California Centers

MAY 2017

California Centers Magazine serves retailers, developers, shopping center owners, investment sales brokers and tenant representation firms throughout the state of California.

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34 California Centers Magazine | May 2017 CORPORATE ACTIONS ACQUISITIONS & MERGERS JAB Holding Co. has agreed to buy Panera Bread Co. for $7.5 billion. The investment fund, which is owner of a number of coffee and breakfast concepts, will pay $315 per share (a 30 percent premium over Panera's 30-day trading average as of March 31, the final day of trading before widespread reports of the Panera acquisition). JAB will also assume about $340 million in debt. Originating from one unit opened in Boston, the chain has grown to over 2,000 units generating $5 billion in sales and employing over 100,000 associates. APPOINTMENTS Dustin Daprizio has joined CAM Services' Los Angeles headquarters as business development manager for Los Angeles. Ryan Routh has joined the company as business development manager for the company's growing Inland Empire division. CAM Services provides property services to retailers and retail centers in California. Logan's Roadhouse has named Bill Streitberger Chief People Officer. Streitberger will lead human resources functions at the steakhouse chain. A restaurant industry veteran, he previously held positions with American Blue Ribbon Holdings, Brinker International, The Cheesecake Factory, BJ's Restaurants and Red Robin. Logan's Roadhouse, which emerged from bankruptcy last year, has 221 corporate and franchised locations in 23 states. Omnia Pacific Construction has named Christi Sterbens to the post of business development manager. Sterbens has more than 15 years of sales, research and marketing experience in the healthcare and retail sectors. Omnia Pacific specializes in remodeling shopping centers and tenant improvement construction. Jamba Inc. has named Joe Thornton Chief Operations Officer. Thornton previously spent 11 years with Starbucks Corp., most recently as Vice President of U.S. licensed stores. In his new role, he replaces Steve Adkins in overseeing all aspects of Jamba Juice's operations, including company-owned and franchised units operations services, training and communications. CiCi Enterprises LP has named restaurant industry veteran Jini Faust as Chief Operating Officer. Foust succeeds Steven Jones, who had been COO since April 2015. Jini will oversee Cici's franchise and corporate operations, operations service and training. Foust brings more than 30 years experience in the multi- unit restaurant industry, including stints with McDonald's Corp. and Yum! Brands Inc. She most recently served as Taco Bell Corp.'s VP of Company Operations and Facilities Maintenance. CURRENT EVENTS Jack In The Box Inc. chief financial officer Jerry Rebel has announced plans to retire in 2018. The parent to the Jack In The Box and Qdoba Mexican Eats brands has begun an external search for a new CFO, with Jerry Rebel anticipated to continue to serve in the position until after the appointment of a successor. Stated company Chair and CEO, Lenny Comma, "Jerry has been a key driver in the transformation of our business model since joining the company in 2003 (he was named CFO in 2005). The company, its shareholders and other stakeholders are better off as a result of his vision and leadership. We are extremely grateful for his many contributions to the organization, which have positioned us well for continued success." Shoe retailer Payless has filed for Chapter 11 bankruptcy and announced plans to restructure its North American and Hong Kong operations. Among the company's current initiatives are closing 400 stores throughout the U.S. and Puerto Rico, and expanding its online presence while reducing debt by 50 percent. The plan calls for also tightening it inventory and introducing new product, to leverage its existing strengths. Target Corp. has disclosed the redesign plans for its retail chain and announced that 600 stores will be revamped by 2019. The company will invest billions over the coming three years in the modernization and expansion of its store network. The new design will offer more elevated product presentations and a number of time-saving features. Among design features are glazed, large glass windows at the front, stenciled concrete floors and unique lighting throughout. Stores will have two distinctive entrances, one geared around displays of exclusive brands and seasonal merchandise, and the other for streamlining of online order pick-up and ease of grocery aisle access. The first such unit (a new- build) is due to debut in October in Richmond, Texas. This will influence the approach for the redesign of 500 more stores in 2018 and 2019. Quiksilver Inc. announced in March that its corporate name has been changed to Boardriders Inc. Under new ownership following its Chapter 11 bankruptcy declaration over a year ago, the newly renamed company still encompasses the brands of Quiksilver, Roxy and DC Shoes. Oaktree Capital Management is currently the majority stakeholder of the privately held, Huntington Beach-based company. The first store to open under the Boardriders banner is due to open in the fall on Pacific Coast Highway in Malibu. Anaheim GardenWalk, a premier dining and entertainment destination located in the resort district near Disneyland, held its grand opening celebration in March, to introduce new entertainment tenants House of Blues, Rumba Room Live,

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