Nearly 11,000 Sainsbury’s employees will share £8 million as two Sharesave plans mature

LONDON, 2014-3-10 — /EPR Retail News/ — Nearly 11,000 Sainsbury’s colleagues will share in the company’s success as two Sharesave plans mature, with the biggest savers in the five year plan set to profit over £10,000 each, which is also tax-free.

With a share price of £3.38 when the three-year and five-year plans matured, Sainsbury’s colleagues saw an increase of 68% (five year plan) and 13% (three year plan) on their original savings. The value of shares subject to the maturity over the last eight years is over £190 million.

Sainsbury’s Chief Executive Justin King, said: “I’m delighted to see another year of great Sharesave returns to over 11,000 of our colleagues.

“It’s a great way to share our success with colleagues working right across our business.”

All Sainsbury’s colleagues with three months continuous service are invited to join. There are currently almost 34,256 colleagues saving between £5 and £250 a month into 71,334 Sainsbury’s Sharesave contracts.

Notes to editors

How does it work?

  • Sainsbury’s colleagues save between £5 and £250 a month for either a 3 or 5 year term
  • The share option price is set at the start of the plan and is 20% less than the share price at that time
  • At the end of that term a tax-free bonus may be added (only applicable to the five year plan)
  • Colleagues can decide to take their savings plus tax free bonus as cash or invest this in Sainsbury’s shares at the option price
  • This is a great way of achieving tax free savings with potentially greater rewards when using the savings to purchase Sainsbury’s shares

Further background

  • Colleagues who joined the 2008 five year plan will receive a tax free bonus of 7 times their monthly savings – option price £2.24
  • Colleagues who joined the 2010 three year plan will receive a one-off taxable bonus, paid by Sainsbury’s, equivalent to 1.5% interest on their monthly savings – option price £2.97
  • Colleagues have until 31 August to decide what they would like to do with their savings and bonus
  • Colleagues have three choices: they can either use their savings and bonus to buy shares at the option price and keep them; use all of the savings and bonus to buy shares at the option price and sell them immediately; or lastly take all their savings and bonus as cash

Italian luxury fashion house Fendi unveils Fall/Winter 2014-2015 collection

Paris, France,  2014-3-10 — /EPR Retail News/ — On February 20 Fendi unveiled an incredible Fall/Winter 2014-2015 collection, melding urban chic and a military look. This creative prowess is renewed every six months, keeping pace with the frenetic Fashion Week calendar. From inspiration to tangible ideas to production to final adjustments, here’s a closer look at the amazing talent that goes into creating a Fendi collection!

Ten minutes. That’s how long it takes the 50 models to walk down the runway and present the latest Fendi collection to the iconic Italian house’s guests. Ten minutes to reveal the fruit of three months of preparations and work. Ten intensive minutes that crown a true collective effort by studio directors and the design teams for each product line (women’s ready-to-wear, furs, leather goods and shoes), the research studio, and of course production teams at the workshops of Fendi and its suppliers. All of this is masterfully orchestrated by Fendi’s two artistic directors, Karl Lagerfeld for women’s ready-to-wear and fur and Silvia Venturini Fendi for leather goods and accessories.

Everything kicks off three months earlier when Karl Lagerfeld shares his inspiration for the color palette, the general theme of the collection, shapes and materials. Silvia  Venturini Fendi pursues this creative path with her inspiration, conceiving leather goods and accessories that create harmony with the ready-to-wear. With the objective now set, the countdown begins…

A few weeks later, the studio directors liaise with their research colleagues to find exactly the right materials. The main silhouette and looks for the collection are also chosen. The first prototypes are made, followed immediately by the initial fittings. Two months ahead of the show the materials are validated so orders can be placed. For the most recent show, over 4,000 meters of fabric were ordered! This is also when the final sketches are given to the ateliers by the studio directors.

Production is launched six weeks prior to the show in Fendi workshops. Each look is then fitted on models for adjustments and corrections before being finalized.

Then, three days before the show all the creative teams move from Rome to Milan, where the collection is presented. Everyone—designers, studio directors, workshop artisans and development teams—is mobilized for this ultimate stage. This is when the decision is made for the combinations of ready-to-wear, accessories and shoes to be used in the 50 looks that will be sent out in the runway line-up. The day before the show the pieces are fitted for each model, with final modifications done in real-time by the workshop artisans.

At last everything is ready and the show can begin. In all, the collection counts 50 runway looks, representing 120 different pieces. Given that each piece represents around two weeks of work (model, prototype, final production, etc.), it’s easy to imagine the huge amount of work and intensive creative effort that go into each piece to make every new Fendi collection a resounding success.

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Italian luxury fashion house Fendi unveils Fall Winter 2014-2015 collection

Rite Aid Corporation announces new health management program Rite Aid Health Alliance

Rite Aid Pharmacists Will Partner With Physicians And Special Care Coaches To Provide Personalized, Community-Based Health Management To Chronic and Poly-Chronic Patients

CAMP HILL, Pa., 2014-3-10 — /EPR Retail News/ — Rite Aid Corporation (NYSE:RAD) announced today a new program, Rite Aid Health Alliance, a pioneering health management collaboration among various healthcare providers that provides comprehensive care and support to individuals with chronic and poly-chronic health conditions and helps them achieve health improvement goals established by their physicians.

Rite Aid’s Health Alliance integrated care model is a first for the drugstore industry, as it uniquely leverages the combined expertise of community pharmacists, who are one of the most accessible and trusted resources among healthcare providers, along with specially trained in-store healthcare coaches.

Rite Aid Chairman and CEO John Standley, along with Rite Aid President and Chief Operating Officer Ken Martindale, and Rite Aid Executive Vice President of Pharmacy Robert Thompson, will discuss the new initiative today at 10:30 a.m. at the Rite Aid pharmacy located at 2474 Bailey Avenue in Buffalo, N.Y. They will be joined by Dr. Raul Vazquez, president of Greater Buffalo United Accountable Healthcare Network and one of the first Rite Aid Health Alliance partners.

“At Rite Aid, we’re committed to actively working with our customers to keep them well and that includes developing new ways to improve access to high-quality healthcare,” said Rite Aid Chairman and CEO John Standley. “Through our innovative Rite Aid Health Alliance program, we will help patients with the resources and support necessary to successfully manage their conditions and improve their overall health and wellbeing.”

Through Rite Aid Health Alliance, patients with chronic and poly-chronic conditions, like congestive heart failure, COPD, high cholesterol and diabetes, are recommended to the program by their primary care physician. Rite Aid pharmacists and specially trained care coaches, located in Rite Aid pharmacies, work with the physician and patient on an on-going basis to improve the patient’s overall health and self-management abilities. The care team members collaborate with the patient to establish health goals, eliminate barriers and create a personalized health care action plan in coordination with the patient’s physician.

In addition to Buffalo, Rite Aid has also established Rite Aid Health Alliance partnerships with High Point, N.C.-based Cornerstone Health Care and Glendale, Calif.-based Apollo Medical Holdings, Inc. (“ApolloMed”) to provide these services in select Rite Aid pharmacies in Greensboro and High Point, N.C., and the greater Los Angeles area, respectively. Since its inception, Rite Aid Health Alliance has delivered during this pilot period over 2,300 coaching visits to almost 1,500 enrolled patients.

In these markets, Rite Aid provides the care coaches on the team through a partnership with Health Dialog, a leading provider of healthcare patient support, analytics and decision support. Health Dialog coaches will be available in Rite Aid pharmacies, and specialize in behavior change to help patients address lifestyle health issues.

“We are excited about the results of the program to date and believe it presents a significant opportunity to deliver improved health outcomes for those who need them most. We look forward to bringing this unique healthcare model to more Rite Aid markets and customers in the future,” Standley added.

“As a physician, I know firsthand how much patients here in Buffalo with chronic conditions like diabetes and hypertension can benefit from having personalized and frequent contact with their very own healthcare team,” added Dr. Raul Vazquez, president of Greater Buffalo United Accountable Healthcare Network. “Rite Aid’s Health Alliance program serves as an extension of my practice, providing my patients with convenient access to supportive healthcare coaching outside my office. Since partnering with Rite Aid, we’re already seeing some early improvements in the health of my patients and I am looking forward to continued participation in this program.”

The full range of services available to patients participating in Rite Aid Health Alliance includes medication compliance support; comprehensive medication reviews and reconciliation; nutrition and weight management information; disease education; exercise coaching and tobacco cessation support. Records of all interactions, which occur in Rite Aid pharmacies, as well as updates from the physician, are stored electronically, along with patient profiles including medications and lab results. This supports continuity of care and provides convenient access of information to other members of the patient’s healthcare team.

Rite Aid Corporation is one of the nation’s leading drugstore chains with nearly 4,600 stores in 31 states and the District of Columbia and fiscal 2013 annual revenues of $25.4 billion. Information about Rite Aid, including corporate background and press releases, is available through the company’s website at www.riteaid.com.

# # #

 

Contact:

Investors: 0 0 717-975-3710, Matt Schroeder 717-214-8867 or investor@riteaid.com

Media: Ashley Flower 717-975-5718

The ShopRite of New London initiated voluntary recall of all store-made ground meat

New London, CT, 2014-3-10 — /EPR Retail News/ — The ShopRite of New London, located at 351 North Frontage Road in New London, CT has initiated a voluntary recall of all store-made ground meat produced and sold between 7:00am and 11:00pm on Thursday, March 6, 2014.

There is a possibility that these products may contain small pieces of hard plastic.  All varieties of ground meat processed and sold in the store between 7am-11:00pm on March 6 are being recalled. No other meat products sold at ShopRite are affected by this recall.

“We are advising customers who purchased any of these products at the ShopRite of New London to return them for an immediate refund or replacement,” stated ShopRite spokesperson Karen Meleta. “Although this may not cause an immediate health risk if ingested, we wanted to alert the public so appropriate steps can be taken.”  No injuries related to the recall have been reported.

This is an isolated incident and affects only the ShopRite of New London. ShopRite requests that customers please check the labels of any ground meat products they may have purchased from this store.  Please return any affected products for a full refund or replacement.  Pre-packed ground meat products and ground meat sold in other ShopRite stores in the area are not affected by this recall.

ShopRite has reached out to its ShopRite Price Plus Club customers who have purchased this product to alert them to the recall via phone or email.  ShopRite urges its customers to keep their Price Plus Club information updated, so they can be contacted in case of such events.  Customers wishing to update their information can call 1-800-SHOPRITE or visit ShopRite.com.

Customer questions or concerns can be directed to 1-800-ShopRite (1-800-746-7748).

About ShopRite 
ShopRite is the registered trademark of Wakefern Food Corp., a retailer-owned cooperative based in Keasbey, NJ,  and the largest supermarket cooperative in the United States.  With more than 250 ShopRite supermarkets located throughout New Jersey, New York, Pennsylvania, Connecticut, Delaware and Maryland, ShopRite serves more than six million customers each week.  A long-time supporter of key community efforts, ShopRite is dedicated to fighting hunger in the communities it serves.  Through its ShopRite Partners In Caring program, ShopRite has donated $33 million to 1,700 worthy charities and food banks since the program began in 1999.  As a title sponsor of the LPGA’s ShopRite Classic, ShopRite has raised $26 million for local organizations, hospitals and community groups.  Progressive Grocer named ShopRite its 2011 Retailer of the Year and Supermarket News awarded ShopRite its 2011 Retail Excellence Award.  For more information, please visit www.ShopRite.com.

ShopRite begun construction on its newest store in Yardley, PA

New London, CT, 2014-3-10 — /EPR Retail News/ — The ShopRite of New London, located at 351 North Frontage Road in New London, CT has initiated a voluntary recall of all store-made ground meat produced and sold between 7:00am and 11:00pm on Thursday, March 6, 2014.

There is a possibility that these products may contain small pieces of hard plastic.  All varieties of ground meat processed and sold in the store between 7am-11:00pm on March 6 are being recalled. No other meat products sold at ShopRite are affected by this recall.

“We are advising customers who purchased any of these products at the ShopRite of New London to return them for an immediate refund or replacement,” stated ShopRite spokesperson Karen Meleta. “Although this may not cause an immediate health risk if ingested, we wanted to alert the public so appropriate steps can be taken.”  No injuries related to the recall have been reported.

This is an isolated incident and affects only the ShopRite of New London. ShopRite requests that customers please check the labels of any ground meat products they may have purchased from this store.  Please return any affected products for a full refund or replacement.  Pre-packed ground meat products and ground meat sold in other ShopRite stores in the area are not affected by this recall.

ShopRite has reached out to its ShopRite Price Plus Club customers who have purchased this product to alert them to the recall via phone or email.  ShopRite urges its customers to keep their Price Plus Club information updated, so they can be contacted in case of such events.  Customers wishing to update their information can call 1-800-SHOPRITE or visit ShopRite.com.

Customer questions or concerns can be directed to 1-800-ShopRite (1-800-746-7748).

About ShopRite 
ShopRite is the registered trademark of Wakefern Food Corp., a retailer-owned cooperative based in Keasbey, NJ,  and the largest supermarket cooperative in the United States.  With more than 250 ShopRite supermarkets located throughout New Jersey, New York, Pennsylvania, Connecticut, Delaware and Maryland, ShopRite serves more than six million customers each week.  A long-time supporter of key community efforts, ShopRite is dedicated to fighting hunger in the communities it serves.  Through its ShopRite Partners In Caring program, ShopRite has donated $33 million to 1,700 worthy charities and food banks since the program began in 1999.  As a title sponsor of the LPGA’s ShopRite Classic, ShopRite has raised $26 million for local organizations, hospitals and community groups.  Progressive Grocer named ShopRite its 2011 Retailer of the Year and Supermarket News awarded ShopRite its 2011 Retail Excellence Award.  For more information, please visit www.ShopRite.com.

ShopRite begun construction on its newest store in Yardley, PA

CBRE research: Germany is the most sought-after retail market in the world

LOS ANGELES, 2014-3-10 — /EPR Retail News/ — Germany is the most sought after retail market in the world, with 40% of global retailers planning to open a store there in 2014, while U.S. retailers dominate large-scale expansion plans, with almost half aiming to open 40 stores or more, according to the latest research from CBRE Group, Inc.

Germany is by far the most attractive global retail market ahead of France, United Kingdom, Austria and China. Global retailers are attracted to Germany as it offers the opportunity to target 20 large cities in one market. More than 40% of retailers globally plan to open a store in Germany in 2014, and this figure increases to 70% when taking into account only European retailers. Germany is also the second most important target for American retailers.

Target Markets 2014_350.jpg

The amount of retailers with large-scale expansion plans has increased dramatically in 2014, revealing a renewed confidence in the global retail market. More than one-third (35%) of retailers plan to expand their store portfolio by 40 stores or more over the next 12 months. Of those retailers looking to open 40 stores or more, Mid-Range fashion and Value fashion are the most active sectors, accounting for one-third of the total each.

“An upturn in consumer confidence and renewed vigor in the global retailer community has put large scale expansion firmly back on the agenda. While the pace of international growth has slowed in recent years, retailers are making clear their intention to materially invest in their store networks throughout 2014. Their preference for a wide range of markets highlights the continued importance of cross-border growth,” said Peter Gold, Head of Cross-Border Retail, CBRE. “Germany is on top as the market of greatest interest to retailers this year. The countries continued appeal reflects the strength and scale of the economy and the successes of several big brand new entrants.”

American retailers have the most extensive large-scale expansion plans with almost half (47%) of retailers surveyed looking to open more than 40 stores in 2014. The U.S. is the largest retail market in the region, and unsurprisingly, the most important target market for retailers based in the Americas—almost half (43%) are aiming to expand there in 2014. However, due to the maturity and competition of domestic markets, many North American retailers are seeking to grow their global businesses, providing the opportunity to expand on a large scale. U.S. retailers are targeting European markets in particular, with 19% looking to open stores in Germany this year and 14% in the U.K., Canada, France and Austria.

“American retailers are increasing looking beyond their domestic borders in 2014. Several major U.S. retailers have been active across Europe in recent years, with the understanding that they cannot expand indefinitely in a competitive domestic market and that international growth is an imperative,” said Anthony Buono, Executive Managing Director, Retail Services, CBRE. “With consumer confidence returning across many markets in Europe, we expect this trend to continue to grow and diversify in 2014 and beyond.”

American Retailers_350.jpg

Note to editors:
In its fifth edition, CBRE’s How Active are Retailers Globally? has expanded to survey retailers from across the globe.More than 130 retailers, based in Europe, the Americas and Asia Pacific were surveyed to explore the number of stores they are looking to open and the markets being targeted in 2014. Retailers were also asked about their plans to enhance their online transactional capabilities.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue).  The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

Robert Mcgrath
Director, Sr
T +1 212 9848267
email

Corey Mirman
Specialist, Sr Communication
T +1 212 9846542
email

Belk invites kids to participate as models in its KidFest fashion show on March 29

Parents and legal guardians interested in having their children ages 4 – 12 participate as models in the KidFest fashion show in their community should contact their local Belk store now to register.

CHARLOTTE, N.C., 2014-3-10 — /EPR Retail News/ — Belk hosts its bi-annual Kidfest in-store event Saturday, March 29, from noon – 3 p.m. at all locations. The event includes runway fashion shows featuring local children as models wearing Belk’s latest fashion trends and styles for kids. Other activities and entertainment will include refreshments, music, games, face painting, balloons and prizes, depending on location.

Parents and legal guardians interested in having their children ages 4 – 12 participate as models in the KidFest fashion show in their community should contact their local Belk store now to register and obtain more information. Participating kids will receive 15 percent off any purchase in the children’s department. Customers can save up to 40 percent off the entire stock of kids apparel during the event, excluding designer collections.

About Belk, Inc. 
Charlotte, N.C.-based Belk, Inc. (www.belk.com) is the nation’s largest family owned and operated department store company with 299 Belk stores located in 16 Southern states and a growing digital presence.  Its belk.com website offers a wide assortment of national brands and private label fashion apparel, shoes and accessories for the entire family along with top name cosmetics, a wedding registry and a large selection of quality merchandise for the home. Founded in 1888 by William Henry Belk in Monroe, N.C., the company is in the third generation of Belk family leadership and has been committed to community involvement since its inception. In the fiscal year ending Feb. 1, 2014, the company and its associates, customers and vendors donated more than $20.9 million to communities within Belk market areas.

Belk offers many ways to connect via digital and social media, including Facebook, Pinterest, Twitter, YouTube, Google Plus and Belk Blog, and provides exclusive offers, fashion updates, sales notifications and coupons via email or mobile phone text messages. Customers can also download the latest Belk mobile apps for the iPad, iPhone or Android.

For further information: Katie Jones, 704-426-6987, katie_jones@belk.com

Belk announced grand opening of its new $7 million department store at The Palladium at Deep River Shopping Center in High Point, N.C.

  • Grand Opening ribbon-cutting ceremony begins at 9:30 a.m.
  • First 300 customers will receive Belk gift cards ranging in value from $5 to $500
  • New 75,000-square-foot fashion store features latest retail design and decor, expanded lines of premium brands, convenience and a continued focus on customer service and community involvement

CHARLOTTE, N.C., 2014-3-10 — /EPR Retail News/ — Belk is celebrating the grand opening of its new $7 million department store at The Palladium at Deep River Shopping Center in High Point, N.C. on Wednesday, March 12, with a ribbon-cutting ceremony and other special events and promotions.

The new store, located at 4135 Brian Jordan Place off of Wendover Road in High Point, incorporates the latest in retail design, lighting, visual presentation and décor with a bright, open interior featuring porcelain aisles that encircle the store and lead to dozens of merchandise departments.   Along with the store’s modern new look comes expanded assortments of favorite national brands, exclusive Belk private brands, and the latest styles of fashion apparel, shoes and accessories for the whole family, plus cosmetics, fine jewelry and home merchandise.

“The opening of our store marks the beginning of a new era of Belk fashion leadership, service and commitment to the High Point community,” said Laura Danclovic, store manager of Belk of the Palladium at Deep River Shopping Center.  “We invite all of our customers and friends to join us at the store on March 12 for the ribbon-cutting and other grand opening events.  We hope everyone will share our excitement as we open the doors to a beautiful new store and provide a modern, convenient and enjoyable shopping environment to our loyal customers.”

The grand opening event on March 12 will include:

  • A 9:30 a.m. ribbon-cutting with local community leaders and Belk representatives,
  • Presentation of a $5,000 grant from Belk to High Point University (HPU), which will use the funds to award two First Generation Scholarships to Guilford County high school students (from High Point) for one year’s tuition, fees and books, and
  • Free Belk gift cards to the first 300 customers with cards ranging in value from $5 to $500. 

Other in-store grand opening celebration events to be held include:

  • Thursday, March 13, 5 – 9 p.m. – Shoes and Accessories Party
    Customers can enjoy an evening of shopping, light refreshments and exclusive savings on shoes and accessories.
  • Thursday, March 27, 5 – 8:30 p.m. – Girls’ Night Out
    Celebrate the new store and the latest in spring fashion during this event and enjoy special savings and the chance to win exciting prizes.
  • Saturday, April 5, noon – 2 p.m. – Engagement Party
    Come to the store’s brand new home department for a fun and festive gathering for newly engaged couples.  Customers receive a beautiful strand of pearls from Belk and Co. Fine Jewelers by creating or adding to a bridal registry.  (Contact store for more details.)

The 75,000-square-foot building features a clean, contemporary exterior design reflecting Belk’s Modern.Southern.Style. brand and colors. The store’s exterior entrance has a distinctive bold look with a sleek canopy clad in blue metal. A large monolithic black granite slab provides a backdrop for Belk’s colorful multi-petal logo sign. The vestibule and entrance are accented with natural stone and the entrance is complemented by custom landscaping and seating areas.

The store’s ladies shoe department is now among the largest in the area, with more than 6,500-square-feet of space offering extensive selections of top name shoe brands and styles. The store also features wide assortments of premium, national and Belk private brand merchandise, including new and favorite brands such as:

Cosmetics/Fragrances

Estée LauderClinique
Lancome
Chanel
Clarisonic

 

Womens Apparel

Chaus
Jones New York Sport & Signature
Sophie Max*
CYNTHIA Cynthia Rowley*
Crown & Ivy*
Nine West Vintage America (premium jeans)
Wacoal

 

Handbags and Accessories

Michael Kors
Dooney & Bourke
AK Anne Klein
Watches by Anne Klein and Michael Kors

 

Modern Jewelry

BCBG
Jessica
Lucky
Nine West

 

Ladies Shoes

Ralph Lauren
Anne Klein
Kenneth Cole Reaction
Lucky
Nine West
Tommy Hilfiger

Men’s Clothing

Polo Shop
Lauren
Calvin Klein
Nautica
MADE by Cam Newton*
Pro Tour*
Madison*

 

Young Men’s, Boys and Girls

Under Armour
Calvin Klein dresswear (boys)

 

Home

Ralph Lauren
Biltmore Estate for Your Home*
Croscill
Lacoste
Nautica
Keurig
Luggage by Calvin Klein, Guess, Kenneth Cole, Tommy Hilfiger, Under Armour

 

*Exclusive Belk private brands

 

The new Belk at The Palladium features “open-sell” fixtures in select departments to make shopping easier and more convenient, including fragrances, fashion jewelry and sunglasses areas. Enhanced ladies and men’s fitting rooms will provide added customer convenience and comfort.

Belk has served the High Point community since opening its first downtown store in 1920 and previously operated a store at Oak Hollow Mall, which opened in 1995.

About Belk, Inc. 
Charlotte, N.C.-based Belk, Inc. (www.belk.com) is the nation’s largest family owned and operated department store company with 299 Belk stores located in 16 Southern states and a growing digital presence.  Its belk.com website offers a wide assortment of national brands and private label fashion apparel, shoes and accessories for the entire family along with top name cosmetics, a wedding registry and a large selection of quality merchandise for the home. Founded in 1888 by William Henry Belk in Monroe, N.C., the company is in the third generation of Belk family leadership and has been committed to community involvement since its inception. In the fiscal year ending Feb. 1, 2014, the company and its associates, customers and vendors donated more than $20.9 million to communities within Belk market areas.

Belk offers many ways to connect via digital and social media, including Facebook, Pinterest, Twitter, YouTube, Google Plus and Belk Blog, and provides exclusive offers, fashion updates, sales notifications and coupons via email or mobile phone text messages. Customers can also download the latest Belk mobile apps for the iPad, iPhone or Android.

 

# # #

For further information: Contact: Jessica Graham, vice president, corporate communications and community relations, 704-426-8333, Jessica_graham@belk.com

AB Acquisition LLC to acquire all outstanding shares of Safeway for $40 per share

  • Merger Will Lead to an Enhanced Shopping Experience, Including Lower Prices for Customers
  • Safeway Shareholders Expected to Receive Total Value Estimated at $40 Per Share
  • Cash of $32.50 per share, plus other contingent consideration with an estimated value of $3.65 per share
  • Blackhawk shares with a recent value of $3.95 per Safeway share to be distributed in a separate transaction to Safeway shareholders in mid-April 

PLEASANTON, CA and BOISE, ID, 2014-3-10 — /EPR Retail News/ — Safeway Inc. (NYSE: SWY) and Albertsons announced today a definitive agreement under which AB Acquisition LLC (“AB Acquisition”) will acquire all outstanding shares of Safeway (the “Merger”). The merger agreement was unanimously approved by the Board of Directors of Safeway.

AB Acquisition is the owner of Albertson’s LLC and New Albertson’s, Inc. (collectively “Albertsons”) and is controlled by a Cerberus Capital Management, L.P. (“Cerberus”)-led investor group, which also includes Kimco Realty Corporation (NYSE:KIM), Klaff Realty LP, Lubert-Adler Partners LP, and Schottenstein Stores Corporation.

As a result of the Merger, plus other actions to be taken by the Safeway Board of Directors as described below, including the separate sales of certain other primarily non-core assets, and the distribution of Blackhawk shares, Safeway shareholders are expected to receive total value estimated at $40 per share.

Albertsons’ Chief Executive Officer Bob Miller stated, “This transaction offers us the opportunity to better serve customers by adapting more quickly to evolving shopping preferences in diverse regions across the country. It also brings together two great organizations with talented management teams. Robert Edwards and his team have done an outstanding job in positioning Safeway’s core business for success, by investing in its stores and creating innovative strategic marketing programs that contribute to shareholder value. Working together will enable us to create cost savings that translate into price reductions for our customers. Together, we will be able to respond to local needs more quickly and deliver outstanding products at the lowest possible price, more efficiently than ever before.”

“This Merger is one of several actions we have taken in recent months as a result of our strategic business review.  The combined value of the transactions described above is expected to deliver a premium to Safeway’s shareholders of 72% from one year ago, and 56% over the share price six months ago,” said Robert Edwards, President & Chief Executive Officer of Safeway Inc. “Safeway has been focused on better meeting shoppers’ diverse needs through local, relevant assortment, an improved price/value proposition and a great shopping experience that has driven improved sales trends.  We are excited about continuing this momentum as a combined organization. We look forward to working with Bob Miller and the rest of the Albertsons team as we proceed together on a path towards becoming an even stronger organization.”

Value to Safeway Shareholders

Under the merger agreement, Safeway shareholders will receive $32.50 per share in cash.  Additionally, shareholders will have the right to receive pro-rata distributions of net proceeds from primarily non-core assets with an estimated value of $3.65 per share. The proceeds are from:

(1)  The sale of the assets of real-estate development subsidiary Property Development Centers, LLC (“PDC”) comprised of its shopping center portfolio including certain related Safeway stores, and

(2)  The monetization of its 49% equity interest in Mexico-based food and general merchandise retailer Casa Ley, S.A. de C.V. (“Casa Ley”).

If the sales of PDC and/or Casa Ley are completed prior to the closing of the Merger, the net proceeds from these sales will be paid to shareholders at or before the closing of the Merger in a special dividend.   If the PDC sale and/or Casa Ley sales are not completed by the closing of the Merger, Safeway shareholders will receive a non-transferable contingent value right (a “CVR”), which will provide shareholders with their pro-rata share of the net proceeds from the PDC and/or Casa Ley sales, as applicable, subject to the terms and conditions of the CVRs. The PDC CVR will have a two-year term.  The Casa Ley CVR will have a four-year term. If Safeway is unable to sell Casa Ley before the four-year expiration of the CVR, shareholders would receive a cash distribution equal to the after-tax fair market value of Safeway’s interest in Casa Ley at such time.  There can be no assurances that Safeway will be able to sell either or both of PDC or Casa Ley.

Distribution of Blackhawk Shares

The Merger does not alter Safeway’s previously announced plan to distribute the remaining 37.8 million shares of Blackhawk stock that it owns to its shareholders in mid-April and prior to the completion of the Acquisition.  Safeway’s shares of Blackhawk are contemplated to be distributed pro-rata to the shareholders, with a current value of $3.95 per Safeway share based on the closing price of Blackhawk’s common stock of $25.06 per share on March 5, 2014 and a diluted share count at Safeway of approximately 235 million shares.  The final ratio and the value of the Blackhawk shares will be determined at the time of the distribution and will depend on the market value of Blackhawk at that time and the number of diluted Safeway shares.  The Blackhawk distribution is not dependent upon the completion of the Acquisition, and is being undertaken for independent business reasons. The Blackhawk distribution is intended to maximize the value of Safeway’s long-term investment in Blackhawk, which the Board determined to be in the best interests of Safeway, Blackhawk, and the shareholders of both companies.

In connection with the completion of the Merger, it is expected that Safeway’s distribution of Blackhawk shares will be taxable to Safeway and Safeway’s shareholders.  AB Acquisition will assume the corporate tax on the distribution of Blackhawk shares to Safeway’s shareholders.  It is also anticipated that there will be a step up in Blackhawk’s tax basis in assets which could generate approximately $30 million in cash tax savings per annum for Blackhawk.  On a present value basis over 15 years, this tax savings, resulting from future tax deductions, is valued at approximately $4.50 per Blackhawk share and $0.70 per Safeway share.

Stock Price Premium

The combined value for Safeway shareholders who receive both a distribution of Blackhawk shares and the aggregate cash and contingent consideration in the Merger, based on Safeway’s current estimates of the value of the contingent consideration, would represent a premium of 72 percent over Safeway’s closing share price of $23.27 on March 6, 2013, one year ago; 56 percent over Safeway’s closing price of $25.62 on September 6, 2013, six months ago; and 17 percent over Safeway’s closing share price of $34.10 on February 18, 2014, the day before Safeway announced it was in discussions regarding a potential sale of the company.

About the Combined Company
The Merger will create a diversified network that includes over 2,400 stores, 27 distribution facilities and 20 manufacturing plants with over 250,000 dedicated and loyal employees.  No store closures are expected as a result of this transaction. Bob Miller, Albertsons current Chief Executive Officer, will become Executive Chairman. Robert Edwards, Safeway’s current President and Chief Executive Officer, will become President and Chief Executive Officer of the combined company.

Banners will include Safeway, Vons, Pavilions, Randalls, Tom Thumb, Carrs, Albertsons, ACME, Jewel-Osco, Lucky, Shaw’s, Star Market, Super Saver, United Supermarkets, Market Street and Amigos.

The Merger will enable Albertsons and Safeway to implement operational best practices in order to offer customers an enhanced shopping experience and more competitive prices, while enabling the combined company to pursue industry-leading customer service in an increasingly competitive and dynamic marketplace. Realizing substantial cost savings will allow for investments that are expected to benefit customers, including price reductions as well as store remodels and refurbishments.  The diversified network of retail assets, associated distribution centers and manufacturing assets will allow for a broader assortment of products, a more efficient distribution and supply chain, enhanced fresh and perishable offerings, and expanded private label alternatives for customers.

“Albertsons has successfully transformed underperforming retail grocery stores into strong performers by focusing on enhancing the local customer experience,” said Lenard Tessler, Co-Head of Global Private Equity and Senior Managing Director at Cerberus. “Similarly, Safeway has consistently provided outstanding value and customer service throughout the communities it serves.  Combining these strong management teams will strengthen the ability of Safeway and Albertsons to deliver on a shared commitment to offering customers higher quality products at lower prices, which will undoubtedly yield positive results for all stakeholders in the business.”

Timing and Closing Conditions

The Merger is expected to close in the fourth quarter of 2014 following the satisfaction of customary closing conditions, including approval of the Merger by the holders of a majority of the outstanding shares of Safeway common stock and regulatory approvals including expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Under certain circumstances, if the Merger fails to close, AB Acquisition would be required to pay Safeway $400 million.

Regular Quarterly Dividends

The merger agreement allows Safeway to pay its regular quarterly dividends over the next 12 months, prior to closing, and to increase the dividend within certain limits, assuming the deal is closed during that time period. If the deal is not closed within 12 months, Albertsons can extend the merger agreement by an additional three months under certain circumstances.  During the extended time, Safeway would not be permitted to pay a dividend to its shareholders but shareholders would receive additional cash consideration equal to 6% per annum on the $32.50 per share cash price for the number of days that pass during the three month extension until closing.

Acquisition Funding

AB Acquisition plans to fund the Merger in part with debt financing of approximately $7.6 billion, equity contributions from its current investors and their affiliates, partners and co-investors of approximately $1.25 billion, and cash on hand of Safeway.  Safeway’s existing indebtedness is contemplated to be repaid at closing, other than capital leases and the company’s 5.00% Senior Notes due 2019, 3.95% Notes due 2020, 4.75% Senior Notes due 2021, 7.45% Debentures due 2027 and 7.25% Debentures due 2031.

Go-Shop Period

The merger agreement includes a so-called “go-shop” period, during which Safeway, with the assistance of Goldman Sachs, its financial advisor, will actively solicit, receive, evaluate and potentially enter into negotiations with parties that offer alternative proposals.  The initial go-shop period is 21 days.  For a 15-day period following the termination of the go-shop period, Safeway will be permitted to continue discussions and enter into or recommend a transaction with any person that submitted a qualifying proposal during the 21-day period.  A successful competing bidder who makes a superior proposal during the go-shop period would bear a $150 million termination fee.  For a competing bidder who did not qualify during the go-shop period, the termination fee would be $250 million.  There can be no assurance that this process will result in a superior proposal.  Safeway does not intend to disclose developments with respect to the solicitation process unless and until its Board has made a decision with respect to any potential superior proposal.

Advisors

Goldman, Sachs & Co. served as financial advisor to Safeway in connection with the Company’s strategic review and the transactions. Greenhill & Co. has also served as financial advisor to Safeway.    Latham & Watkins LLP served as Safeway’s outside legal counsel. Citigroup, lead financial advisor, Bank of America Merrill Lynch and Credit Suisse served as financial advisors to Albertsons, Cerberus and the investor group.  Schulte Roth & Zabel LLP served as lead outside legal counsel to Albertsons, Cerberus and the investor group, and Dechert LLP, Schulte Roth & Zabel LLP and Baker Botts LLP served as outside legal counsel on antitrust matters.

Property Development Centers and Casa Ley

Formed in 2008, PDC is a wholly owned subsidiary of Safeway Inc., engaged in retail shopping center development and capitalizing on Safeway’s core real estate competency.  PDC projects are concentrated in Safeway’s urban and suburban markets, and are predominantly located in California and Hawaii.  PDC’s portfolio consists of 25 properties with an estimated three million square feet, and is comprised of 11 operating assets, nine projects under construction, and five projects in the due diligence and entitlement phases.  Safeway will soon be initiating a process to sell PDC.

Safeway owns 49% of Casa Ley, the fifth largest food and general merchandise retailer in Mexico based on sales. Casa Ley is a private company, and does not publicly disclose financials.  Safeway has begun discussions with the majority owners of Casa Ley regarding a potential sale of Safeway’s interests.

On a combined basis, the value of the CVRs is estimated in the range of $3.45 to $3.85 per share. The estimated values for PDC and Casa Ley are based on analyses that Safeway has performed with the help of financial advisors, valuations from independent third parties and market information.  The actual net after-tax proceeds received upon a sale could vary substantially from these estimates.

Investor Conference Call

This announcement will be discussed on a conference call with analysts and investors, which is scheduled at 5:00 p.m. Eastern Time today. The call will be webcast live at www.Safeway.com. A replay of the call will be archived atwww.Safeway.com. To access the website replay, go to the “Investors” link and click on “Presentations and Webcasts.”

About Safeway Inc.
Safeway Inc., which operates Safeway, Vons, Pavilion’s, Randall’s, Tom Thumb, and Carrs stores, is a Fortune 100 company and one of the largest food and drug retailers in the United States with sales of $36.1 billion in 2013. The company operates 1,335 stores in 20 states and the District of Columbia, 13 distribution centers and 20 manufacturing plants, and employs approximately 138,000 employees. The company’s common stock is traded on the New York Stock Exchange under the symbol SWY. For more information, please visit www.Safeway.com.

About Albertsons
Established in 2006, AB Acquisition LLC (“Albertsons”), which operates ACME, Albertsons, Jewel-Osco, Lucky, Shaws, Star Market and Super Saver, and stores under the United Family of stores, Amigos, Market Street and United Supermarkets, is working to become the favorite food and drug retailer in every market it serves. The company is privately owned by Cerberus Capital Management, Kimco Realty Corporation, Klaff Realty, Lubert-Adler Partners, and Schottenstein Stores Corporation, and operates 1,075 stores and 14 distribution centers in 29 states and employs approximately 115,000 associates. For more information, please visit www.Albertsons.com.

About Cerberus Capital Management, L.P.
Established in 1992, Cerberus Capital Management, L.P. is one of the world’s leading private investment firms. Cerberus has more than US $25 billion under management invested in four primary strategies:  distressed securities & assets; control and non-control private equity; commercial mid-market lending and real estate-related investments.  From its headquarters in New York City and large network of affiliate and advisory offices in the US, Europe and Asia, Cerberus has the on-the-ground presence to invest in multiple sectors, through multiple investment strategies in countries around the world.

Additional Information and Where to Find It

This document may be deemed to be solicitation materials in respect of the proposed acquisition of Safeway by AB Acquisition. In connection with the proposed merger transaction, Safeway will file with the SEC and furnish to Safeway’s shareholders a proxy statement and other relevant documents. This filing does not constitute a solicitation of any vote or approval. Shareholders are urged to read the proxy statement when it becomes available and any other documents to be filed with the SEC in connection with the proposed acquisition or incorporated by reference in the proxy statement because they will contain important information about the proposed acquisition. Investors will be able to obtain a free copy of documents filed with the SEC at the SEC’s website at http://www.sec.gov. In addition, investors may obtain a free copy of Safeway’s filings with the SEC from Safeway’s website at http://www.Safeway.com or by directing a request to: Safeway Inc., 5918 Stoneridge Mall Road, Pleasanton, California 94588, Attention: Investor Relations.

Participants in the Solicitation

Safeway and its directors, executive officers and certain other members of management and employees of Safeway may be deemed “participants” in the solicitation of proxies from shareholders of Safeway in favor of the proposed merger. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the shareholders of Safeway in connection with the proposed acquisition will be set forth in the proxy statement and the other relevant documents to be filed with the SEC. You can find information about Safeway’s executive officers and directors in its Annual Report on Form 10-K for the fiscal year ended December 28, 2013 and in its definitive proxy statement filed with the SEC on Schedule 14A on April 1, 2013.

Forward-Looking Statements

This press release contains certain forward-looking statements about the future performance of Safeway, including about the combined Safeway/Albertsons business (the “Combined Entity”). These statements are based on management’s assumptions and beliefs in light of the information currently available to it. These statements are indicated by words such as “expects,” “will,” “plans,” “intends,” “committed to,” “estimates” and “is.” No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur. Accordingly, actual results may differ materially and adversely from those expressed in any forward-looking statements. Neither Safeway nor any other person can assume responsibility for the accuracy and completeness of forward-looking statements. There are various important factors that could cause actual results to differ materially from those in any such forward-looking statements, many of which are beyond Safeway’s control. These factors include: failure to obtain shareholder approval of the proposed merger; failure to obtain, delays in obtaining or adverse conditions contained in any required regulatory or other approvals; failure to consummate or delay in consummating the transaction for other reasons; changes in laws or regulations; and changes in general economic conditions. Among other things, the Combined Entity’s ability to achieve estimated price reductions from the transaction, as well as the timing of such reductions, will depend on the Combined Entity’s ability to integrate its businesses in a timely fashion, including realizing synergies anticipated by reduction of duplicative systems and processes. There is no assurance that any payments will be made with respect to the sales of PDC and/or Casa Ley, including with respect to the CVRs after the closing of the Merger.  The right to receive any future payments with respect to the sales of PDC and/or Casa Ley, including with respect to the CVRs after the Closing of the Merger, will be contingent on a number of factors, including Safeway’s ability to sell all or a portion of PDC and/or Casa Ley, and the amount of after-tax net proceeds realized.  If Safeway is unable to sell PDC prior to the second anniversary of the closing of the Merger, no payment will be made to Safeway shareholders with respect to PDC and the CVRs will expire valueless.  If Safeway is unable to sell Casa Ley prior to the fourth anniversary of the Merger, Safeway shareholders will be entitled to receive the fair market value of Safeway’s interest in Casa Ley at that time.  There can be no assurance as to the value of PDC and/or Casa Ley or that Safeway shareholders will receive the amount of after-tax net proceeds estimated in this press release, or any amount.  Safeway undertakes no obligation (and expressly disclaims any such obligation) to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. For additional information please refer to Safeway’s most recent Form 10-K, 10-Q and 8-K reports filed with the SEC.

 

For Safeway:

Investors:
Christiane Pelz 925-467-3832 or Melissa Plaisance 925-467-3136

Media:
Teena Massingill 925-467-3810 or Brian Dowling 925-467-3878

 

For Albertsons:
Christine Wilcox 208-395-4163
Christine.wilcox@albertsons.com

 

For Cerberus Capital Management:
Cerberus Media Line, 212-891-1558
Peter Duda, 212-445-8213
pduda@webershandwick.com
Liz Cohen, 212-445-8044
liz.cohen@webershandwick.com

Target and MLB to engage guests and fans in celebrating our nation’s teachers and inspiring kids

All-Stars Carlos Beltran and Adrian Gonzalez Also Join the Cause, Which Includes Target Presents PEOPLE “All-Star Teachers” Program, Community Events and Retail Opportunities

MINNEAPOLIS, 2014-3-10 — /EPR Retail News/ — Target Corp. (NYSE: TGT) and Major League Baseball (MLB) announced today they will work together this baseball season to engage guests and fans in celebrating our nation’s teachers and inspiring kids. Efforts will include Target joining MLB and PEOPLE’s longstanding tradition of recognizing community heroes through the Target Presents “PEOPLE All-Star Teachers” program, hosting a series of events in schools across the country and honoring teachers at the 2014 All-Star Game. In addition to the education-related efforts, the relationship will also include special events and retail opportunities in connection with the 2014 All-Star Game at Target Field in Minneapolis.

“Major League Baseball’s wide-reaching partnership with Target will focus on the importance of education and teachers during a season where the All-Star Game will fittingly be hosted at Target Field,” said Tim Brosnan, MLB executive vice president, Business.  “With Target’s dedication to education, it is a welcome addition to our outstanding relationship with PEOPLE in showcasing everyday All-Stars in our community.”

From Spring Training through All-Star Week, current and former MLB players, including New York Yankees outfielder Carlos Beltran and Los Angeles Dodgers first baseman Adrian Gonzalez, will encourage fans to nominate their All-Star teachers, share stories about their personal support of education and participate in Target-hosted events, such as School Library Makeovers, in MLB communities.

“Target is honored to partner with Major League Baseball in celebrating great teachers nationwide,” said Laysha Ward, president, Community Relations, Target. “Teachers are essential to helping kids reach their full potential and keeping them on the path to high school graduation. This partnership helps bring to life Target’s commitment to give $1 billion to education by the end of 2015.”

Beginning today through May 6, the public is encouraged to visit AllStarTeachers.com to nominate an outstanding K-12 teacher from their community. Target, MLB and PEOPLE will select three teachers per MLB club for a total of 90 finalists that fans will vote on from June 5-29. The 30 winning “All-Star Teachers” – one representing each MLB club – will be revealed on July 9, with a special tribute during the All-Star Game on July 15.

Target is also proud to announce that the company is now an official MLB sponsor, and will offer guests an expanded selection of MLB and All-Star Game merchandise in its stores and on Target.com throughout the spring and summer. Guests and fans are encouraged to visit ABullseyeView.com and MLB.com over the next several months to hear more from players who are involved in the campaign and receive updates on the “All-Star Teachers” program, local community events, All-Star Week and more.

About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,921 stores – 1,797 in the United States and 124 in Canada – and at Target.com. Since 1946, Target has given 5 percent of its profit through community grants and programs; today, that giving equals more than $4 million a week. For more information about Target’s commitment to corporate responsibility, visittarget.com/corporateresponsibility.

About Major League Baseball
Major League Baseball (MLB) is the longest running professional sports league in the United States and consists of 30 member Clubs in the U.S. and Canada, representing the highest level of professional baseball. Under the guidance of its ninth Commissioner, Allan H. (Bud) Selig, MLB has experienced dramatic changes including Interleague Play, the introduction of the Wild Cards, the new expanded Postseason format, the most comprehensive drug testing program in U.S. professional sports, an unprecedented era of labor peace, significant revenue sharing among the Clubs and growth in revenue from $1.2 billion in 1992 to more than $8 billion in 2013. The last ten years have produced the ten best-attended individual seasons in MLB history, including more than 74 million fans in 2013. With the continued success of MLB Network, MLB Advanced Media and the MLB Fan Cave, the National Pastime is consumed more often and in more ways than ever before. For more information on Major League Baseball, visit www.MLB.com.

About PEOPLE
PEOPLE revolutionized personality journalism when it launched in 1974, and is now celebrating its 40th anniversary in 2014.  Each week PEOPLE brings more than 53 million consumers the latest news, exclusive interviews, and in-depth reporting on the most compelling people of our time.  In addition to unparalleled access to the entertainment community, the stories of real-life “Heroes Among Us” remain an essential component of PEOPLE’s editorial approach.  PEOPLE.com is the premier web destination for celebrity news, photos, style, and entertainment coverage. With reporters across the globe, PEOPLE is headquartered in New York City and is published by Time Inc.  For more information visit www.PEOPLE.com.

media contact

Sarah Van Nevel
Target Public Relations
p: (612) 761-6075

 

Target Media Hotline
p: (612) 696-3400

 

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