RIP Franchises of our youths

[Drunk Monk]

Hard to argue with 10cents for a giant bag.

Having worked in a 3rd run movie theater and seen the inside of a mass production popcorn factory, I can argue against free popcorn. Did I ever tell you about when a patron got a mouthful of used bandaid in his popcorn bucket?

And so extremely and delightfully salty. I probably couldn't handle that anymore.

Yeah, I feel ya. I hit that grease wall last night with the cheese corn. It made me feel dirty. 

I had to wash my hands and face afterwards.

[Drunk Monk]

7-Eleven closing more than 400 locations
By Aja Seldon
Published  October 11, 2024 2:35pm PDT
Business and Economy
KTVU FOX 2


article
The exterior of a 7-Eleven convenience store is seen on August 20, 2024 in Los Angeles, California. Japan’s Seven & i Holdings, which operates 85,000 stores, said it had received a bid from Circle K operator Alimentation Couche-Tard. (Photo b

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SAN FRANCISCO - 7-Eleven is closing hundreds of store locations across North America due to underperformance.
The convenience store chain, owned by the Japanese-based Seven & I Holdings, disclosed in an earnings report Thursday that 444 7-Eleven stores are closing because of a slump in sales, decreased traffic, inflation, and a fall in cigarette sales, CNN reported.
While the exact locations of the closures have not been released, the shutdowns account for only 3% of the company's portfolio, according to the news outlet. The company has more than 13,000 stores in the U.S., Canada, and Mexico.
The earnings report from Seven & I Holdings siad that although the North American economy is "robust overall," middle- and low-income consumers have become more cautious with their spending due to factors such as inflation and high interest rates.
The chain has experienced six consecutive months of traffic declines, with a 7.3% drop reported in August.

Wonder if any of my locals are going down. I doubt it. My 'regular' is off Ocean, on the way to the Boardwalk, and it seems to be doing a brisk busines..

[Drunk Monk]

Advertisement

True Value declares bankruptcy and sells itself to a hardware rival

Updated: 12:00 PM PDT Oct 15, 2024

Infinite Scroll Enabled

Jordan Valinsky, CNN

CNN —
True Value, a 75-year-old hardware store brand, has filed for bankruptcy and is selling substantially all of its operations to a rival, the company announced Monday.
In a press release, True Value said it will continue day-to-day operations of selling hardware and other homeware tools to its 4,500 independently operated locations during the Chapter 11 process, which includes a $153 million stalking horse bidfrom rival company Do it Best.
True Value said its stores will remain open, because they are not part of the bankruptcy proceedings.
In bankruptcy court filings, True Value said it faces a significant cash crunch as the housing market stalled and consumers have become far more picky about discretionary purchases like hardware. Bigger rivals like Home Depot and Lowe's have also been in a yearslong slump since the pandemic boom, but they remain in a significantly stronger financial situation than True Value.
Still, a number of other chains have voiced similar problems that also tipped them into bankruptcy, including Big Lots and LL Flooring.
"After a thorough evaluation of strategic alternatives, we determined that the sale of our business was the path forward to maximize value and best serve our retail partners and other stakeholders into the future," said True Value CEO Chris Kempa in a release.
Do it Best is a member-owned wholesaler that sells hardware, lumber and other home goods to independent stores."Do it Best has a proven track record of driving profitability through the most efficient operations in the industry," said Do it Best CEO Dan Starr in a statement. "This acquisition, if consummated, would provide True Value and independent hardware stores the strongest opportunities for growth for years to come."
The transaction with Do it Best is expected to close by the end of the year, unless there's better offers.

 
Not sure if I was ever in a True Value. Was there one around?

[Dr. Ivor Yeti]

They are all over, I thought, as ubiquitous as Ace

[Greg]

We have an Ace and a Tru Value in Oakhurst. The Ace actually moved into the Tru Value location while Tru Value moved into a different building.

[Drunk Monk]

We have plenty of Aces. That’s my go to because one is a short walk from our bungalow. I’m sure there’s True Values somewhere but I just can’t think of one.

[Drunk Monk]

Now the Metreon Is Up For Sale Too, In Latest SF Real Estate Shocker

Another signature San Francisco mall is up for sale in the Metreon, but in this case, the sale is not being forced by owners surrendering the property to a lender, and the place has a bustling 92% occupancy rate.
The financial implosion of downtown San Francisco’s former Westfield Mall was the poster-child driver of the “doom loop” narrative, with its ever-increasing vacancies, shoplifting and violence, and most significantly, an owner who had to surrender the property to their lender because of the very San Francisco pandemic-era problem that their debt far outweighed the present value of the property. 
And today’s very surprising news from the SF Business Times that the Metreon mall is up for sale will probably end up resurrecting more of that “doom loop” talk. But the Metreon appears to be in very solid shape financially, and is highly unlikely to sell for one of those desperate fire-sale prices that we see so much of SF commercial real estate going for these days. This is a rare SF real estate property that just might sell for the asking price, and quite possibly more. 
For one thing, as the Business Times points out, the Metreon is currently 91.9% leased, an absolutely unheard-of figure at a time when the adjacent Union Square has a 20.6% vacancy rate. Yes, the Metreon's occupancy is mostly the Target store and an AMC cineplex, but both seem to be doing brisk business by what my eyes can tell. There are also five 40-foot billboards on the Moscone-facing side of the building that are reportedly pulling pre-pandemic levels of revenue, and every year, you have a shit-ton of guaranteed Dreamforce advertising for which a skilled bargainer could easily overcharge.
"Metreon represents a generational opportunity to acquire an iconic urban retail asset with immediate and long term opportunities to add value and to shape the future of downtown San Francisco," listing firm Jones Lang LaSalle (JLL) says in its promotions for the building.
You can confirm the place is up for sale on JLL’s website.
But about the details: There is not a sale price listed in the brochures which the SF Business Times analyzed, but the current owner is Starwood Capital Group, who bought the Metreon in 2012. Interestingly, the City of SF owns the land on which the 312,592-square-foot shopping center sits, though the rental lease runs all the way through 2082.
Those of us who were here when it opened as the “Sony Metreon” in 1999 remember that despite the hype, the mall had a disastrous run. A PlayStation store and a Microsoft store hoped to bring crowds, but there were days when I would walk some floors and not see one other customer shopping. (Remember that Maurice Sendak Where the Wild Things Are exhibit? Nobody went!) The flagship stores closed and the Metreon was sold in 2006, ironically to Westfield, who then sold it to Starwood Capital.
But the Metreon has shown it can reinvent itself. And heck, it doesn’t even have to reinvent itself when it’s got a near-93% occupancy rate. Throw in a couple buzzy restaurants or bars in some of the vacant ground floor space, and the Metreon is a pretty attractive buy. Or at least, it is to any private investment firms willing to shell out eight or nine figures.  

D00ML00P

I remember when the Metreon first opened with that awesome Maurice Sendak restaurant where the theater now is, and that crazy arcade by Moebius. It was super cool but totally unmarketable. 

I still frequent there for screeners (it's where I saw the last Joker film) and where I get lunch when I'm at Fan Expo.

[Greg]

I already mentioned my The Original Pantry woes. But in the reverse case, I found a couple of places still open that I thought had gone out of business. The first was Islands Hamburger Chain. Scapino worked there back in college. They were a go to place for fries and burgers. They sold this huge basket of fries. I was amazed to find one still open near where I'm staying in Sherman Oaks.

On the same walk where I spotted the Islands, I saw an El Torito restaurant. That was another classic I thought long since vanished.

It was quite memory lane culinary trip driving around LA with Lyndell.

[Dr. Ivor Yeti]

The Pantry ...! From 24-hours to saddness.

[Greg]

The Pantry ...! From 24-hours to saddness.

Nothing is lonelier than standing in downtown LA in an empty parking lot looking at a shuttered Pantry.

To be fair, breakfast was the main reason to go there.

[Drunk Monk]

Beloved Casual Dining Chain Declares Bankruptcy Fate Of Restaurants Unknown
By Dave Basner
November 2, 2024

Photo: Getty Images
TGI Fridays has joined the long list of companies that have declared bankruptcy. Throughout the year, the casual dining chain has been closing underperforming restaurants as a means to stave off filing for bankruptcy, but it has not been enough to combat the $100 million to $500 million the company owes. 
In a statement following the bankruptcy, Executive Chairman Rohit Manocha said TGI Fridays has made the "difficult but necessary actions to protect the best interests of our stakeholders, including our domestiv and international franchisees and our valued team members around the world." He also cited the reason leading up to the decision as financial struggles that "resulted from COVID-19 and our capital structure."
While the future of their remaining 164 US locations is unknown, the hope is they remain open while the company restructures. However, just this week, the chain abruptly closed 50 locations. 
TGI Fridays is not alone in their financial issues. Other restaurants chains that have either closed locations or filed for bankruptcy recently include Denny's, Cracker Barrel, Applebee's, Red Lobster, Pizza Hut, Shake Shack, Boston Market and Popeyes. 
TGI Fridays opened their first location as a bar in New York City in 1965.

TGIF was like a high school date night place. 
Boston Market was the occasional lunch when working at Tiger Claw.
Don't tell anyone what happened at Denny's. That's our little D00M secret.

[Drunk Monk]

Hooters closed dozens of ‘underperforming stores’ across US. What about California?
BY BRIANNA TAYLOR JUNE 25, 2024 12:23 PM


Hooters of Fresno had been open since 2004. But the restaurant now appears to be closed for good after it received an eviction notice, which was delivered by the Fresno County Sheriff’s Office on Tuesday. ANTHONY GALAVIZ The Fresno Bee Hooters is the latest restaurant chain to shut locations across the United States, and people are wondering if California sites were affected. The Atlanta-based restaurant chain silently cut the lights to roughly 40 locations across the U.S. partially due to high costs, first reported on Monday by Nation’s Restaurant News. “Like many restaurants under pressure from current market conditions, Hooters has made the difficult decision to close a select number of underperforming stores,” Hooters said, according to local reports. “Ensuring the well-being of our staff is our priority in these rare instances.” The chicken wing franchise did not release a list of closed locations, but according to local reports, several locations have closed in the following states:

I ony went to Hooters once. With Dan no less. There was one in Fremont, near Tiger Claw. Dan came by for lunch and when I listed it as possible options, he insisted we go. 

He was transfixed by the waitress, who, as part of policy no doubt, sat down at our booth when taking our order. For a moment, I considered tapping them to model TC gear, like I often did in those days. I can't remember what I got... fried calamari or fried shrimp? Something fried. It was expensive for what it was and stupendously greasy.

[Drunk Monk]

San Francisco's How Weird Street Faire ends 25-year run, citing ballooning costs
By Timothy Karoff,Culture ReporterNov 13, 2024
[/url][url=https://twitter.com/intent/tweet?url=https%3A%2F%2Fwww.sfgate.com%2Fsf-culture%2Farticle%2Fsan-francisco-street-party-ends-costs-19913945.php%3Futm_campaign%3DCMS%2520Sharing%2520Tools%2520(Premium)%26utm_source%3Dt.co%26utm_medium%3Dreferral&text=San%20Francisco%27s%20How%20Weird%20Street%20Faire%20ends%2025-year%20run%2C%20citing%20ballooning%20costs&via=SFGate]


Massive crowds show up for San Francisco's annual How Weird Street Faire as seen facing North on 2nd Street from the Electroluxx stage on Saturday, Oct. 14, 2023,
Kevin Kelleher & Emily Trinh
After 25 years, a treasured slice of weird San Francisco may be on its way out.

In an statement shared with SFGATE, the producers of How Weird Street Faire announced that they will not apply for a permit in 2025, citing ballooning permitting and production costs. Since its first event in 2000, How Weird has grown from a Howard Street block party ("How Weird" is a loose homophone of Howard) to a massive electronic music event, complete with several stages and extravagantly costumed attendees. In recent years, the festival has drawn crowds of thousands, who don fur, leather and even TV sets to dance to electronic music. 
In spite of the event's popularity, How Weird has faced a challenging stretch. Promoters said that the event lost thousands in 2020, after the city's COVID protocols forced its cancellation. This year, How Weird originally planned a "Star Wars"-themed event for May 4, but a rainstorm pushed organizers to postpone the street party. Although a rescheduled autumnal equinox-themed event took place on Sept. 21, How Weird still lost money on up-front costs. 
Ultimately, promoters decided that the risk involved with the event was too great.
"Outwardly, the event this year appeared as a raging success, and in many ways it was with thousands of costumed revelers and no major incidents," How Weird Founder Brad Olsen wrote in the statement. "But the risk of producing independent outdoor events like How Weird without sponsorship or grants is just too overwhelming. Thank you San Francisco, and all our How Weird patrons over the years. It was a fantastic time. We are sure the music will play on.”
The news arrives at the end of an especially challenging year for music festivals and large-scale events, due to the double pinch of rising costs and sluggish demand. In California, Lucidity Festival, Desert Daze, Skull and Roses and Sierra Nevada World Music Festival all cancelled.

Never made it to How Weird. It alwasy looked like a good time...

[Greg]

Saw pictures of DeAnza tearing down Flint Center......

[Drunk Monk]

Saw pictures of DeAnza tearing down Flint Center......

What? Nooooo...