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Posted On: 11/11/2017 11:49:52 AM
Post# of 3935
Re: Roger Wilco #3740
Roger - please understand that they had a 3rd location that was closed due to mall renovations. Completely out of their control and they were bought out of the lease.
Hope that sheds some light on things. Of course, Revs would be lower with just 2 restaurants but those 2 are showing GROWTH ! Concept works
From Financial Results PR of 4/17/17:
"Due to the major remodeling of the Century City Westfield Mall, our Century City store closed on June 30, 2016. Of the decrease in sales of $428,278, $555,287 relates to the closure of the Century City location. The increase of $127,009 is due to the same store sales growth at the two current locations. The Topanga and Glendale stores had increased sales of 5.3% and 5.7%, respectively."
Another excerpt from a recent filing:
Item 1.02 Termination of a Material Definitive Agreement
On May 13, 2016, Giggles N’ Hugs, Inc., a Nevada corporation (“GIGL”) entered into a Termination of Lease with Century City Mall, LLC (“landlord”), accelerating the termination date of the Lease dated January 10, 2010 for its store located in Westfield Century City, Los Angeles, California. Pursuant to the termination agreement, the lease now terminates June 30, 2016. As a result of a major renovation taking place in the Century City Mall, Westfield has agreed to buy out and terminate the remainder of our lease. As a result, for the month of June, GIGL’s rent payments will be reduced by 50%, and the landlord has agreed to a monetary reimbursement.
Hope that sheds some light on things. Of course, Revs would be lower with just 2 restaurants but those 2 are showing GROWTH ! Concept works
From Financial Results PR of 4/17/17:
"Due to the major remodeling of the Century City Westfield Mall, our Century City store closed on June 30, 2016. Of the decrease in sales of $428,278, $555,287 relates to the closure of the Century City location. The increase of $127,009 is due to the same store sales growth at the two current locations. The Topanga and Glendale stores had increased sales of 5.3% and 5.7%, respectively."
Another excerpt from a recent filing:
Item 1.02 Termination of a Material Definitive Agreement
On May 13, 2016, Giggles N’ Hugs, Inc., a Nevada corporation (“GIGL”) entered into a Termination of Lease with Century City Mall, LLC (“landlord”), accelerating the termination date of the Lease dated January 10, 2010 for its store located in Westfield Century City, Los Angeles, California. Pursuant to the termination agreement, the lease now terminates June 30, 2016. As a result of a major renovation taking place in the Century City Mall, Westfield has agreed to buy out and terminate the remainder of our lease. As a result, for the month of June, GIGL’s rent payments will be reduced by 50%, and the landlord has agreed to a monetary reimbursement.
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