News Briefs

A popular New Jersey-based sandwich chain may be considering selling itself. 

Jersey Mike’s Subs has been involved in “on and off” discussions about a sale to investment giant Blackstone, reported The Wall Street Journal. The deal would put the chain’s valuation at $8 billion, according to the report. 

Based in Manasquan, N.J., Jersey Mike’s had 2,675 locations at the end of 2023, of which 2,647 were franchised. In January, the chain entered into an multi-year partnership with Redberry Restaurants to develop 300 Jersey Mike locations in Canada by 2023 through a combination of corporate and franchisee locations.

"We couldn't be more excited about our strategic development agreement with Jersey Mike's and our role in bringing this powerful and category-dominant brand to Canada," said Gary Graves, Redberry's board chair, in a statement in January. "We were won over by the entire culture of Jersey Mike's and know that their quality brand will strongly resonate with Canadians.”

Jersey Mike’s is the second-largest sandwich chain in the U.S., behind Subway, which was sold last year to affiliates of Roark Capital in a reported $9.6 billion deal.

Most recently, Jersey Mike’s has been upping its game with technology, streamlining voice orders in select locations with an artificial intelligence (AI) solution from SoundHound AI. The solution answers 100% of calls and can take multiple orders at once, which frees up employees to focus on serving in-store customers and preparing food.

Chicken Salad Chick is continuing to grow its footprint in the Mid-Atlantic region.

The fast-casual chicken salad chain will soon open its first company-owned store in South Carolina. The new restaurant in Aiken, located near Augusta, Ga., will be one of the first businesses to open in the redeveloped Aiken Mall site, and will welcome guests with a convenient drive-thru. Chicken Salad Chick first came to the nearby Augusta market in 2016 and has three locations in the area.

The new restaurant will open on April 24, and the first 100 guests that morning will win free chicken salad for a year. The opening marks continued growth for Chicken Salad Chick, which is on track to open 40 stores by the end of this year, including in the new markets of New Mexico, Maryland and Fairfax County, Va.

"Our talented Chicken Salad Chick team can't wait to open our doors and help kick off this new Aiken Towne Park development," said Scott Deviney, CEO of Chicken Salad Chick. "We are passionate about what we do, aiming to make lunch or dinner with us a highlight of our guests' day. That starts with chicken salad made from scratch and served with a smile, and it extends to our convenient drive-thru, catering options and the grab-and-go ease of our Quick Chicks. We are so grateful for our loyal fans in the Augusta area who have supported us over the past eight years, and we are excited for the opportunity to bring the Chicken Salad Chick culture of service and hospitality to Aiken." 

Founded in 2008, Chicken Salad Chick operates more than 250 restaurants in 18 states.

Glenn Campbell, co-founder of sports retailer Lids, is rolling out a new e-commerce site offering customized headwear products.

The online platform, called Make My Cap, is designed to offer flexibility in headwear customization. The company says it will emphasize rapid delivery, craftsmanship and the option of no minimum order requirements. Make My Cap plans to serve both individual customers and large-scale corporate orders.

On the site, customers can select from a range of styles and materials, upload their designs and place orders. According to Make My Cap, it emphasizes clear, transparent communication and attention to detail throughout the design and ordering process.

Located in Cape Girardeau, Mo., Make My Cap uses what the company calls “strategically placed” production facilities its says will streamline production and delivery timelines.

Campbell initially co-founded Hat World in 1995 and subsequently took over the bankrupt Lids brand, helping develop a network of 1,500 stores worldwide and nearly $1 billion in annual sales. 

"After dedicating over 25 years to the headwear industry, launching Make My Cap feels like a natural progression,” said Campbell. “Our goal is to lead with reliability, exceptional service and quick turnaround times, setting a new benchmark in the market."

[Read more: Lids goes old school for 20-year anniversary]

One of the world's leading private investment firms has entered into a joint venture to buy retail centers. 

Bain Capital Real Estate and 11North Partners, a retail-focused investment platform, have announced a strategic partnership to acquire and operate open-air retail centers throughout the United States and Canada. Bain Capital has approximately $180 billion of assets under management.

The two groups will target retail opportunities across the “risk-return spectrum,” and will predominantly focus on open-air retail assets with a high concentration of necessity-based tenants such as grocery stores.

“In convenience-oriented, necessity-based retail, we see a format that is well aligned with these themes, will continue to enjoy strong operating performance, and delivers strong results to tenants,” said Ryan Cotton, head of Bain Capital Real Estate. “But, the market has yet to fully appreciate the bifurcation of the retail sector, which we believe leads to the opportunity for attractive risk-adjusted buying.”

11North was founded by CEO Brian Harper, a 25-year real estate industry veteran with significant retail experience. He most recently served as president and CEO of RPT Realty, where he successfully led a strategic transformation of the company and oversaw its merger with Kimco Realty in January 2024.

“Today, open-air retail centers benefit from a confluence of tailwinds and strong real estate fundamentals that create a risk-return opportunity,” said Harper. “We believe historically low supply growth and increased demand for open-air shopping centers, driven by strong retail sales, persistent work-from-home trends, and the increased prevalence for omnichannel shopping, provide a favorable backdrop for the sector.”

GameStop Corp. continues to trim its C-suite.

The struggling video game retailer said Thursday that COO Nir Patel is departing the company, effectively immediately. GameStop revealed his exit in an SEC filing.

In the filing, the retailer said that Patel’s responsibilities will be “absorbed” by other members of the company’s management team. Patel joined GameStop in May 2022, coming from department store company Belk, where he served as CEO for just under a year. Prior to Belk, Patel was a senior VP with Kohl's.

Patel’s departure is the latest management shakeup at GameStop. In June, the retailer ousted CEO Matt Furlong and named  activist Ryan Cohen as executive chairman.

In March, GameStop reported fourth-quarter earnings and revenue that missed analysts estimates amid increased competition and sluggish consumer spending. Sales fell to $1.79 billion from $2.23 billion in the year-ago quarter. In a cost-cutting move, the company also cut an unspecified number of jobs.

Woodbridge Mall in Woodbridge, N.J. has a new owner.  

The 1.8 million-sq.-ft. shopping center was sold in February and the buyer — still unnamed — took ownership on Monday, April 1, reported TAPintonet.com. The purchase price was put at $70.4 million.

John E. McCormick, the mayor of Woodbridge, told TAPinto that the buyer “has a terrific track record across the country for revitalizing troubled assets.”

“We are thrilled that they want to keep Woodbridge Center as the iconic shopping and entertainment destination that it should be,” he said.

Chicago-based Brookfield Properties acquired Woodbridge Center, which opened its doors in 1971, as part of its acquisition of GGP Inc. in 2014.  The mall was appraised at $366 million at that time, according to CoStar data, but its most recent appraisal dropped to $79 million, according to the report. It has struggled in recent years amid evolving shopping patterns and as as two of its biggest stores, Lord & Taylor and Sears went dark. 

In October 2021, Brookfield consented to the appointment of a receiver on the property and stopped making payments on the loan the following June, reported CoStar.