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Bankrupt department store chain Century 21 filed for bankruptcy last month. In addition to closing all of its 13 stores across New York, New Jersey, Pennsylvania and Florida as part of the proceedings, the off-price retailer also announced plans to lay off hundreds of its employees. The retailer paid none of its rent in September and August, after paying 100 percent of its rent in July.
The revenue of Cineworld Group, Regal Cinemas owner, dropped by almost 67 percent during the first half of the year due to the pandemic. The company, which is the second largest movie theater operator after AMC, announced earlier this month it would be temporarily closing all of its 536 theaters in the United States. Regal Cinemas paid none of its rent in September, after paying 37.06 percent of its rent in August and 12.17 percent of its rent in July.
While some Cinepolis theaters are now open in select states under social distancing guidelines, others have yet to reopen their doors. Running at 25 percent capacity, however, does not make economic or financial sense, says CEO of Cinépolis USA Luis Olloqui. The movie theater chain paid 24.88 percent of its rent in September, after paying 24.88 percent of rent in August and 65.22 percent of its rent in July.
The women’s apparel and accessories retailer retained FTI Capital Advisors to help it explore strategic alternatives, which might include refinancing its debt or restructuring through a bankruptcy filing, reports the Houston Chronicle. The chain’s revenues continue to drop as the pandemic limits customer traffic and profits, and the fashion retailer looks to slash rents at its 700 U.S. locations. Francesca’s paid 26.49 percent of its store rents in September, 6.84 percent of its rents in August and 85.89 percent of its rents in July.
Some locations are opening throughout the country, but COVID-19 outbreaks remain a major threat to gyms. A recent study by MXM, a company that helps health clubs understand and manage their member experience, concluded that gyms are safe. But research experts and doctors cite major flaws in its methodology that skewed data in favor of gym safety, reports the Washington Post. OrangeTheory Fitness paid 27.33 percent of its rent in September, 33.34 percent of its rent in August and 66.74 percent of its rent in July.
Excluding locations in California, 90 percent of Regis franchise salons and 88 percent of its company-owned salons have reopened, according to the company’s fourth quarter earning call. Fourth quarter revenues totaled $60 million, a 76 percent drop from the year prior. The hair salon operator estimates it lost $105 million in revenue in the fourth quarter due to the pandemic. Regis Corp. paid 29.24 percent of its rent in September, 31.84 percent of its rent in August and 24.58 percent of its rent in July.
The fitness center chain entered into a restructuring support agreement with its lenders last week that would reduce its debt by about $1.2 billion and increase financial flexibility, according to the Wall Street Journal. The company filed for Chapter 11 bankruptcy in June, and paid 30.61 percent of its rent in September, 11.73 percent of its rent in August and 15.66 percent of its rent in July.
The clothing retailer reported a quarterly loss of nearly $1 billion in June, as sales revenue dropped 18 percent. But the chain plans on bringing in additional seasonal workers for the upcoming holiday shopping season. The retailer paid 46.90 percent of its rent in September, after paying 28.22 percent of its rent in August and 16.84 percent of its rent in July.
A trio of lawsuits allege L brands, the parent company of Victoria’s Secret, missed rent payments for its stores totaling $449,909. But the company maintains it doesn’t owe rent for the months the stores were closed due to the pandemic and related shutdowns. Victoria’s Secret paid 49.62 percent of its rent in September, after paying 28.80 percent of its rent in August and 25.11 percent of its rent in July.
The frozen yogurt chain closed all of its Northeast Ohio and Erie, Pa. locations permanently due to the pandemic. Remaining locations include stores in Cleveland and Brooklyn, among others. The chain paid 51.80 percent of its rent in September, 51.57 percent of its rent in August and 51.73 percent of its rent in July.
The grocery segment of the retail industry continues to fare well during the pandemic, and continues to be the saving grace for grocery-anchored shopping centers. All ShopRite locations have paid 100 percent of their rent over the past three months.
The pet supplies retailer has announced a couple of store openings during the pandemic, namely one location in Michigan and another near Houston. The store was also ranked on Entrepreneur Magazine’s ‘Top Growth Franchises’ list. Pet Supplies Plus locations paid 100 percent of their rent in September, 100 percent of their rent in August and 76.15 percent of their rent in July.
The supermarket chain recently announced the expansion of an existing distribution center, increasing the facility from 189,00 sq. ft. to 425,000 sq. ft. The second grocery chain on this list, the company has fared well during the pandemic. It paid 100 percent of its rent in September, 99.99 percent of its rent in August and 100 percent of its rent in July.
The supermarket chain recently announced the expansion of an existing distribution center, increasing the facility from 189,00 sq. ft. to 425,000 sq. ft. The second grocery chain on this list, the company has fared well during the pandemic. It paid 100 percent of its rent in September, 99.99 percent of its rent in August and 100 percent of its rent in July.
The casual dining restaurant chains plans to spin off a new concept, to debut in San Antonio, with a much smaller location that will only serve take-out and delivery orders. The new concept will have a much smaller seating area with a walk-up counter and kitchen. The sports bar chain paid 99.99 percent of its rent in August, 99.99 percent of its rent in September and 100 percent of its rent in July.
Progress on the deal between Simon Property Group and Brookfield Property Partners to buy out the department store chain has slowed, reports Retail Dive. Meanwhile, the company still holds a first-lien debt of about $1.6 billion, according to Forbes. J.C. Penney has paid 99.99 percent of its rent in September, 99.99 percent of its rent in August and 100 percent of its rent in July. It plans to close 144 stores.
The restaurant operator announced the opening of a new location in Castro Valley, Calif., marking the chain’s 95th location in the United States. Before the pandemic hit, the chain was expected to reach over 100 locations this year, according to Restaurant News. Ono Hawaiian BBQ locations paid 99.98 percent of their rent in September, 99.98 percent of their rent in August and 100 percent of their rent in July.
The fast-food restaurant chain paid 99.5 percent of its rent in September, 99.93 percent of its rent in August and 77.13 percent of its rent in July. The fast-food sector has performed fairly well during the pandemic, especially recently, with the sector overall paying around 92.10 percent of rents due in September.
The chain, the fourth grocer on this list, announced plans to open two new locations in Arizona, one in the Phoenix area and the other in Queen Creek. Like most other operators in its sector, Trader Joe’s has fared well during the pandemic. The company paid 99.92 percent of its rent in September, 98.96 percent of its rent in August and 95.68 percent of its rent in July.
