Thursday, December 19, 2019

DECELERATING

HRI Holding Corp., parent company of Houlihan’s and sister restaurant concepts J. Gilbert’s, Bristol Seafood Grill, Devon Seafood Grill, and Make Room for Truman, has filed for Chapter 11 bankruptcy protection while accepting a “stalking horse” offer to be acquired by holding company Landry’s for $40 million and the assumption of certain liabilities. The move follows the closing of 12 unprofitable stores, which pared the company’s restaurant portfolio to 47 restaurants, 34 of which operate under the Houlihan’s name. Landry’s portfolio includes Morton’s The Steakhouse, McCormick & Schmick’s, Mastro’s, Chart House and Salt Grass Steak House...A.C. Moore has decided to exit its retail operations as part of a broader strategic plan. The company has retained Gordon Brothers to close stores. A.C. Moore currently operates more than 145 stores.  Michaels, which operates some 1,260 stores nationwide, will assume leases for up to 40 A.C. Moore locations and an East Coast distribution facility. The stores are expected to re-open under the Michaels banner in 2020...RTW Retailwinds, formerly known as New York & Co., will close up to 30 stores in coming weeks. For the year, RTW expects to have opened nine stores and closed 31.

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