Wednesday, July 22, 2015
Decelerating Industry News
Starbucks is closing all 23 locations of La Boulange, the bakery chain it acquired for $100 million in 2013. The brand will continue to play a role as its French-style pastries are served in Starbucks cafes across North America... Great Atlantic and Pacific Tea Co. (A&P) has is selling 137 of its 301-store portfolio throughout Connecticut, New Jersey and New York. A&P filed for bankruptcy in 2010 and became privately held when it emerged in 2012 with 320 stores. The Stop & Shop Supermarket Co. LLC has entered into an agreement to acquire 25 A&P stores in greater New York for $146 million. Upon completion of the transaction, Stop & Shop plans to convert these Waldbaum's, Pathmark and A&P stores into Stop & Shop stores. The deal is subject to further terms and conditions, court approval, and regulatory requirements...Darden Restaurants Inc will separate some of its restaurants into a publicly traded REIT as part of changes engineered by investor Starboard Value LP. Darden will transfer about 430 restaurants, mostly Olive Garden properties, to the REIT this year and lease back most of the properties. Darden also listed 75 properties for individual sale-lease backs, with most of these deals expected to close by the end of August. The company has more than 1,500 restaurants.