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Centurion American Offers Rooms at Statler Hotel in Downtown Dallas to Healthcare Workers

by Taylor Williams

DALLAS — Locally based developer Centurion American has provided rooms at The Statler Hotel in downtown Dallas for healthcare workers who are battling the COVID-19 pandemic. According to NBCDFW, Centurion American has designated two floors of the hotel for use by medical professionals from nearby hospitals, including Baylor Medical Center, Teas Health Presbyterian Hospital and Parkland Memorial Hospital. Centurion American is perhaps best known as the developer behind the repositioning of Collin Creek Mall in Plano.

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Company NewsIndustrialMississippiSoutheastTennessee

Nissan to Furlough 10,000 Manufacturing Employees in Tennessee, Mississippi Due to Coronavirus

by Alex Tostado

SMYRNA, TENN. AND CANTON, MISS. — Nissan Group of North America will furlough 10,000, hourly manufacturing employees in its Tennessee and Mississippi plants. The decision comes on the heels of the Japanese automaker closing its manufacturing plants in Smyrna and Canton until at least the end of April due to the coronavirus pandemic. The plant in Smyrna is located 27 miles southeast of downtown Nashville. The plant produces 640,000 vehicles annually and employs 7,250 workers. The plant in Canton is located 22 miles north of Jackson. The plant produces 450,000 vehicles annually and employs 5,250 workers.

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Company NewsMarylandSoutheastTop Stories

Under Armour to Furlough 6,600 Workers Beginning April 12

by Taylor Williams

BALTIMORE — In response to the spread of COVID-19, Under Armour Inc. (NYSE: UA) will temporarily lay off some 6,000 employees at its outlet stores around the country and approximately 600 workers at its U.S. distribution centers, effective Sunday, April 12. The Baltimore-based sports apparel retailer also said it would extend current store closures until further notice. In addition, the company’s board of directors and executive vice presidents will be taking 25 percent pay cuts during the public health crisis. Under Armour workers at distribution centers that continue to work will be paid premium bonuses. The company will cover full health benefits for employees for approximately two months during the layoff period. “In these unprecedented and challenging times, the majority of stores where Under Armour is available remain closed, contributing to a significant decline in revenue,” says Patrik Frisk, the company’s president and CEO. “While we’re thankful for the meaningful balance sheet improvements we’ve driven over the past two years and are seeing some early signs of recovery in our Asian-Pacific region, this unanticipated shock to our business has been acute, forcing us to make difficult decisions to ensure that Under Armour is positioned to participate in the eventual recovery of demand.” Prior to …

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Company NewsMultifamilyTexas

San Antonio Apartment Association Proposes Rental Assistance Program in Response to COVID-19

by Taylor Williams

SAN ANTONIO — The San Antonio Apartment Association has proposed an emergency rental assistance program as a means of helping residents that are struggling to pay rent as a result of COVID-19. The organization is encouraging its members to forgive 25 percent of their outstanding rents and waive late fees for residents earning less than the area median income who can also show proof of unemployment.

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Company NewsTexas

Marcus & Millichap Acquires Dallas-Based Metropolitan Capital Advisors

by Taylor Williams

DALLAS AND CALABASAS, CALIF. — Marcus & Millichap has acquired Metropolitan Capital Advisors (MCA), a Dallas-based financial intermediary specializing in arranging debt and equity for commercial real estate investors and developers. MCA, which was founded by Scott Lynn in 1992, completed more than $650 million in commercial debt and equity transactions in 2019. The deal has officially closed.

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Company NewsTexas

J.C. Penney to Furlough Most Workers as Coronavirus Hits Business

by Taylor Williams

PLANO, TEXAS — J.C. Penney Co. Inc. will furlough the majority of the hourly associates at its stores beginning Thursday, April 2, a move that coincides with the extended store closures brought about by the spread of the novel coronavirus. The Plano-based retailer will also furlough a portion of its corporate staff, and will continue with furloughs of workers in its supply chain and distribution centers, which began on March 20.

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Company NewsFloridaRetailSoutheast

Publix Offers Rent Relief for Tenants Affected by Coronavirus Outbreak at its Owned Shopping Centers

by Alex Tostado

LAKELAND, FLA. — Publix Super Markets is offering two months of rent relief to businesses that operate within Publix-owned shopping centers that have closed due to the coronavirus outbreak. The Lakeland-based grocer is also waiving payments for common area maintenance fees and taxes, regardless of the tenant’s access to other relief or assistance. Publix operates 1,243 stores in seven Southeastern states, including Florida, Georgia, South Carolina, North Carolina, Tennessee and Alabama. A total number of businesses that have closed within Publix-owned centers was not disclosed. Publix owns more than 330 shopping centers.

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Company NewsRetailTexas

7-Eleven Donates 1 Million Masks to FEMA in Response to COVID-19

by Taylor Williams

IRVING, TEXAS — 7-Eleven Inc. has donated 1 million masks to the Federal Emergency Management Agency (FEMA) to be distributed among healthcare workers and patients who are battling COVID-19. The Irving-based convenience store giant has provided all franchisees with masks to be used by employees in their stores, which remain open as essential services. The chain operates approximately 11,800 stores in North America and more than 70,000 worldwide. 7-Eleven is also offering free delivery services for all products through its 7NOW app until April 30.

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Company NewsTexas

Neiman Marcus to Furlough Most Workers Amid Coronavirus Crisis, Per Media Reports

by Taylor Williams

DALLAS — Dallas-based luxury retailer Neiman Marcus will furlough the majority of its 14,000 employees as it endures another month of store closures, according to reports from multiple news outlets including Reuters, Bloomberg and The Dallas Morning News. Neiman Marcus CEO Geoffroy van Raemdonck made the announcement on Monday, also noting that he would be forgoing a salary during closures, and that employees not impacted by the furloughs would take pay cuts. Neiman Marcus initially announced that it was closing all its stores, including Bergdorf Goodman and Last Call, on March 17, which has since been extended to April 30.

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Company NewsTexasTop Stories

GameStop to Close More Than 300 North American Stores in 2020

by Taylor Williams

GRAPEVINE, TEXAS — Video game retailer GameStop Corp. (NYSE: GME) plans to close more than 300 North American stores in 2020, the Grapevine, Texas-based company recently announced during its fourth-quarter earnings call. GameStop did not specify which stores and markets would be affected by the closures, but said that it anticipates the total number of shuttered stores to be equal to or greater than the 320 stores that it closed in 2019. GameStop saw its total comparable stores sales across the globe decrease 26.1 percent in the fourth quarter of 2019 relative to that period a year earlier. Although the company reported a 2 percent increase in global comparable sales in March 2020 relative to March 2019, GameStop executives said that the market disruption caused by the outbreak of COVID-19 has prompted it to move forward with its “global de-densification” plan. In fielding questions from analysts on the call, GameStop CEO George Sherman noted that although “every day brings a new challenge and new information as we navigate this very dynamic environment brought on by COVID-19,” the de-densification plan had been in effect prior to the healthcare crisis. In particular, he said, the plan centered on the transference of revenue …

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