Wednesday, September 19, 2012
Industry News: Decelerating
Advisors to Supervalu Inc. are asking potential buyers to bid for the entire operation. In July, Supervalu said it was looking at options for overhauling the company, including a sale. The chain hired Goldman Sachs Group Inc. and Greenhill & Co as advisors. Supervalu will close about 60 underperforming or nonstrategic stores in fiscal 2012. The closings include 22 Save-A-Lot locations, 27 Albertsons stores, four Acme stores and one previously announced Jewel-Osco. The majority of the stores will close before Dec. 1. 8 additional stores to be shuttered are yet to be identified and are slated to close by the end of Supervalu's fiscal year Feb. 23, 2013...Saks Inc. will close its Highland Park, Ill. store and its Austin, Texas store on Dec. 31...Piccadilly Restaurants, LLC filed Chapter 11. Piccadilly Restaurants has nearly 80 restaurants and over 70 food service operations and employs approximately 3,500…Ritz Camera & Image LLC plans to go out of business and close its remaining 137 stores after it failed to find a buyer in a bankruptcy auction. Ritz filed for Chapter 11 protection from creditors June 22, less than three years after emerging from an earlier bankruptcy...Great Atlantic and Pacific Tea Co. (A&P) plans to sell its 16 Food Emporium stores in Manhattan. The one remaining Food Emporium in CT will not be sold. A&P emerged from bankruptcy in March. The company, which operates 320 stores under the A&P, Pathmark, Waldbaum's, Food Emporium and Food Basics names, has shed close to 80 stores since filing for bankruptcy protection in December 2010...Walgreens plans to close more than half of the stores it is acquiring in its deal with USA Drug. The company confirmed it would close approximately 76 stores across the mid-South region. USA Drug operates 144 stores under the USA Drug, Super D Drug, May's Drug, Med-X and Drug Warehouse banners.