Finance & Capital Management

Dallas — Two new Dickey’s Barbecue Pits will open on January 23, one in Lumberton, Texas, and another in Fairmont, W. Va. Both will offer the first 50 customers gift cards for up to $50.

The Lumberton location will be franchise owner Andy Maredia’s second Dickey’s franchise in the area. He plans to open more locations in the future.

The Fairmont franchisees Joe and Bonnita Pena plan to open five additional locations.

New York -- Target Corp. is cutting 475 positions globally, and also will not fill 700 positions that are open worldwide.

“We believe these decisions, while difficult, are the right actions as we continue to focus on transforming our business,” Molly Snyder, a Target spokeswoman, said in an e-mailed statement, as reported by Reuters. “We will continue to invest in key business areas to strengthen our ability to compete and thrive well into the future.”

No specific details were given on the job cuts. 

American Eagle Outfitters has named Jay L. Schottenstein, executive chairman of the board, as the company’s interim CEO. Schottenstein takes over for Robert Hanson, who is leaving the company.

Target is the latest major retailer to announce it will stop offering health insurance to its part-time employees. In a company blog post on Jan. 21, Target said it will no longer provide health insurance coverage to part time workers after April 1.

Sean Mayo, former director of strategic partnerships for Simon Business Ventures, part of Simon Property Group’s (SPG) marketing and business development arm, has been promoted to regional director of marketing, east region of The Mills portfolio.  

St. Petersburg, Fla. — Forge Real Estate Partners III, co-sponsored by the Sembler Company and Forge Capital, has formed a joint venture with East Coast Acquisitions and acquired Tarrymore Square in North Raleigh, N.C.

Tarrymore Square is a 256,805-sq.-ft. shopping center with a 65% occupancy rate. Existing tenants include Walgreens, Rugged Warehouse, Surplus Warehouse, Rainbow Fashions, Rent-A-Center and Miller-Motte Technical College.

Winston-Salem, N.C. – Krispy Kreme has signed a development agreement with existing franchisee Great Circle Family Foods, LLC, to develop 20 new doughnut shops in Southern California during the next seven years. A Krispy Kreme franchise partner since 1998, Great Circle Family Foods currently operates 11 Krispy Kreme shops in Southern California.

The planned shops are expected to feature Krispy Kreme's new small factory design, including a drive-thru.

By Jonathan Barsade, [email protected]