Thursday, August 18, 2016

DECELERATING NEWS

Fired Up Inc., operator of casual dining chain Johnny Carino’s Italian, filed for its second bankruptcy in three years this week and is looking for a buyer. Carino’s has been closing locations in recent years, and currently owns 36 company stores and franchises another 48...Office Depot Inc. will close about 300 more stores in the next three years to help cut annual costs by $250-million by the end of 2018. The company had closed 400 stores by the end of the second quarter...Macy’s Inc. announced that it will close 100 full-line namesake stores. Macy’s said it plans to concentrate resources on its best-performing locations. The majority of the 100 stores will close in early 2017, with the balance closing as leases expire or are amended or waived. Macy’s will announce the locations of the stores to be shuttered at a later date. Over the past six years (2010 through 2016 to date), approximately 90 Macy’s stores have been closed and 13 new Macy’s stores have been opened. In addition, six new Macy’s Backstage off-price locations opened in fall 2015. Macy’s currently operates about 880 stores under the names of Macy’s, Bloomingdale’s, Bloomingdale’s Outlet, Macy’s Backstage and Bluemercury, including 728 Macy’s stores... Ruby Tuesday Inc. will close about 95 underperforming restaurants, 15% of its company-owned restaurants, by September. At the end of the fourth quarter, Ruby Tuesday had 646 company-owned restaurants.

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