BROWNSVILLE AND AUSTIN, TEXAS — Elon Musk will move the headquarters of his rocket and spacecraft manufacturing company, SpaceX, from California to Texas. The billionaire entrepreneur and Tesla CEO made the announcement earlier this week in a post to social media platform X, formerly known as Twitter, which Musk also owns and intends to relocate to Texas. According to CBS News, Musk said that SpaceX would move from the Los Angeles-area community of Hawthorne to its Starbase facility in Brownsville and that X would move from San Francisco to Austin. Musk cited multiple political policies in California as the impetus behind his decision, which follows the relocation of the headquarters of Tesla (NYSE: TSLA) from Silicon Valley to Austin a couple years ago. Timelines for the moves were not disclosed.
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Stop & Shop to Close 32 Stores in the Northeast
QUINCY, MASS. — Stop & Shop, a grocery store chain based in the Boston suburb of Quincy, has announced plans to close 32 locations by the end of this year. Situated throughout the Northeast, the stores — described in a press release as “underperforming” — are located in Connecticut, Massachusetts, New Jersey, New York and Rhode Island. According to the grocer, the affected stores will shutter on or before Nov. 2. Associates at the locations will be offered other employment within the company. “As we announced in May, Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” says Gordon Reid, president of Stop & Shop. The company has remodeled 190 stores since 2018, and Reid notes that the remodeled stores are performing better than the stores selected for closure. Accordingly, Stop & Shop plans to focus on “growth through price investments and store remodels.” Following the closures, Stop & Shop’s portfolio will comprise more than 350 stores across five states, with 81 stores in Connecticut, 115 in Massachusetts, 47 in New Jersey, 91 in New York and 25 in …
DALLAS — Dallas-headquartered SRS Real Estate Partners has named Garrett Colburn as president, responsible for the company’s continued national growth, including office productivity and culture. Colburn will partner with CEO Chris Maguire to generate growth across all platforms, including retail, capital markets and industrial. Additionally, Colburn will serve on SRS’ Executive Committee, the group responsible for setting overall strategy for the firm throughout the United States and globally. Colburn currently serves as managing principal and co-market leader of SRS’ five California offices and will continue both roles in addition to his new responsibilities. He joined the company in 2012 to grow the Southern California office and has served on the SRS Board of Directors since 2016.
NEW YORK CITY AND DALLAS — HBC, the New York City-based parent company of Saks Fifth Avenue, has agreed to acquire Dallas-based Neiman Marcus Group. The merger between the two luxury fashion retailers is valued at $2.6 billion. An estimated closing date was not released. Following the acquisition, HBC will establish Saks Global, an entity that will combine the intellectual property and real estate assets of the two companies. Brands that are already owned by HBC or Neiman Marcus, including Saks OFF 5th, Bergdorf Goodman and Last Call Outlet, will continue operations under their original names. HBC will fund the purchase through a combination of equity from new and existing shareholders. Notably, both Amazon and Salesforce will be shareholders in the new company upon closing, with the Seattle-based e-commerce giant also expected to take on a consultative role. According to CNN, the two companies have been discussing a merger for several years. The Atlanta-based news network also reports that Saks currently operates 39 stores, while Neiman Marcus, which filed for Chapter 11 bankruptcy in 2020, operates 36 stores. “For years, many in the industry have anticipated this transaction and the benefits it would drive for customers, partners and employees,” says …
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Bob’s Stores to Close All 21 Remaining Locations After 70 Years in Business
MERIDEN, CONN. — Bob’s Stores is closing all locations and liquidating its inventory as part of the Chapter 11 bankruptcy restructuring petition filed on June 18. The Meriden-based clothing retailer, which is a subsidiary of GoDigital Media Group, was unable to secure the financing needed to maintain operations. Bob’s began going-out-of-business sales in stores on June 28 with discounts of 30 to 70 percent off merchandise. Hilco Merchant Resources, in a joint venture with Gordon Brothers, is managing the liquidation event that includes all 21 remaining stores throughout Connecticut, Massachusetts, New Hampshire, New Jersey, New York and Rhode Island. Shoppers will find discounts on workwear, footwear, team wear and everyday clothing. Select store fixtures, furniture and equipment will also be available for sale. All sales are final, and the event runs through July 14. “We regret that our financial position necessitated the liquidation of Bob’s Stores,” says Dave Barton, president. “Bob’s has been a stalwart of our local communities for nearly 70 years.” Bob’s began as a single-store surplus outlet in Connecticut in 1954. The chain grew to roughly three dozen locations at its peak. CNBC reports that Bob’s entered a period of financial turmoil at the beginning of this century that eventually amounted …
DEERFIELD, ILL. — Walgreens (NASDAQ: WBA) is set to close a significant portion of its store locations across the United States over the next three years. The company is finalizing its “footprint optimization program” after failing to meet earnings expectations in its fiscal third quarter, which ended May 31. Walgreens CEO Tim Wentworth reported in the company’s earnings call on Thursday morning that 25 percent of stores in the United States were not profitable, and that “changes are imminent” for those locations. The retail pharmacy chain currently runs about 8,600 locations in the United States, meaning that as many as 2,150 underperforming stores face potential closure. “We are finalizing a multifactor store footprint optimization program, which we expect will include the closure of a significant portion of these underperforming stores over the next three years,” said Wentworth. “Plans to finalize this number are in motion, and we will update you in due course.” Even among the underperforming stores that will remain open, “we will contemplate additional closures if performance does not improve, which includes external factors, such as reimbursement rates,” said Wentworth. “While it is not an easy decision to close a store, we will work to minimize customer disruptions. …
ALEXANDRIA, LA. — Wisconsin-based retail chain Batteries Plus has signed a six-unit franchise agreement in Louisiana. The first of the stores is scheduled to open in Alexandria this year, with additional locations planned throughout the state. Franchisees Duane Carmouche, Mitch Matthews and Mohamad Zeidan will own and operate the units. Batteries Plus’ current portfolio features more than 800 stores in the U.S., including 10 in Louisiana. Private equity firm Freeman Spogli owns the brand, which offers battery and repair services for a variety of electronics and vehicle uses.
SAN DIEGO — San Diego-based Jack in the Box has announced plans to open 15 restaurants in Georgia, marking the first entry into the state for the fast-casual brand. According to a press release from the company, the new sites have not yet been selected, but plans include a focus on the Macon, Augusta and Savannah markets. A franchisee will own and operate the restaurants. Jack in the Box also recently announced a commitment to 30 new locations in Florida.
CULVER CITY, CALIF. AND AUSTIN, TEXAS — Sony Pictures Entertainment has acquired theater chain Alamo Drafthouse Cinema from Altamont Capital Partners, Fortress Investment Group and founder Tim League for an undisclosed price. Alamo Drafthouse was founded in 1997 in Austin, and has grown from a single mom-and-pop location to 35 cinemas across 25 metropolitan areas. The company is the seventh-largest theater chain in North America and was one of the pioneers of the in-theater elevated food and drink concept. Alamo Drafthouse will maintain its headquarters in Austin and will continue to operate all of its locations, as well as the company’s Fantastic Fest film festival, which was included in the acquisition. Sony will manage these entities under a newly established division, Sony Pictures Experiences, led by Alamo Drafthouse CEO Michael Kustermann. The acquisition is groundbreaking, as it was recently made possible through the Department of Justice’s decision in 2020 to rescind the Paramount Decrees. Put into place by the U.S. Supreme Court in 1948, the Decrees mandated a separation between film distribution and exhibition, requiring major motion picture studios to divest of any theater holdings. “We are excited to make history with Sony Pictures Entertainment and have found the right home …
SPRING, TEXAS — Locally based brokerage firm Newcor Commercial has arranged the sale of a one-acre hotel development site at 500 Rayford Road in the northern Houston suburb of Spring. David Alexander and Josh Cheatham of Newcor represented the buyer, an entity doing business as Shree Rang Krupa of Texas LLC, which plans to develop a 60-room Studio 6-Extended Stay hotel on the site. Construction is expected to begin in the coming weeks and to be complete in early 2026. Gus Lagos of Marcus & Millichap represented the seller, Woodlands Warehouse LLC.