News

Power Plant Live!

BY CSA STAFF

As part of the multi-million dollar renovation and expansion of Power Plant Live! in Baltimore, The Cordish Cos. announced that entertainment concepts PBR Baltimore and The Baltimore Comedy Factory hosted grand openings the first two weekends in March.

These latest downtown destinations join the recently opened Tatu Asian Grill in the restaurant, entertainment and office district that is now going on its 12th year of operations.

This will be the third location for PBR (“Professional Bull Riders, Inc.”) with its initial venture opening in the Power & Light District in Kansas City, Mo. in 2009 and the second related concept opening on The Strip in Las Vegas shortly thereafter (a fourth location is now under construction in downtown Houston). The Baltimore location spans 10,000 sq. ft. on the second level of Power Plant Live! and features a sleek “cool country” design by Knauer Design of Chicago, an outdoor deck overlooking the district’s main outdoor stage and two large-scale bars featuring over 150 ft. of service space, as well as fireplaces, a raised lounge with soft seating and a large dance floor with state of the art sound and lights.

The Baltimore Comedy Factory is relocating from its original location on Light Street to Power Plant Live!, significantly expanding the venue’s seating capacity and providing an added lobby and bar area.

Power Plant Live! is located on Market Street one block from the Inner Harbor and a short walk from downtown hotels. Bar, club and entertainment venues include Angels Rock Bar, Howl at the Moon, Luckies Tavern, Mex Tequila Bar, Mosaic Lounge and Rams Head Live. Restaurant Row features Tatu Asian Grill, Ruth’s Chris Steak House and Two Boots Pizza. Visit powerplantlive.com.

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FINANCE

Casual Male Q4 profit up 49.9%, adding 10 to 14 DXL superstores

BY CSA STAFF

Canton, Mass. — Casual Male Retail Group reported net income of $5.3 million for its fourth quarter, up from $3.6 million in the year ago period. The retailer also said it will expand its superstore format, Destination XL, with 10 to 14 new stores due to open this year.

Sales for the quarter ended Jan. 29 were up 0.7% to $111.5 million, from $110.7 million a year ago. Same-store sales rose 2.9%.

In a statement, David Levin, president and CEO, said the company was pursuing expansion of its superstore format based on “the strong initial performance of the DXL test stores in 2010, and overwhelming positive customer feedback.”

For the full year, Casual Male’s net income more than doubled to $15.4 million from $6.1 million last year.

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FINANCE

Jo-Ann shareholders approve merger

BY CSA STAFF

New York City — Shareholders of Jo-Ann Stores on Friday approved a $1.6 billion merger with an affiliate of Leonard Green & Partners.

Of all the shares that were voted, more than 99% were in favor of the agreement. Those in favor of the pact represented 82 of outstanding shares. The company expects the deal to close Friday.

The company will be delisted from the New York Stock Exchange.

Los Angeles’ Leonard Green & Partners also has investments in Neiman Marcus Group, The Container Store, Tourneau, David’s Bridal Whole Foods Market and Sports Authority. In November, J.Crew Group agreed to be purchased for $3 billion in a deal that also involves Leonard Green & Partners, along with private equity firm TPG Capital.

Jo-Ann Stores, which operates 751 stores in 48 states, announced the proposed sale in December.

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