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April 17, 2024



In the Number Holdings, DIP dba 99 Cents Only Stores case, the Court issued interim orders authorizing the Debtors to:

  • access a $60.8 million DIP Facility and use of cash collateral. 
  • pay prepetition PACA/PASA claims and claims of critical vendors, lien claimants and foreign claimants, in the ordinary course of business. A hearing to consider final approval is scheduled for May 7. 

All of the 371 store locations currently remain open; the Debtors have commenced going out of business sales at all of the units. The Debtors stated that by April 30, 2024, they will close 125 stores (Initial Store Closings), and by May 31, 2024, they will close the remaining 246 stores (Final Store Closings). 


In the Joann, DIP case, the Court authorized the following on a final basis:

  • access to the full $142 million DIP-to-Exit Facility, consisting of: (i) $107 million in “new money” term loans, of which: (A) an initial draw of $95 million was drawn upon entry of the interim order entered on March 19, 2024; and (B) an additional amount of up to $12 million which is funded upon entry of this final order; (ii) $25 million that was converted from trade payables into term loans upon entry of the interim order; and (iii) an accordion facility of up to $10 million of term loans, which is available under this final order;
  • the use of cash collateral;
  • payment of prepetition trade claims in the ordinary course of business. As a condition to receiving payment on account of trade claims, the Debtors may require that trade creditors agree to continue providing goods and/or services on terms that are as good as or better than the terms that existed 120 days prior to the Petition Date. 

Rite Aid

In the Rite Aid, DIP case, the Debtors filed an amended Plan supplement, which contains drafts of the exit facility and takeback note documents. The supplement also disclosed that the hearing to consider confirmation of the Plan and final approval of the Disclosure Statement will commence on April 22, 2024. The Debtors also identified 17 stores for closures, bringing the total to 501. 


Macy’s entered into an agreement with Arkhouse Management Co. LP, settling its proxy fight and which could indicate the Company is closer to a deal to take it private. However, a deal is far from certain. Pursuant to the agreement, the Company has appointed two new independent directors, Richard (Ric) Clark and Richard (Rick) L. Markee, to its Board of Directors, effective immediately. The Company's annual meeting is scheduled for May 17. 

The Macy’s, Inc. Board is continuing to engage with Arkhouse and Brigade regarding their proposal to acquire the Company. The Board entered into a confidentiality agreement with Arkhouse and Brigade to facilitate their access to confidential due diligence information. The Company has since begun to provide Arkhouse and Brigade with certain confidential due diligence information, and that process remains ongoing.

On April 11, Macy's Bloomingdale's subsidiary opened a pop-up space called "Carousel: Camp Bloomingdale's" in select locations and online. Product categories include swimwear, accessories, beauty, food, and beverage. 


PriceSmart plans to open its ninth warehouse club in Costa Rica, located in Cartago, approximately 10 miles east of the nearest clubs in the greater San Jose metro area. The club is anticipated to open in early 2025. Once this new club opens, PriceSmart will operate 55 locations total. 


Meijer will open two 159,000 square-foot supercenters in Alliance and North Canton, OH on May 14. Once these stores open, Meijer will operate 55 locations in Ohio. The North Canton location will feature a Meijer Express gas station which will open on April 18. 

Maison Solutions

Lee Lee International Supermarkets

Maison Solutions, a chain of six Asian specialty supermarkets in Southern California, has acquired Lee Lee International Supermarkets, a three-unit chain with locations in Chandler, Peoria, and Tucson, AZ. The purchase price was $22.2 million, including $7 million in cash and the rest to be paid over a 10-month period through a secured note agreement. Maison said the acquisition would add $70 million to its annual revenue, effectively doubling its size. Maison operates five stores under the HK Good Fortune Supermarket banner and one under the Dai Cheong Trading banner. Maison also said it is on track to open a flagship 37,000 square-foot store in Rowland Heights, CA later this year. 

Northeast Grocery-1

Tops Markets held the grand reopening of its 47,000 square-foot store in Moyers Corners, NY on April 9, following the completion of a $2.5 million renovation. Tops operates about 150 supermarkets, including five franchise stores, in New York, Pennsylvania, and Vermont. 


SpartanNash acquired Metcalfe's Market, a three-store grocery chain in Wisconsin (locations in Madison and Wauwatosa). Metcalfe's Market will expand SpartanNash's footprint in Wisconsin to 11 stores. The transaction is expected to be completed in spring 2024, subject to customary closing conditions. Terms of the deal were not disclosed. 

Giant Eagle

Giant Eagle move into a new four-story, 100,000 square-foot building in Cranberry Woods Business Park in Cranberry Township, PA, approximately 20 miles north of Pittsburgh. The lease was initially signed in December 2023, prior to several months of preparations for the move. 

saks fifth avenue

STORY3 Capital Partners announced a significant new investment in According to STORY3, this investment provides liquidity for Saks' next wave of growth, including support for its distinguished product curation-driven partnerships with the world's leading luxury brands. Details of the investment were not disclosed.

As we have been reporting,'s liquidity was tight at just $95 million as of its third quarter ended October 28, and the Company's trade payment trends remain very weak; March APS was just 483. While we are still waiting for a 4Q23 and FY23 full update, management reported that on a comparable basis, fourth quarter gross merchandising value (GMV) fell 8%.

Do It Best-1

Do It Best announced that on April 5, United Hardware shareholders voted in favor of their previously announced merger; terms of the deal were not disclosed. From its distribution center in Milbank, SD, United Hardware delivers an extensive product line to more than 700 Hardware Hank stores in the Midwest and generates annual sales of about $200 million. The companies noted that all United Hardware store locations will maintain their independent brand identities, allowing them to retain their autonomy and individuality within the co-operative framework.

7 Eleven

Seven & i Holdings Co. Ltd., the parent of 7-Eleven Inc., said in a strategy update and action plan that it intends to spin off its Ito-Yokado supermarket business to focus more on its convenience (CVS) business. The Company will also accelerate the pace of acquisitions for the North American CVS business to capitalize on the market with a more assertive approach to financing. 

The information contained in this newsletter is compiled from sources which RetailStat, LLC (“RetailStat”), does not control and unless indicated is not verified. Its contents are not to be divulged. RetailStat, its principals, and writers do not guarantee the accuracy, completeness or timeliness of the information provided nor do they assume responsibility for failure to report any matter omitted or withheld because of their negligence.