One of the biggest questions looming about the Urban Outfitters–Vetri Family of restaurants deal was a simple one: How much did Urban pay to acquire the company?
Urban’s chief financial officer told Bloomberg Business that it paid less than $20 million for the restaurant group. (Both sides announced the deal Monday without disclosing financial terms. I asked Marc Vetri in a wide-ranging interview yesterday, but he declined to answer.) Read more »
Marc Vetri treated Tuesday like any other day. He spent his morning at Amis Trattoria on 13th Street, talking about the menu with the chef. Then he rolled over to Osteria on North Broad Street to do the same. Tonight, he’ll “roam around his restaurants” to make sure the vibe and the food are just right. Just like always.
But there’s little doubt that Tuesday is more than just another day. A day earlier, Vetri agreed to sell his family of restaurants to Urban Outfitters for an undisclosed price. In an interview Tuesday morning, Vetri said “we were never for sale” but that the synergy between the two companies was too strong to let the deal pass. Apart from the restaurant Vetri on Spruce Street, Urban now owns 100 percent of the business. Read more »
In the wake of Urban Outfitters‘ stunning deal to purchase the Vetri Family of restaurants, many experts are asking the same question: Why did Urban just jump head first into the restaurant business?
Does it want to use gourmet food to attract customers to its physical stores? Does it want to ensure that newly planned Urban locations are surrounded by high-quality restaurants? Does it just think that Vetri is a solid side business? Read more »
Two of Philadelphia’s best-known brands are set to become united. Urban Outfitters has agreed to buy the Vetri Family of restaurants. No sale price has been disclosed.
“Having known Marc for almost a decade and partnered with him through his charitable foundation, we are honored to have him, Jeff and the Vetri family join the URBN team,” said Richard A. Hayne, CEO of Urban Outfitters in a statement. “Spending on casual dining is expanding rapidly, and thus, we believe there is tremendous opportunity to expand the Pizzeria Vetri concept.” Read more »
Urban Outfitters has become the latest retailer to end its controversial on-call scheduling policy in North America. Previously, Urban workers would have to be on-call during some days off — making it difficult to schedule activities in their free time and forcing some to find child care or elder care with very little notice.
“We are always looking for ways to improve, and as such we have decided to end on-call scheduling for all URBN brand associates throughout North America,” a company statement reads. It goes on to say: “Our continued growth requires that we consistently foster a creative, flexible and friendly work environment.” Read more »
Urban Outfitters — known for its hipster-chic clothes and dorm-room-esque decor — made news for all the wrong reasons last week.
Urban sent a message to salaried employees asking for “weekend volunteers” to work at its fulfillment center in Gap, Pa. to help deal with the center’s busiest month to date. But rather than offering employees extra cash to trek out to rural Pennsylvania and pack boxes, the company framed the outing as a “team building activity.” The entire letter was published in this Gawker story.
Read more »
From left: Mary Alice Dorrance Malone (Campbell Soup photo); Michael Rubin (Undercover Boss screenshot); John Middleton (AP Photo/Matt Rourke); Richard Yuengling, Jr. (Yuengling publicity photo)
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Urban Outfitters posted record second-quarter sales and earnings beat expectations.
The Philly-retailer reported sales of $867 million — a 7 percent increase and the company’s highest second-quarter ever. Net sales increased 14 percent at Free People ($154 million), 4 percent at Urban Outfitters ($342 million) and 2 percent at the Anthropologie Group ($370 million). It saw a net increase of four stores and a 21 percent growth in wholesale sales. Read more »