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close video San Franciscos crime, economy struggles only a temporary issue: Michael Pestronk

Post Brothers CEO Michael Pestronk outlines why he believes San Francisco provides a huge opportunity for investment despite economic and social struggles.

Cinemark Holdings, Inc. is shuttering its downtown San Francisco theater, becoming the latest major firm to high-tail it out of the troubled California city.

"Cinemark can confirm it has decided to permanently close the Century San Francisco Centre 9 and XD theater shortly before the conclusion of its lease term following a comprehensive review of local business conditions," a spokesperson for the company told FOX Business in a statement.

General view of the Westfield Century Theatres in San Francisco, California on Wednesday, June 14, 2023. (Flightrisk for Fox News Digital / Fox News) Ticker Security Last Change Change % CNK CINEMARK HOLDINGS INC. 17.24 -1.14 -6.20%

The theater is located in the Westfield San Francisco Centre, whose owner, shopping center giant Westfield, announced Monday it would be handing the property back to a bank due to "the challenging operating conditions in downtown San Francisco."

SAN FRANCISCO ICE CREAM SHOP ROBBED TWICE IN ONE MORNING, OWNER FORCED TO TOSS GALLONS OF PRODUCT

The mall remains operational amid the search for a new buyer, but Westfield said prior to Cinemark's announcement the property would only be 55% leased when Nordstrom packs up from the location at the end of August as part of the high-end retailer's recent decision to close both its downtown San Francisco locations due to the "dynamics" of the area. 

Shoppers leave the Westfield San Francisco Centre in San Francisco on April 13, 2022. Westfield announced this week it is handing the property back to a bank, citing “challenging operating conditions in downtown San Francisco.” (Justin Sullivan/Getty Images / Getty Images)

Westfield's other properties are 93% leased, on average.

Westfield's decision came days after major hotelier Park Hotels & Resorts announced it had stopped making payments on a $725 million loan for its Hilton San Francisco Union Square and Parc 55 San Francisco properties, pointing to several "major challenges" in the city.

FED UP SAN FRANCISCO RESIDENTS FORCED TO SELF-FUND HEAVYWEIGHT PLANTERS TO BLOCK HOMELESS ENCAMPMENTS

The stream of departures comes amid a growing exodus of retailers fleeing downtown San Francisco for various reasons as the city continues to struggle with retail theft, homelessness and a raging drug crisis.

A homeless encampment along Willow Street in the Tenderloin district of downtown San Francisco is seen on Feb. 24, 2022. A stream of major businesses have announced they are leaving San Francisco’s downtown area as the city grapples with crime. (Gary Coronado/Los Angeles Times via Getty Images / Getty Images)

Following Westfield's announcement, San Francisco Republican Party Chairman John Dennis blamed progressive policies for running businesses out of town, telling FOX Business that San Francisco is "the worst managed city in America."

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But California Democratic Rep. Ro Khanna told FOX Business' "Cavuto: Coast to Coast" on Tuesday that despite crime problems, the claims of a "mass exodus" of businesses from San Francisco are not true, and the major tech hub is thriving.

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5-year sentence sought for Franco; verdict Thu.

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5-year sentence sought for Franco; verdict Thu.

PUERTO PLATA, Dominican Republic — Dominican prosecutors requested on Monday that suspended Tampa Bay Rays player Wander Franco, who faces charges of sexual abuse involving a girl who was 14 years old at the time of the alleged crimes, be sentenced to five years in prison.

The prosecutors said in court that there is sufficient evidence to prove Franco had a relationship with the minor for four months and that he transferred large sums of money to the minor’s mother to consent to the illegal relationship.

During raids on the house of the minor’s mother, prosecutors say they found $68,500 and $35,000 that they allege was delivered by Franco.

“We are requesting a five-year prison sentence for the proven crime of sexual abuse against a minor,” prosecutor José Martinez said.

The prosecutors also requested that Franco be sentenced to prison in Puerto Plata and that the minor’s mother be sentenced to 10 years in prison, arguing she sexually trafficked her daughter.

In a previous hearing, prosecutors described the evidence presented as “convincing” and “compelling.”

“What is Wander? Is he an accomplice of Vanessa or is he the material author of the criminal conspiracy offense?” said Irina Ventura, one of Franco’s lawyers arguing ambiguities on the part of the prosecutors.

Franco’s lawyers also asked the court to clear Franco of the charges and to dismiss the case.

After the closing arguments from both, the collegiate court of Puerto Plata in northern Dominican Republic, where Franco’s trial is being held, announced that it will issue the final decision on the case Thursday afternoon.

Documents that prosecutors presented to the judge last year and that were viewed by The Associated Press alleged that Franco, through his mother, Yudelka Aybar, transferred 1 million pesos ($17,000) to the mother of the minor on Jan. 5, 2023, to consent to purported abuse.

Franco was in his third major league season when his career was halted in August 2023. He agreed to an 11-year, $182 million contract in November 2021. He is currently on Major League Baseball’s restricted list after initially being placed on administrative leave.

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Reds DFA Candelario halfway through $45M deal

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Reds DFA Candelario halfway through M deal

The Cincinnati Reds reinstated infielder Jeimer Candelario from the injured list Monday and designated him for assignment.

The move comes just a year after Cincinnati signed the veteran infielder to a three-year, $45 million contract.

“We felt this gives us our best chance to win games to keep the guys we had here versus activating him,” Nick Krall, the Reds’ president of baseball operations, said Monday, according to The Athletic.

Krall called it a “sunk cost because you can’t bring a player that’s not going to help his team win.”

Candelario, 31, had started 12 games at third base, seven at first base and three at designated hitter before landing on the 10-day injured list in late April with a lower back injury. He had struggled at the plate before his injury, hitting just. 113 with two home runs and 13 RBIs in 22 games. In an extended 17-game rehabilitation assignment at two minor league levels, he hit .238 with a home run and 13 RBIs.

The 10-year major league veteran hit 20 home runs with 56 RBIs in 2024, his first season with the Reds, but hit just .234 and struck out 117 times in 112 games.

He has a career batting average of .237 with 110 home runs and 384 RBIs in 880 games.

The Reds are moving forward with Christian Encarnacion-Strand, Noelvi Marte and Spencer Steer as their main corner infielders.

Field Level Media contributed to this report.

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Woodruff, Cortes nearing return from IL stints

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Woodruff, Cortes nearing return from IL stints

MILWAUKEE — Milwaukee Brewers pitchers Brandon Woodruff and Nestor Cortes are finally getting closer to returning after lengthy recoveries from their respective injuries.

Woodruff and Cortes both pitched in simulated games Monday. Woodruff, who hasn’t pitched in a major league game since September 2023, threw 60 pitches. Cortes, who made just two starts this year before going on the injured list in early April, threw 22-23 pitches in the simulated game and about 25-30 more in a bullpen session.

Brewers manager Pat Murphy said the staff would work together to determine the next steps for Woodruff, who is hopeful he might need only one more rehabilitation outing before making his long-awaited return from postseason shoulder surgery in 2023.

“I’ve always been a guy, when I’m ready, I’m ready,” Woodruff said. “I kind of know that. I’m not saying that’s going to lead to results, but I know that I’m ready to go pitch and compete. I think I’m to that point now.”

Cortes says he’s aiming to start a rehabilitation appearance in early July before rejoining the Brewers just after the All-Star break as the 30-year-old left-hander recovers from a flexor strain in his throwing elbow.

“That’s when we believe is the safest — and I guess the safest and quickest way to get back — combination of both,” Cortes said.

Woodruff, 32, already has been on two separate rehabilitation stints this year.

The two-time All-Star right-hander left the first one with tendinitis in his right ankle. He was pitching for Triple-A Nashville again on June 3 when a 108-mph line drive struck him in the right elbow, leaving a bruise that delayed his return.

“It’s been the hardest thing,” Woodruff said. “If you don’t stay positive with it, it makes coming to the field miserable, to be honest. When the team’s on the road and I’m here, me and Nestor are here by ourselves, it’s a pretty lonely place.”

Woodruff said his family has helped him stay positive. That’s also worked for Cortes.

Woodruff and his wife, Jonie, have a daughter named Kyler who turns 5 in August and a son named Bowen who was born last July. Cortes’ wife, Alondra, gave birth to Nestor Cortes III in April.

“That’s been the biggest help for me,” Woodruff said. “I was thinking about it last night. Getting to feed my little boy a bottle at night before he goes to bed, you don’t get that when the team’s on the road. All these experiences, and getting to see him about to start walking, getting to see that day to day, family’s been the biggest thing for sure. That’s filled the time up until the game starts and I’m watching the games. Having two kids has definitely kept me busy.”

While Woodruff and Cortes move closer to a return, the Brewers await word on the severity of a minor league prospect’s injury.

Third baseman Brock Wilken, the 18th overall pick out of Wake Forest in the 2023 draft, hurt his knee during Double-A Biloxi’s celebration of its Southern League South Division first-half title last week. Murphy said Monday that Wilken had a dislocated patellar tendon and was awaiting a second opinion regarding the injury.

Wilken, 23, was hitting .230 with a .392 on-base percentage, 18 homers, 41 RBIs and 57 walks in 65 games with Biloxi.

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