Giggles N' Hugs Engages Todd Star to Spearhead Expansion Plans with Leading Mall Owners
08/06/2014 | 10:00am CEST
Los Angeles, CA, Aug. 6, 2014 (GLOBE NEWSWIRE) -- Giggles N' Hugs, Inc. (OTCQB: GIGL),
owner and operator of family-friendly restaurants that bring
together high-end, organic food with active, cutting-edge play and
entertainment for children, retained the services of Todd Star, a
highly-regarded and successful senior executive with nearly three
decades of real estate industry experience, to aid in its growth
Star's experience as a senior executive for Westfield USA,
overseeing its west coast leasing operations for 14 years, is a
strong asset to the Company as he leads its expansion negotiations
with several of the largest mall owners in the U.S., including
General Growth Properties, Simon Property Group, and Westfield
Group, who collectively own more than 500 properties worldwide.
"Todd brings a vast amount of Real estate experience and
knowlege to the table and we are thrilled to have him on our team"
commented Joey Parsi, founder and CEO of Giggles N' Hugs. "He knows
the mall operators better than most and as a result, we
believe he can help us negotiate terms that will be advantages to
the company going forward."
Giggles N' Hugs is currently focused on expanding its footprint
on the West Coast, initially targeting five properties in markets
that include Seattle and San Francisco in the north and San Diego
and Orange County in the south. Longer term, the Company intends to
expand to key markets nationally and internationally. As part of
its expansion strategy, the Company is seeking significant
discounts from current market rents and attractive tenant
allowances to reduce construction costs for each new Giggles N'
"We're very excited to enter our next phase of operations and to
begin replicating the success we've experienced with our first
three locations in the Los Angeles markets," commented Parsi.
"While we're doing great in Southern California, where we're known
for our warm weather and sunny climate, we anticipate our results
will be even better in markets where the weather is often less than
Parsi continued, "When it rains, which has not happened a lot
here in Los Angeles, people tend to come indoors to Giggles N' Hugs
to play rather than go to the park or other outdoor spaces. Same is
true with birthday parties, which are a very high-margin business
for us. People can't do their parties in their backyard or a park
when it rains, so we get massive bookings on rainy days and our
sales go through the roof. This unique characteristic of our
business should produce higher revenues and profit margins in
markets like San Francisco and Seattle where it rains most of the
year, driving strong shareholder value improvement as we move
forward with our expansion."
About Giggles N' Hugs
Giggles N' Hugs is the first and only restaurant
that brings together high-end, organic food with active,
cutting-edge play and entertainment for children. Every Giggles N'
Hugs location offers an upscale, family-friendly atmosphere with a
dedicated play area that children 10 and younger absolutely love.
We feature high-quality menus made from fresh and local foods,
nightly entertainment such as magic shows, concerts, puppet shows
and face painting, and hugely popular party packages for families
that want to do something special.
Forward Looking Statements:
Certain statements in this press release
constitute "forward-looking statements" within the meaning of the
federal securities laws. Words such as "may," "might," "will,"
"should," "believe," "expect," "anticipate," "estimate,"
"continue," "predict," "forecast," "project," "plan," "intend" or
similar expressions, or statements regarding intent, belief, or
current expectations, are forward-looking statements. While the
Company believes these forward-looking statements are reasonable,
undue reliance should not be placed on any such forward-looking
statements, which are based on information available to us on the
date of this release. These forward looking statements are based
upon current estimates and assumptions and are subject to various
risks and uncertainties, including without limitation those set
forth in the Company's filings with the Securities and Exchange
Commission (the "SEC"). Thus, actual results could be materially
different. The Company expressly disclaims any obligation to update
or alter statements whether as a result of new information, future
events or otherwise, except as required by law.