Monday, September 29, 2014

New England Retail News

Market Basket agreed to a deal that will see former CEO Arthur T. Demoulas and his family take complete ownership of the grocery chain. Arthur T. and his family, who own 49.5% of the company, will pay more than $1.5 billion for the 50.5% owned by rival family members, including Arthur S. Demoulas. The deal ended the summer’s standoff over the chain’s future. Market Basket reportedly plans to open at least 4 new stores in MA the near future. Demoulas said Market Basket will consider scaling back new store openings from a planned 4-5 to 2-3 if that will help the company better manage the roughly $500 million in private equity debt which financed its recent purchase. Market Basket currently operates 71 New England stores...The new Whole Foods store in Nashua, NH, the first in the state, also features its first in-store restaurant in the the region.  J.Bartlett’s Public House is a pub-style restaurant that seats 50. The store also has a pizza oven, with a dedicated phone line for orders, and an Ole Hickory smoker for making brisket and other smoked dishes...Crumbs Bake Shop, which closed its doors this past July, will reportedly begin reopening locations in New York, Los Angeles, Chicago, Boston and Washington, D.C. this month under a new ownership team led by Marcus Lemonis and Dippin' Dots owner Fischer Enterprises. Many of the Northeast mall locations will remain closed. Crumbs had three MA shops including a location on Federal Street, the Prudential Center and the Natick Mall...Uniqlo opened its first 2 MA stores this month at the Natick Mall and The Mall at Chestnut Hill. The new stores, 2 of 25 in the US, will be followed by 2 more at the Northshore Mall, Peabody and Legacy Place in Dedham...HFF has closed the sale of Waterbury Plaza, a 141,443 s/f center in Waterbury, CT anchored by Stop & Shop and Raymour & Flanigan. HFF marketed the property on behalf of the seller, Kimco Realty Corporation. Slate Properties, Inc. purchased the asset for $27.15 million...Mill Stores, which sells unfinished furniture, sheds and other woodwork, is closing 9 of its 13 New England stores.

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