Schlotzsky’s in deal for 170 new restaurants in California
Austin, Texas — Schlotzsky’s has signed the brand’s largest franchise agreement in more than 40 years, entering into a partnership that calls for more than 170 Schlotzsky’s locations throughout California. The company, which currently has more than 350 locations worldwide, plans to have upwards of 700 locations by 2016.
Each of the new restaurants will feature a new, contemporary design and an upgraded service model in which crew members hand-deliver food to the tables.
"Between this agreement in California and multiple others we’ve signed in the past year alone, the momentum is incredible,” said Kelly Roddy, president of Schlotzsky’s. “On top of the obvious benefits the expansion is having on our brand, it’s also creating job growth in communities around the country," noting that the new locations in Southern California will create nearly 7,000 jobs in the next five years.
Schlotzsky’s is continuing its growth momentum by aggressively targeting markets in Texas and untapped markets around the country for multi-unit developers. These markets include: Atlanta, Charlotte, Denver, Kansas City, Miami, Nashville, Raleigh, St. Louis and Tampa, as well as other underdeveloped markets through the United States.
Kimco receives subpoena in Wal-Mart probe
New York — Shopping center operator Kimco Realty Corp. has received a subpoena in an investigation over possible violations of the Foreign Corrupt Practices Act (FCPA) by Wal-Mart Stores, Reuters reported.
In a filing with the Securities and Exchange Commission (SEC), the Kimco said it had received the subpoena on Jan. 28 from the SEC’s Enforcement Division. Kimco said it would fully cooperate with the SEC, and that the Department of Justice was conducting a "parallel investigation" with the SEC, according to the report.
The FCPA is a law that bars U.S. companies and others from paying bribes to officials of foreign governments in exchange for business.
U.S. authorities have stepped up enforcement of the FCPA in recent years, Reuters said.
Victoria’s Secret to make Hong Kong debut
Columbus, Ohio — A Wednesday report by Bloomberg said that Limited Brands’ Victoria’s Secret banner would open its first stores in Hong Kong this year.
On the boards are two 1,500-sq.-ft. Victoria’s Secret shops at the International Finance Centre in the Central business district and at New Town Plaza. Bloomberg cited an emailed statement by Limited spokesperson Robin Hoffman.