden reported that sales in its fine dining restaurants fell 38.9 percent year-over-year. Sales at Olive Garden slid 27.7 percent, while LongHorn saw a decrease of 16.3 percent. At the beginning of its first quarter, Darden had 68 percent of restaurants in its portfolio open, compared with 91 percent on Sept. 1. Despite the fall in sales, Darden is still progressing with its full-year outlook, which includes the addition of 35 to 40 new restaurants and total capital spending of $250 million to $300 million. As of Aug. 30, Darden operated 1,807 restaurants.

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Company NewsDevelopmentOfficeTexas

New Firm August Real Estate Launches Two Dallas Office Redevelopment Projects in Deep Ellum

by Taylor Williams

DALLAS — August Real Estate, a Dallas-based development firm founded by brothers and industry veterans Evan and Jordan August, has launched with two redevelopment projects in the city’s historic Deep Ellum neighborhood. The first project involves the restoration of The Continental Gin Building, which was built in 1888, into a modern office complex with the feel of a boutique hotel that will feature a 22,000-square-foot coworking space from local operator Common Desk. August is also renovating the building at 333 1st Ave., which was built in 1926 and most recently occupied by Nordstrom’s Trunk Club, to offer 36,000 square feet of office space. The projects are expected to be complete in the first and second quarters of 2021, respectively.

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Company NewsOregonRetailWestern

Nike’s Online Sales Jump 82 Percent Resulting in $10.6B in Quarterly Revenue

by Amy Works

BEAVERTON, ORE. — Nike Inc. (NYSE: NKE), the Beaverton-based footwear giant, has reported it revenues were $10.6 billion for its 2021 fiscal first quarter, which ended Aug. 31. The revenue represents a decrease of 1 percent from the same period in 2019, with its direct sales at $3.7 billion, up 12 percent, and Nike Brand digital sales swelling by 82 percent. The digital sales growth resulted from e-commerce increases across North America, Greater China, Asia Pacific, Latin America, Europe, the Middle East and Africa. According to the company, its first-quarter revenue performance was impacted by strong Nike Brand digital growth, offset by lower revenue in its wholesale business and Nike-owned stores. Nearly all of the Nike-owned physical stores were open during the quarter. Despite the open stores, Nike experienced year-over-year declines in physical retail traffic across the marketplace due to COVID-19 impacts and safety-related measures. Nike’s selling and administrative expenses decreased 11 percent to $3 billion, with demand creation expense down 33 percent at $677 million primarily due to lower marketing spend as many live sporting events were postponed or cancelled. Additionally, operating overhead expense decreased 1 percent to $2.3 billion as lower travel and related expenses were slightly offset …

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Company NewsIndustrialMassachusettsNortheast

Reports: Raytheon to Cut 15,000 Jobs Due to Decline in Commercial Air Travel

by Taylor Williams

WALTHAM, MASS. — Defense contractor Raytheon (NYSE: RTX) will cut approximately 15,000 jobs, primarily in its aviation departments, as a result of depressed demand for commercial air travel during the COVID-19 pandemic, according to multiple reports. The Massachusetts-based firm, which employs about 200,000 people nationwide, made the announcement during an earnings call last week, according to reports from multiple new outlets including CNN and Forbes. The company’s stock price opened at $61.58 per share on Tuesday, Sept. 22, down from $84.59 per share a year ago.

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Company NewsGeorgiaSoutheast

Corporate Property Dispositions Hires Tom Gallagher as Vice President, to Oversee Mid-Atlantic Region

by Alex Tostado

ATLANTA — Corporate Property Dispositions (CPD) has hired Tom Gallagher as vice president. In the role, Gallagher will manage client requirements throughout the Mid-Atlantic region. CPD specializes in lease and sale negotiations on behalf of landlords and owners. The company is headquartered in Atlanta, where Gallagher will be based. Prior to joining CPD, Gallagher worked for The Home Depot’s real estate division. While there, he oversaw the permitting and opening of more than 70 stores. Gallagher earned his Bachelor of Science degree from Mount St. Mary’s University in Emmitsburg, Md.

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Company NewsRetailTexas

Dave & Buster’s Reports 85 Percent Drop in Quarterly Revenue, Flirts With Bankruptcy

by Taylor Williams

DALLAS — Dave & Buster’s (NASDAQ: PLAY) reported an 85 percent drop in total revenue for the second quarter relative to that period a year ago, prompting several media organizations, including The Wall Street Journal, to report that bankruptcy filings may be imminent. Comparable store sales decreased by 87 percent during the second quarter, which saw the Dallas-based entertainment chain gradually reopen its venues. About 90 of Dave & Buster’s 137 locations are currently open for business across 27 states. Multiple news outlets, including The New York Post, have also reported that Dave & Buster’s could soon be issuing a massive round of layoffs that could affect more than 2,000 employees. The company’s stock price opened at $15.68 per share on Monday, Sept. 21, down from $41.35 per share a year ago.

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Company NewsNew YorkNortheast

SitusAMC Acquires Cohen Financial’s Servicing, Asset Management Platform

by Taylor Williams

NEW YORK CITY — Real estate advisory and consulting firm SitusAMC Holdings Corp. has acquired the third-party loan servicing and asset management platform of New York City-based Cohen Financial, a division of Truist. Under the terms of the deal, Cohen Financial’s clients and employees will be integrated into SitusAMC. As of August 31, Cohen’s portfolio totaled approximately 6,900 loans with more than $34 billion in unpaid principal balances. SitusAMC will now have a special servicing and asset management portfolio comprised of roughly 10,000 loans totaling more than $130 billion. Truist will retain Cohen’s debt advisory placement platform.

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Company NewsNew YorkNortheastRetail

WSJ: Ascena Retail Group to Sell Plus-Size Chain Catherines to FullBeauty Brands for $40.8M

by Taylor Williams

MAHWAH, N.J. — Ascena Retail Group, the parent company of Ann Taylor and Lane Bryant, will sell its plus-size chain Catherines to FullBeauty Brands Operations LLC for $40.8 million, according to a new report from The Wall Street Journal. FullBeauty Brands is a New York City-based holding company whose brands include plus-size chains such as Woman Within, Jessica London Inc. and Swimsuits for All. Ascena Retail Group filed for Chapter 11 bankruptcy in July with plans to close an unspecified but “significant” number of stores.

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Company NewsGeorgiaRestaurantRetailSoutheast

Papa John’s to Open New Regional Office in Metro Atlanta by Next Summer

by Alex Tostado

LOUISVILLE, KY. — Papa John’s International Inc. has announced it will open a new global headquarters in metro Atlanta by summer 2021. The Louisville, Ky.-based pizza chain is in the process of picking an office space and expects to have a location finalized by the end of this year. Georgia Gov. Brian Kemp’s office says the move is expected to bring 200 jobs to the area. Papa John’s will move its menu innovation; marketing; customer experience; human resources; diversity, equity and inclusion; communications; and development departments to Georgia. IT, supply chain and legal teams will remain in Louisville. The Louisville Courier-Journal reports that Papa John’s will keep its corporate headquarters in Louisville as well as a majority of its 750 jobs in Kentucky.

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Company NewsRetailTexas

Segovia Partners Launches Retail Brokerage, Consulting Firm in Dallas

by Taylor Williams

DALLAS — A quartet of real estate veterans has launched Segovia Partners, a new firm that will offer advisory and brokerage services to tenants in the retail markets of Texas, Oklahoma, Arkansas and Louisiana and to landlords throughout the United States. Each member of the team of Jack Breard, Jennifer Frank, Michelle Waak and David B. Shelton has more than 20 years of experience in the industry. Frank most recently worked with Segovia Retail Partner; Breard and Shelton most recently worked with CBRE; and Waak most recently worked with The Howard Hughes Corp. Over the years, the team’s retail-using clients have included IKEA, Ulta Beauty, P.F. Chang’s and Flower Child. The firm’s office is located at 8080 Park Lane in Dallas and is officially open for business.

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