News Briefs

A fast-growing quick-serve restaurant chain may be going on the selling block.

The private equity owners of Tropical Smoothie Cafe are preparing to put the Atlanta-based company up for sale, reported Reuters, which cited people familiar with the matter. The report put the price tag at about $2 billion.

Tropical Smoothie Cafe  is owned Levine Leichtman Capital Partners, which acquired the chain for an undisclosed amount in 2020. The company has more than 1,335 locations in 44 states. In its third quarter, the brand reported positive same-store sales along with the opening 141 new restaurants and the signing of 77 new franchise agreements. 

 The news about Tropical Smoothie Cafe comes a few weeks after Reuters reported that the investment firms that own Chuck E. Cheese are exploring a sale of the company three years after it emerged from Chapter 11.

The chain emerged from bankruptcy in December 2020 after ownership was passed to its creditors, including Monarch Alternative Capital and Redan Advisors, who agreed to eliminate $705 million in debt from its balance sheet.

Chuck E. Cheese is part of CEC Entertainment, whose other brands include Peter Piper Pizza and virtual kitchen concept, Pasqually's Pizza & Wings, which operates out of 400 ghost locations nationwide. 

The company and its franchisees operate a system of nearly 600 Chuck E. Cheese and more than 120 Peter Piper Pizza venues, with locations in 47 states and 17 foreign countries and territories.

Floor & Décor ended the year with a round of new store openings.

The specialty hard-surface flooring retailer unveiled seven new locations in December. The openings are in line with Floor & Décor’s plan to open a total of 32 stores in fiscal  2023.  The new locations include the company’s 11th outpost in the Dallas/Ft. Worth area, in Mansfield, Tex.

The other openings include: 

 •Port Chester, N.Y. (Floor & Décor’s 13th store in the New York City metropolitan area.

 •Springfield, N.J. (12^th store in New York City metro area)

• Shrewsbury, Mass. (7th store in the Boston area);

•Allentown, Pa. (6th store in the Philadelphia area);

•Manassas, Va. (7th store in the DMC metro area); and 

•Mobile, Ala. (4th store in Alabama).

Founded in 2000, Atlanta-based Floor & Decor operates more than 200 warehouse-format stores and five design studios across 36 states. Stores offer a wide in-stock selection of tile, natural wood, natural stone, laminate and luxury vinyl plank, along with free design services.

 In addition, the merchandise mix features tools, decorative materials, wall tile and related accessories for hard-surface flooring projects

In 2022, Floor & Decor’s net sales increased 24.2% to $4.264 billion from $3.433 billion in fiscal 2021. Comparable store sales increased 9.2%. Net income increased 5.3% to $298.2 million. Earnings per share were $2.78 compared to $2.64 in fiscal 2021.

The Container Store has made two additions to its executive leadership team.

The specialty retailer of organizing solutions, custom spaces, and in-home services, has promoted , Lindy Rawlinson, executive VP of e-commerce and digital marketing, to chief digital officer. 

Rawlinson joined The Container Store in 2021 with more than 20 years of experience in digital retail. In her new role, she will oversee both e-commerce and marketing, including creative, traditional and digital media, loyalty, social media and public relations functions. 

In addition, Jennifer Pape, VP of stores, has been promoted to senior VP of stores.  She joined the company in 2015 and has held several leadership positions managing store operations and customer experience.

As senior VP of stores, Pape will continue to oversee the Container Store’s expanding store fleet and have an increased focus on Custom Spaces business areas. Her responsibilities will include managing and developing the Custom Spaces customer experience as well as the company’s  in-home design service, which drove more than 85% of premium Custom Spaces sales in the second quarter.

In December, Container Store opened its 100th location, in Princeton, N.J. The opening is in line with the retailer’s strategy to expand its reach as part of its $2 billion revenue goal. 

“By bringing eCommerce and marketing together under Lindy, we will be able to tell a more cohesive brand story, specifically our differentiated offering of Custom Spaces and general merchandise,” said CEO and president Satish Malhotra. “Jen has done a fantastic job leading our store fleet and I am proud of the work she has already done to improve our Custom Spaces conversion rates. I’m confident in the executive leadership team we have in place as we continue to make progress on our path to $2 billion in revenue.”

The world’s biggest golf green is coming to Greensboro.

Topgolf has announced it will build a new venue in the North Carolina town, one exit from the I-40 and I-73 Interchange. It will be part of a large shopping center development currently under construction there.

Greensboro Mayor Nancy Vaughan is teed up for its arrival.

"It’s a hole-in-one decision,” Vaughan gushed. “This is another example of how we are able to diversify the types of companies investing in our community, while supporting the Council's priority of being a hub of recreation and entertainment."

Topgolf Greensboro will have 72 outdoor climate-controlled hitting bays spanning two levels. Private event rooms will be available for outings and other gatherings.

"It's exciting to officially announce that construction efforts are underway on our Greensboro venue since there's been buzz about it for more than a year,” said Topgolf’s chief development officer Chris Callaway. “We can't wait to welcome residents and visitors of Greensboro and the surrounding communities and introduce them to what our unique style of play is all about."

The Greensboro venue puts the Callaway Brands company close to 100 locations worldwide. It is scheduled to open in late 2024.

Topgolf to open in Greensboro in 2024

The Container Store sees plenty of whitespace for continued store expansion. 

The specialty retailer of organizing solutions, custom spaces and in-home services, has opened its 100th location, in Princeton, N.J. The opening is in line with Container Store’s strategy to expand its reach as part of its $2 billion revenue goal. 

The Princeton location is the sixth small-format store the company has opened since it debuted the concept in September 2022, at The Promenade Shops at Briargate, Colorado Springs, Col.  It is one of five anticipated to open in Container Store’s current fiscal year, which ends March 30, 2024. 

The stores, which average 12,500 sq. ft., feature  a full “Custom Spaces Studio” featuring the Preston, Avera and Elfa lines and a curated assortment of complementary general merchandise. They also offer in-home services. Many of the locations are also built-to-suit, making them an appealing financial proposition, according to the Container store.

“Opening our 100th store is a significant milestone as we execute our strategic priority of Expanding Our Reach and continue to unlock our long-term growth potential,” said CEO and president Satish Malhotra. “We continue to be pleased with the productivity of our small-format stores, specifically with the faster adoption of Custom Spaces, which is a key component of future sales growth for The Container Store. At the end of  second quarter, this adoption was averaging 39% of sales per store.”

 In addition, the company saw an average of over 60% new customers shopping in the smaller-store locations, added Malhotra.

The Company’s next store opening is slated for Gaithersburg, Md.