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Supervalu strikes $3.3bn deal to sell off 877 supermarkets Friday, 11th January 2013
The United States’ third largest supermarket on Thursday announced a USD 3.3 billion deal that will see it sell off 877 supermarkets to an investor group led by Cerberus Capital Management. According to Reuters shares rose more than 14 per cent in Supervalu stock on the New York Stock Exchange after news of the pending sale broke.
LK Bennett steps up stateside expansion Tuesday, 14th August 2012
British fashion and accessory retailer LK Bennett is set to increase its presence in the United States over the next three years, with ten new store openings planned. The London-based brand opened its first flagship store in New York back in April.
Canada’s Rona turns down Lowe’s C$1.8bn offer Wednesday, 1st August 2012
Struggling Canadian home improvement retailer Rona Inc has turned down a CAD1.8 billion offer from US competitor Lowe’s. Rona on Tuesday publicly rejected the offer, saying that the CAD14.50 a share proposal was not the best deal for its shareholders. The retailer is keen to rejuvenate sales, but is looking to close big box stores and focus on smaller outlets instead of allowing a takeover from a larger company.
Gap Inc sees June sales rise Thursday, 5th July 2012
Finally some good news for Gap Inc, as the apparel giant reported a 2 per cent rise in comparable sales for June. Over the five weeks to 30 June 2012, net sales came were USD 1.41 billion, compared with USD 1.38 billion for the same period a year before. Gap noted that its comparable sales for June 2012 were flat compared with a 1 per cent increase for June 2011.
Westfield offloads 8 US malls in $1.15bn deal Wednesday, 18th April 2012
Westfield will sell eight US malls for USD 1.154 billion to Starwood Capital Group as it looks to raise funds to redevelop its remaining properties. Reuters on Wednesday reported that Starwood Capital Group would take a majority interest in seven of the malls for USD 1 billion through a new retail platform, with Westfield retaining a 10 per cent stake.
Tesco to shut 12 loss-making Fresh & Easy stores Wednesday, 11th January 2012
The supermarket giant announced on Tuesday that it will close 12 stores at its loss-making Fresh & Easy business in the US. Tesco said it remained committed to the chain, which it is looking to lift to break even by the end of the 2012-2013 financial year. "Fresh & Easy continues to grow, and we are opening 25 stores between now and the end of March, so for every store we're closing we are temporarily opening two," it said in a statement.
Christmas 2011 Trading Updates Thursday, 5th January 2012
There’s no need to go hunting for all those crucial figures over the first few weeks of January: we’ll be collating all My-Retail Media coverage on the Christmas Trading Updates right here. Check back daily to see who’s released figures, or add @myretailmedia, where we’ll be tweeting the latest updates to hit our blog.
Best Buy emerges as US holiday winner Monday, 28th November 2011
As the dust settles on Black Friday, Best Buy appears as one of the early winners of the traditional start for the holiday shopping season in the US. In a reversal of its 2010 performance, Best Buy managed to draw in shoppers with a midnight opening, and unlike 2010, focusing on lower price points for big ticket items such as widescreen televisions.
Goldman plans to write off Peacock debt Monday, 28th November 2011
US investment bank Goldman Sachs is set to become the biggest shareholder in Peacocks after talks to write-off some of its debt. The fashion chain is currently struggling beneath £240 million in debt and falling sales thanks to cut backs by consumers. Goldman Sachs already has significant exposure to Peacock’s debt as a small shareholder, but is said to be in talks to write off some of the debt in return for a bigger stake in the retailer.
US next frontier for Very Thursday, 24th November 2011
Shop Direct’s etailer Very.co.uk has announced new plans for its overseas business to be bigger than its domestic business within the next five to 10 years. As the group begins its international expansion, Shop Direct retail director Gareth Jones said the US will be Very’s biggest market out of the 48 countries it launched in this week.