In a regulatory filing, KKR (KKR) disclosed that it has increased its stake in Dave & Buster’s (PLAY) to 6.3% and “have and intend to continue to engage in discussions with management or the board of directors of the [company] about its business, operations, strategy, plans and prospects, from time to time.” The filing added: “In addition, without limitation, the [firm] may engage in discussions with management, the board of directors of the [company], stockholders or other securityholders of the [company] and other relevant parties or take other actions concerning any extraordinary corporate transaction (including, but not limited to, a merger, reorganization or liquidation), a sale or transfer of a material amount of assets, a change in the board of directors or management, a material change in the capitalization or dividend policies, other material changes in the Issuer’s business or corporate structure, changes in the [company’s] charter, bylaws or other actions that may impede the acquisition of control, de-listing or de-registration of the Issuer, or similar actions.”
On January 9, 2020, CBL Properties (NYSE:CBL) announced the first phase of redevelopment plans for the former Sears building at Cross Creek Mall in Fayetteville, North Carolina. As part of the project, Fayetteville will welcome new-to-market entertainment operator Dave & Buster’s, which will feature hundreds of the latest arcade games, state-of-the-art sports viewing, chef-crafted food and innovative cocktails.
“Our primary goal in the redevelopment of the former Sears at Cross Creek is to add family-friendly entertainment and attractive eateries to one of our most productive properties,” said Stephen Lebovitz, chief executive officer, CBL Properties. “We are pleased to announce the addition of Dave & Busters, which will deliver a fun social experience, complementing the existing shopping and dining options. As we plan for the next phase of the Sears redevelopment, we are exploring additional restaurants, specialty stores and other uses that will further enhance Cross Creek’s dominant position in the market.”
Construction on this project is already underway. Additional details including the timing of the Dave & Buster’s opening will be announced as plans are finalized.
Dave & Buster’s Entertainment, Inc. (NASDAQ: PLAY), headquartered in Dallas, TX, operates 119 high-volume restaurant/entertainment complexes throughout North America. The exciting environment of Dave & Buster’s also provides the perfect setting for corporate and group events. Each Dave & Buster’s offers an impressive selection of high-quality food and beverage items, combined with the latest games and attractions. Guests can watch sporting events in the D&B Sports Bar and play state-of-the-art simulators and games of skill they can’t play anywhere else. For more information, visit www.daveandbusters.com.