The AURELIUS Group to acquire Office Depot’s European business

BOCA RATON, Fla., 2016-Sep-26 — /EPR Retail News/ — Office Depot, Inc. (NASDAQ:ODP) today (September 23, 2016) announced that it intends to sell its European business to The AURELIUS Group.

Office Depot had previously disclosed its intention to explore strategic alternatives regarding its European business, under a process that began earlier this year.

“The sale of our European business will allow us to streamline operations and focus our resources on markets that will provide the best opportunity to implement our recently announced three year strategic plan,” said Roland Smith, chairman and chief executive officer for Office Depot. “The AURELIUS Group has a proven track record of positioning its acquisitions for future success and we look forward to working with them to complete this transaction.”

Since 2005 AURELIUS has completed more than 70 transactions across Europe and specializes in investing in companies and corporate spin-offs, as well as complex divisional carve-outs from corporates.

The transaction is structured as an equity sale, for nominal consideration, with the buyer acquiring the European business with its assets and liabilities. Annual revenue for the European business is approximately EUR 2 billion. The transaction, which has been approved by Office Depot’s Board of Directors, is subject to regulatory approval from the European Commission and consultation with the central works council, which represents employees in France. The transaction is expected to close by the end of 2016.

Goldman, Sachs & Co. acted as Office Depot’s exclusive financial advisor on the transaction.

About Office Depot, Inc.

Office Depot, Inc. is a leading global provider of products, services, and solutions for every workplace – whether your workplace is an office, home, school or car.

Office Depot, Inc. is a resource and a catalyst to help customers work better. We are a single source for everything customers need to be more productive, including the latest technology, core office supplies, print and document services, business services, facilities products, furniture, and school essentials.

The Company has annual sales of approximately $14 billion, employs approximately 49,000 associates, and serves consumers and businesses in 59 countries with approximately 1,800 retail stores, award-winning e-commerce sites and a dedicated business-to-business sales organization – all delivered through a global network of wholly owned operations, franchisees, licensees and alliance partners. The Company operates under several banner brands including Office Depot, OfficeMax, Grand & Toy, and Viking. The company’s portfolio of exclusive product brands include TUL, Foray, Brenton Studio, Ativa, WorkPro, Realspace and HighMark.

Office Depot, Inc.’s common stock is listed on the NASDAQ Global Select Market under the symbol “ODP”. Additional information about the transaction can be found in the Company’s Form 8-K filed today. Additional press information can be found at: http://news.officedepot.com .

All trademarks, service marks and trade names of Office Depot, Inc. and OfficeMax Incorporated used herein are trademarks or registered trademarks of Office Depot, Inc. and OfficeMax Incorporated, respectively. Any other product or company names mentioned herein are the trademarks of their respective owners.

FORWARD-LOOKING STATEMENTS

This communication may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements or disclosures may discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition, or state other information relating to, among other things, Office Depot, based on current beliefs and assumptions made by, and information currently available to, management. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “possible,” “potential,” “predict,” “project,” “propose” or other similar words, phrases or expressions, or other variations of such words. These forward-looking statements are subject to various risks and uncertainties, many of which are outside of Office Depot’s control. There can be no assurances that Office Depot will realize these expectations or that these beliefs will prove correct, and therefore investors and stockholders should not place undue reliance on such statements.

Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, risks related to the termination of Office Depot’s pending acquisition by Staples, disruption in key business activities or any impact on Office Depot’s relationships with third parties as a result of the announcement of the termination of the Staples Merger Agreement; unanticipated changes in the markets for Office Depot’s business segments; the inability to realize expected benefits from Office Depot’s European restructuring plan; fluctuations in currency exchange rates, unanticipated downturns in business relationships with customers; competitive pressures on Office Depot’s sales and pricing; increases in the cost of material, energy and other production costs, or unexpected costs that cannot be recouped in product pricing; the introduction of competing technology products and services; unexpected technical or marketing difficulties; unexpected claims, charges, litigation, dispute resolutions or settlement expenses; new laws and governmental regulations. The foregoing list of factors is not exhaustive. Investors and stockholders should carefully consider the foregoing factors and the other risks and uncertainties described in Office Depot’s Annual Reports on Form 10-K, as amended, and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission, as well as the Form 8-K filed today with respect to the proposed transaction. Office Depot does not assume any obligation to update or revise any forward-looking statements.

Contact:
Richard Leland
561-438-3796
Investor Relations
Richard.Leland@officedepot.com

Karen Denning
630-438-7445
Media Relations
Karen.Denning@officedepot.com

Source: Office Depot, Inc.

Accenture to acquire leading global strategy consulting firm focused on the retail industry, Kurt Salmon

NEW YORK, 2016-Sep-23 — /EPR Retail News/ — Accenture (NYSE: ACN) has entered into an agreement to acquire Kurt Salmon, a leading global strategy consulting firm focused on the retail industry and a subsidiary of Management Consulting Group. The acquisition will expand Accenture Strategy’s capabilities in delivering end-to-end strategy consulting services to top retailers and private equity firms in a world disrupted by digital.

Completion is subject to regulatory approvals, approval of the transaction by Management Consulting Group’s shareholders and other customary closing conditions.

Founded in 1935, Kurt Salmon has more than 260 employees serving clients across the world, and offices in the U.S., Germany, UK, Japan and China. The company is known for operational strategy consulting, including logistics and supply chain, merchandising and product development, corporate strategy and due diligence, and omni-channel retail strategy.

“With digital disruption forcing retailers to rethink their entire business and operating models, we expect continued strong demand for strategy consulting services in this industry,” said Mark Knickrehm, chief executive officer, Accenture Strategy. “This acquisition will enhance our ability to deliver the industry-specific strategies that our clients are increasingly seeking, in order to drive competitiveness and operational excellence at the intersection of business and technology.”

Chris Donnelly, retail industry lead, Accenture Strategy, said, “In an environment dominated by rapidly rising customer expectations, industry convergence and low barriers to entry, our retail clients are looking for end-to-end strategy solutions to navigate this disruption. Through this acquisition, we will be able to offer our clients a powerful combination of services to help shape the transformation of the retail sector.”

Following completion of the acquisition, Kurt Salmon’s employees are expected to join the Accenture Strategy retail industry practice.

“Our retail clients are increasingly looking for agile and pragmatic solutions from industry experts that enable their transformation journey and help them gain competitive advantage,” said Brooks Kitchel, CEO of Kurt Salmon. “Joining Accenture Strategy will enable us to bring new value to our clients in a collaborative, global and client-centric environment that aligns with our company culture and mission.”

About Accenture
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions – underpinned by the world’s largest delivery network – Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With more than 375,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com.

Accenture Strategy operates at the intersection of business and technology. We bring together our capabilities in business, technology, operations and function strategy to help our clients envision and execute industry-specific strategies that support enterprise wide transformation. Our focus on issues related to digital disruption, competitiveness, global operating models, talent and leadership help drive both efficiencies and growth. For more information, follow @AccentureStrat or visit www.accenture.com/strategy.

About Kurt Salmon
Kurt Salmon is a global management consulting firm dedicated to building the market leaders of tomorrow. More than just partnering with our clients, we ally with them, integrating ourselves seamlessly into their organizations in order to develop innovative, customized solutions for their 21st-century business issues.

Succeeding in today’s increasingly complex, consumer-driven environment is an enormous challenge. But companies need to look beyond today; they need to position themselves for continued success in the even more uncertain future. That’s where Kurt Salmon comes in.

We call it delivering “success for what’s next.” The results are transformative.

www.kurtsalmon.com

Forward-Looking Statements
Except for the historical information and discussions contained herein, statements in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “positioned,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. These include, without limitation, risks that: Accenture, Kurt Salmon and Management Consulting Group will not be able to close the transaction in the time period anticipated, or at all, which is dependent on the parties’ ability to satisfy certain closing conditions; the transaction might not achieve the anticipated benefits for Accenture; Accenture’s results of operations could be adversely affected by volatile, negative or uncertain economic conditions and the effects of these conditions on the company’s clients’ businesses and levels of business activity; Accenture’s business depends on generating and maintaining ongoing, profitable client demand for the company’s services and solutions, and a significant reduction in such demand could materially affect the company’s results of operations; if Accenture is unable to keep its supply of skills and resources in balance with client demand around the world and attract and retain professionals with strong leadership skills, the company’s business, the utilization rate of the company’s professionals and the company’s results of operations may be materially adversely affected; the markets in which Accenture competes are highly competitive, and Accenture might not be able to compete effectively; Accenture could have liability or Accenture’s reputation could be damaged if the company fails to protect client and/or company data or information systems as obligated by law or contract or if the company’s information systems are breached; Accenture’s results of operations and ability to grow could be materially negatively affected if the company cannot adapt and expand its services and solutions in response to ongoing changes in technology and offerings by new entrants; the company’s results of operations could materially suffer if the company is not able to obtain sufficient pricing to enable it to meet its profitability expectations; if Accenture does not accurately anticipate the cost, risk and complexity of performing its work or if the third parties upon whom it relies do not meet their commitments, then Accenture’s contracts could have delivery inefficiencies and be less profitable than expected or unprofitable; Accenture’s results of operations could be materially adversely affected by fluctuations in foreign currency exchange rates; Accenture’s profitability could suffer if its cost-management strategies are unsuccessful, and the company may not be able to improve its profitability through improvements to cost-management to the degree it has done in the past; Accenture’s business could be materially adversely affected if the company incurs legal liability; Accenture’s work with government clients exposes the company to additional risks inherent in the government contracting environment; Accenture might not be successful at identifying, acquiring or integrating businesses, entering into joint ventures or divesting businesses; Accenture’s Global Delivery Network is increasingly concentrated in India and the Philippines, which may expose it to operational risks; changes in Accenture’s level of taxes, as well as audits, investigations and tax proceedings, or changes in the company’s treatment as an Irish company, could have a material adverse effect on the company’s results of operations and financial condition; as a result of Accenture’s geographically diverse operations and its growth strategy to continue geographic expansion, the company is more susceptible to certain risks; adverse changes to Accenture’s relationships with key alliance partners or in the business of its key alliance partners could adversely affect the company’s results of operations; Accenture’s services or solutions could infringe upon the intellectual property rights of others or the company might lose its ability to utilize the intellectual property of others; if Accenture is unable to protect its intellectual property rights from unauthorized use or infringement by third parties, its business could be adversely affected; Accenture’s ability to attract and retain business and employees may depend on its reputation in the marketplace; if Accenture is unable to manage the organizational challenges associated with its size, the company might be unable to achieve its business objectives; any changes to the estimates and assumptions that Accenture makes in connection with the preparation of its consolidated financial statements could adversely affect its financial results; many of Accenture’s contracts include payments that link some of its fees to the attainment of performance or business targets and/or require the company to meet specific service levels, which could increase the variability of the company’s revenues and impact its margins; if Accenture is unable to collect its receivables or unbilled services, the company’s results of operations, financial condition and cash flows could be adversely affected; Accenture’s results of operations and share price could be adversely affected if it is unable to maintain effective internal controls; Accenture may be subject to criticism and negative publicity related to its incorporation in Ireland; as well as the risks, uncertainties and other factors discussed under the “Risk Factors” heading in Accenture plc’s most recent annual report on Form 10-K and other documents filed with or furnished to the Securities and Exchange Commission. Statements in this news release speak only as of the date they were made, and Accenture undertakes no duty to update any forward-looking statements made in this news release or to conform such statements to actual results or changes in Accenture’s expectations.

Contacts:

Justyna Gnyp
Accenture
+ 44 750 012 4567
justyna.gnyp@accenture.com

Anthony Hatter
Accenture
+ 44 7810 756 138
anthony.hatter@accenture.com

Source: Accenture

Lee’s Marketplace to acquire Day’s Market in Heber City

Lee’s Marketplace to acquire Day’s Market in Heber City
Lee’s Marketplace to acquire Day’s Market in Heber City

 

Logan, UT, 2016-Aug-26 — /EPR Retail News/ — Lee’s Marketplace is coming to Heber City. The locally owned grocer announced today (AUGUST 24, 2016) that it plans to purchase Day’s Market in Heber City and transition the store to a Lee’s Marketplace. The sale is expected to be finalized on September 26, 2016.

“We are excited to bring Lee’s to the Heber community and are looking forward to getting to know our new shoppers,” said Jonathan Badger, president of Lee’s Marketplace. “We have the deepest respect for Day’s Market and have worked with them for years as members of Associated Food Stores.”

Badger anticipates a smooth transition of the 40,000 square-foot store. Lee’s is committed to ensuring guests continue to receive excellent customer service and quality products at the Heber City store. Guests can expect to find their favorite products throughout the store including freshest produce, scratch bakery, designer floral and in-store butcher. Lee’s plans to add more organic produce and specialty foods throughout the store as well. The pharmacy will continue to care for existing and new patients without disruption. As part of Lee’s commitment to a smooth change, the store will remain open during the transition.

Lee’s Marketplace currently has three stores in Logan, Smithfield and North Ogden, with a fourth store under construction in North Salt Lake that is expected to open later this fall. Lee’s Marketplace is committed to serving their communities through quality products, friendly service, clean and bright stores and multiple community partnerships.

For more information about Lee’s MarketPlace, visit their website http://leesmarketplace.com/

About Lee’s Marketplace
Lee’s Marketplace opened in 1981 when Lee and Shari Badger purchased Jack’s Foodtown in Smithfield, Utah. The family-owned grocer specializes in clean, bright and friendly stores while offering shoppers a designer floral department, chef-inspired deli, scratch-bakery, full-service butcher and friendly pharmacy. Lee’s focuses on providing shoppers with a hometown feel while staying involved in the communities they serve. They currently have three locations in Smithfield, Logan and North Ogden, Utah.

Media Contact:
Rachael Wabel
rmwabel@afstores.com
801-978-8913

Source: AFS

###

Alimentation Couche-Tard Inc. to acquire CST Brands, Inc.

Laval, Québec, Canada, 2016-Aug-23 — /EPR Retail News/ — Alimentation Couche-Tard Inc. (TSX: ATD.A ATD.B), (“Couche-Tard”), today (August 22, 2016) announces a definitive merger agreement with CST Brands, Inc. (NYSE: CST) (“CST”) under which Couche-Tard would acquire CST in an all-cash transaction for US $48.53 per share, with a total enterprise value of approximately US $4.4 billion including net debt assumed. The terms and conditions of the agreement were unanimously approved by the Boards of Directors of both companies.

CST is based in San Antonio, Texas and employs over 14,000 people at over 2,000 locations throughout the Southwestern United States with an important presence in Texas, in Georgia, in the U.S. Southeast Region, in the State of New York and Eastern Canada. CST also controls the general partner of Cross America Partners LP (NYSE: CAPL) (“CAPL”), owns 100% of its Incentive Distribution Rights and holds a significant equity investment in it. CAPL distributes branded and unbranded road transportation fuel to more than 1,100 locations in the United States.

The transaction price represents a premium of 42% to CST’s closing share price on March 3, 2016, the last trading day prior to CST announcing that it would explore and review its strategic alternatives to further enhance its stockholder value.

This all-cash transaction is expected to be financed by Couche-Tard’s available cash, existing credit facilities and a new term loan. The CST transaction is expected to close in early calendar year 2017 and is subject to the approval of CST’s stockholders and regulatory approvals in the United States and Canada.

Couche-Tard has also entered into an agreement with Parkland Fuel Corporation (TSX: PKI) pursuant to which it would sell certain Canadian assets of CST after the merger for approximately US$ 750 million. The assets in Canada that would be sold include a) CST’s Cardlock business, b) CST’s Dealer and Commission Agents business, c) CST’s Commercial and Home Energy business, d) a number of company-operated stores to be determined following the Competition Bureau of Canada’s review of the transaction and e) CST’s Montréal corporate head office. This transaction is subject to customary regulatory approval and closing conditions. Couche-Tard intends to use the proceeds from this sale to repay part of its credit facilities.

“We look forward to welcoming CST and CAPL to the Couche-Tard family” says Brian Hannasch, Couche-Tard’s President and Chief Executive Officer. “CST is an excellent company and is well positioned in the Southwestern United States with an important presence in Texas, Georgia, in the U.S. Southeast Region, New York and Eastern Canada. With this transaction we would strategically strengthen our positioning in both the “sun belt” and the east coast of North America. Our teams are looking forward to meeting CST customers and welcoming them into the CoucheTard family.”

“We are excited to share best practices with CST as well as to combine the capabilities of CST’s team with Couche-Tard’s, to enhance value for our stockholders. We strongly believe that our all-cash offer is a compelling one for CST’s stockholders, giving them the opportunity to realize full and immediate value for their investment,” says Brian Hannasch.

Alain Bouchard, Founder and Executive Chairman of the Board of Directors, Couche-Tard says, “I have always thought that in our industry ‘size matters’, whether that be for purchasing, logistics, best practices or for becoming famous for our product categories. The addition of CST’s exceptional people and its strategic assets takes us one step further towards all these goals. I look forward to welcoming the CST and CAPL teams onboard into our growing company.”

Upon completion of the transaction, Couche-Tard would establish a new business unit in San Antonio with attached shared services operations.

Faegre Baker Daniels LLP and Davies Ward Phillips & Vineberg are acting as legal advisors to Couche-Tard. Morgan Stanley & Co. LLC and National Bank Financial advised Couche-Tard in connection with the transaction.

INVITATION TO CONFERENCE CALLS AND WEBCAST FOR ANALYSTS AND MEDIA REPRESENTATIVES – AUGUST 22, 2016

Alimentation Couche-Tard Inc. invites analysts and media representatives to two separate conference calls in which representatives of Couche-Tard’s management team will participate.

An investor presentation will be available on http://corpo.couche-tard.com.

For analysts: There will be a conference call for analysts only that will take place today, starting at 8:30 a.m. (EDT) promptly. Analysts will need to contact CNW at one of the following numbers: (866) 865-3087, (514) 807-9895 or (647) 427-7450, conference number 69750702# and will need to identify themselves. Lines will be available 30 minutes in advance to allow them to register. Participants will not be able to join the call after it has started. The session will be taped and the recording will be made available on http://corpo.couche-tard.com for a 30-day period.

For media representatives: There will be a conference call and a webcast for media representatives only that will take place today, starting at 11:00 a.m. (EDT) promptly. Media representatives will need to contact CNW at one of the following numbers: (866) 865-3087, (514) 807-9895 or (647) 427-7450, conference number 69746602# and will need to identify themselves. Lines will be available 30 minutes in advance to allow them to register. Participants will not be able to join the call after it has started. A live audio webcast of the conference call will be available through the following link: webcast.

About Alimentation Couche-Tard Inc.
Couche-Tard is the leader in the Canadian convenience store industry. In the United States, it is the largest independent convenience store operator in terms of number of company-operated stores. In Europe, Couche-Tard is a leader in convenience store and road transportation fuel retail in the Scandinavian countries (Norway, Sweden and Denmark), in the Baltic States (Estonia, Latvia and Lithuania, in Ireland and in Russia with an important presence in Poland.

As of April 24, 2016, Couche-Tard’s network comprised 7,888 convenience stores throughout North America, including 6,490 stores with road transportation fuel dispensing. Its North American network consists of 15 business units, including 11 in the United States covering 41 states and 4 in Canada covering all 10 provinces. Approximately 80,000 people are employed throughout its network and at its service offices in North America.

In Europe, Couche-Tard operates a broad retail network across Scandinavia, Ireland, Poland, the Baltics States and Russia through ten business units. As of April 24, 2016, Couche-Tard’s network is comprised of 2,659 stores, the majority of which offer road transportation fuel and convenience products while the others are unmanned automated fuel sites which only offer road transportation fuel. Couche-Tard also offers other products, including stationary energy, marine fuel, aviation fuel, lubricants and chemicals. Including employees at its branded franchise stores, approximately 25,000 people work in its retail network, terminals and service offices across Europe.

In addition, under licensing agreements, almost 1,500 stores are operated under the Circle K banner in 13 other countries and territories worldwide (China, Costa Rica, Egypt, Guam, Honduras, Hong Kong, Indonesia, Macau, Malaysia, Mexico, the Philippines, the United Arab Emirates and Vietnam), which brings the total network to over 12,000 stores.

For more information on Alimentation Couche-Tard Inc., please visit: http://corpo.couche-tard.com.

Additional Information and Where to Find It

This communication does not constitute a solicitation of any vote or approval. In connection with the proposed transaction, CST intends to file a proxy statement and other relevant documents concerning the proposed transaction with the U.S. Securities and Exchange Commission. CST will provide the full proxy statement to its stockholders. Investors and stockholders are urged to read the proxy statement and any other relevant documents filed with the SEC when they become available, as well as any amendments or supplements to those documents, because they will contain important information about the transaction. Investors and stockholders will be able to obtain a copy of the proxy statement as well as other filings containing information about CST free of charge at the SEC’s Web Site at http://www.sec.gov. In addition, the proxy statement, the SEC filings that will be incorporated by reference in the proxy statement and the other documents filed with the SEC by CST may be obtained free of charge from CST’s Investor Relations page on its corporate website at http://www.cstbrands.com.

CST and its directors, executive officers, and certain other members of management and employees may be deemed to be participants in the solicitation of proxies in favor of the proposed transaction from the stockholders of CST. Information about the directors and executive officers of CST is set forth in CST’s Annual Report on Form 10-K for the year ended December 31, 2015 and the proxy statement on Schedule 14A for CST’s 2016 Annual Meeting of Stockholders, which was filed with the SEC on April 29, 2016. Additional information regarding participants in the proxy solicitation may be obtained by reading the proxy statement regarding the proposed transaction when it becomes available.

Forward-Looking Statements

The statements set forth in this press release, which describe Couche-Tard’s objectives, projections, estimates, expectations or forecasts, may constitute forward-looking statements within the meaning of securities legislation. Positive or negative verbs such as “will”, “plan”, “evaluate”, “estimate”, “believe”, “expect” and other related expressions are used to identify such statements. Couche-Tard would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results, or the measures it adopts, could differ materially from those indicated or underlying these statements, or could have an impact on the degree of realization of a particular projection. Major factors that may lead to a material difference between Couche-Tard’s actual results and the projections or expectations set forth in the forward-looking statements include the effects of the integration of acquired businesses and the ability to achieve projected synergies, fluctuations in margins on motor fuel sales, competition in the convenience store and retail motor fuel industries, exchange rate variations, and such other risks as described in detail from time to time in documents filed by Couche-Tard with securities regulatory authorities in Canada. Unless otherwise required by applicable securities laws, Couche-Tard disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking information in this press release is based on information available as of the date of the release.

Contacts:

Investor Relations:
Claude Tessier
Chief Financial Officer
Tel: (450) 662-6632, ext. 4407
investor.relations@couche-tard.com

Media Relations:
Karen Romer
Director Global Communications
Tel: (514) 603-4505 / +47 950 74 950
karen.romer@couche-tard.com

Source: Couche-Tard

Walmart to acquire Jet.com for approximately $3 billion

BENTONVILLE, Ark. and HOBOKEN, N.J., 2016-Aug-13 — /EPR Retail News/ — Wal-Mart Stores, Inc. and Jet.com, Inc. today announced they have entered into a definitive agreement for Walmart to acquire Jet for approximately $3 billion in cash, a portion of which will be paid over time. Additionally, $300 million of Walmart shares will be paid over time as part of the transaction.

The acquisition will build on and complement the significant foundation already in place to serve customers across the Walmart app, site and stores and position the company for even faster e-commerce growth in the future by expanding customer reach and adding new capabilities. The acquisition, which is subject to regulatory approval, has been approved by the Boards of Directors for both companies and is expected to close this calendar year.

“We’re looking for ways to lower prices, broaden our assortment and offer the simplest, easiest shopping experience because that’s what our customers want,” said Doug McMillon, president and CEO, Wal-Mart Stores, Inc. “We believe the acquisition of Jet accelerates our progress across these priorities. Walmart.com will grow faster, the seamless shopping experience we’re pursuing will happen quicker, and we’ll enable the Jet brand to be even more successful in a shorter period of time. Our customers will win. It’s another jolt of entrepreneurial spirit being injected into Walmart.”

Jet is among the fastest growing and most innovative e-commerce companies in the U.S., with an experienced leadership team led by co-founder and CEO Marc Lore, together with fellow co-founders Mike Hanrahan and Nate Faust. Among other things, Lore previously co-founded and led Quidsi, the parent company of e-commerce sites Diapers.com, Soap.com and Wag.com. With the help of Faust and Hanrahan, Lore grew Quidsi into a prominent and successful business that was ultimately sold. The acquisition of Jet will infuse Walmart with fresh ideas and expertise, as well as an attractive brand with proven appeal, especially with Millennials, the first generation of true digital natives. Among other things, Jet has:

  • Demonstrated ability to scale with speed, reaching $1 billion in run-rate Gross Merchandise Value (GMV) and offering 12 million SKUs in its first year.
  • A growing customer base of urban and millennial customers with more than 400,000 new shoppers added monthly and an average of 25,000 daily processed orders.
  • Best-in-class technology that rewards customers in real time with savings on items that are bought and shipped together, thereby reducing the supply-chain and logistics costs often buried in the price of goods.
  • A select group of more than 2,400 retailer and brand partners tailored to create an attractive and distinctive assortment for consumers.

“We started Jet with the vision of creating a new shopping experience,” Lore said. “Today, I couldn’t be more excited that we will be joining with Walmart to help fuel the realization of that vision. The combination of Walmart’s retail expertise, purchasing scale, sourcing capabilities, distribution footprint, and digital assets – together with the team, technology and business we have built here at Jet – will allow us to deliver more value to customers.”

Walmart and Jet will maintain distinct brands, with Walmart.com focusing on delivering the company’s Everyday Low Price strategy, while Jet will continue to provide a unique and differentiated customer experience with curated assortment. Walmart and Jet will leverage innovative technology solutions from both companies to develop new offerings to help customers save time and money.

Walmart believes it will obtain the necessary regulatory approvals to complete the transaction and both companies intend to make all necessary filings in the near future.

As a reminder, Walmart will release its second quarter earnings on Thursday, Aug. 18, 2016.

Financial advisors to Walmart on this transaction were Allen & Company and J.P. Morgan Securities LLC.

About Walmart
Wal-Mart Stores, Inc. (NYSE: WMT) helps people around the world save money and live better – anytime and anywhere – in retail stores, online, and through their mobile devices. Each week, nearly 260 million customers and members visit our 11,527 stores under 63 banners in 28 countries and e-commerce websites in 11 countries. With fiscal year 2016 revenue of $482 billion, Walmart employs more than 2.3 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting http://corporate.walmart.com on Facebook at http://www.facebook.com/walmart and on Twitter at http://www.twitter.com/walmart. Online merchandise sales are available at http://www.walmart.com and http://www.samsclub.com.

Forward Looking Statements
The statements in this press release regarding the impact of this acquisition and the anticipated closing date are believed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended (the “Act”), that are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act. These forward-looking statements are subject to certain risks, uncertainties and other factors.

Investor Relations contact:
Steve Schmitt
(479) 258-7172

Media Relations contact:
Randy Hargrove
(800) 331-0085

Source: WalMart Stores, Inc.

 

G-III Apparel Group to acquire Donna Karan International (parent company of the Donna Karan and DKNY brands) from LVMH

New York, NY and Paris, 2016-Jul-27 — /EPR Retail News/ — G-III Apparel Group, Ltd. (NASDAQ:GIII), a leading designer, manufacturer and marketer of branded apparel and accessories, and LVMH Moët Hennessy Louis Vuitton (LVMH.PA), the world’s leading high quality products group, today announced that they have entered into a definitive agreement under which G-III will acquire Donna Karan International, Inc., parent of the Donna Karan and DKNY brands and owned by LVMH, in a transaction with an enterprise value of $650 million, subject to customary adjustments at closing. The transaction is expected to close in late 2016 or early 2017.

Morris Goldfarb, Chairman, Chief Executive Officer and President of G-III, said, “Donna Karan International is an iconic global fashion company. Its lifestyle aesthetic resonates well with consumers throughout the world. We are excited to build upon its strong foundation as we seek to capitalize on a significant market opportunity. Donna Karan brings increased scale and diversification, while providing incremental growth on top of our portfolio of some of the best fashion brands in the world. We believe we are well positioned to create and sustain additional value for our shareholders, partners, and customers.”

Toni Belloni, Group Managing Director of LVMH, said, “Donna Karan International has a deep heritage, global recognition, and renewed energy. We believe the DKNY brand has a dynamic position in the market, and when G-III approached us about acquiring the brand, we concluded that the time was right and that G-III was the right steward going forward. We are pleased to have reached an agreement with G-III, a company that has the expertise and capabilities to broaden the brand’s distribution and take it to its next level of success. We are grateful to CEO Caroline Brown, creative directors Maxwell Osborne and Dao-Yi Chow, and the entire management and design teams for the strategic actions that created a platform to support DKNY’s continued growth.”

G-III does not plan to update its financial guidance to reflect the effect of the acquisition until it has closed, although G-III further noted that, excluding purchase accounting charges and other adjustments, it preliminarily expects the acquisition to be dilutive in the fiscal year ending January 31, 2018, and accretive thereafter.

G-III plans to fund the acquisition through new indebtedness, $75 million of newly issued G-III common stock to LVMH, and a $75 million 6½ year seller note. In connection with the acquisition, G-III has obtained financing commitments from Barclays and JPMorgan Chase Bank, N.A. for a $525 million ABL credit facility and a $450 million 6-year term loan. The closing of the transaction is not subject to financing conditions.

Barclays is acting as exclusive financial advisor to G-III. Norton Rose Fulbright US LLP and Simpson Thacher & Bartlett LLP are acting as legal advisors to G-III. Barack Ferrazzano Kirschbaum & Nagelberg LLP is acting as legal advisor to LVMH.

About G-III
G-III is a leading manufacturer and distributor of apparel and accessories under licensed brands, owned brands and private label brands. G-III’s owned brands include Vilebrequin, Andrew Marc, Marc New York, Bass, G.H. Bass, Weejuns, G-III Sports by Carl Banks, Eliza J, Black Rivet and Jessica Howard. G-III has fashion licenses under the Calvin Klein, Tommy Hilfiger, Karl Lagerfeld, Kenneth Cole, Cole Haan, Guess?, Jones New York, Jessica Simpson, Vince Camuto, Ivanka Trump, Ellen Tracy, Kensie, Levi’s and Dockers brands. Through our team sports business, G-III has licenses with the National Football League, National Basketball Association, Major League Baseball, National Hockey League, Hands High, Touch by Alyssa Milano and more than 100 U.S. colleges and universities. G-III also operates retail stores under the Wilsons Leather, Bass, G.H. Bass & Co., Vilebrequin and Calvin Klein Performance names.

Statements concerning G-III’s business outlook or future economic performance, anticipated revenues, expenses or other financial items; product introductions and plans and objectives related thereto; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters are “forward-looking statements” as that term is defined under the Federal Securities laws. Forward-looking statements are subject to risks, uncertainties and factors which include, but are not limited to, reliance on licensed product, reliance on foreign manufacturers, risks of doing business abroad, the current economic and credit environment, the nature of the apparel industry, including changing customer demand and tastes, customer concentration, seasonality, risks of operating a retail business, customer acceptance of new products, the impact of competitive products and pricing, dependence on existing management, possible disruption from acquisitions and general economic conditions, as well as other risks detailed in G-III’s filings with the Securities and Exchange Commission. G-III assumes no obligation to update the information in this release.

About LVMH
LVMH Moët Hennessy Louis Vuitton is represented in Fashion and Leather Goods by a portfolio of brands that includes Louis Vuitton, Céline, Loewe, Kenzo, Givenchy, Thomas Pink, Fendi, Emilio Pucci, Donna Karan, Marc Jacobs, Berluti, Nicholas Kirkwood and Loro Piana. Its Wines and Spirits division includes Moët & Chandon, Dom Pérignon, Veuve Clicquot Ponsardin, Krug, Ruinart, Mercier, Château d’Yquem, Domaine du Clos des Lambrays, Château Cheval Blanc, Hennessy, Glenmorangie, Ardbeg, Wenjun, Belvedere, Chandon, Cloudy Bay, Terrazas de los Andes, Cheval des Andes, Cape Mentelle, Newton et Numanthia. LVMH is present in the Perfumes and Cosmetics sector with Parfums Christian Dior, Guerlain, Parfums Givenchy, Parfums Kenzo, Perfumes Loewe as well as other promising cosmetic companies (BeneFit Cosmetics, Make Up For Ever, Acqua di Parma and Fresh). LVMH is also active in selective retailing as well as in other activities through DFS, Sephora, Le Bon Marché, la Samaritaine and Royal Van Lent. LVMH’s Watches and Jewelry division comprises Bulgari, TAG Heuer, Chaumet, Dior Watches, Zenith, Fred, Hublot and De Beers Diamond Jewellers Ltd, a joint venture created with the world’s leading diamond group.

“Certain information included in this release is forward looking and is subject to important risks and uncertainties and factors beyond our control or ability to predict, that could cause actual results to differ materially from those anticipated, projected or implied. It only reflects our views as of the date of this presentation. No undue reliance should therefore be based on any such information, it being also agreed that we undertake no commitment to amend or update it after the date hereof.”

G-III Investor Relations:
ICR, Inc.

James Palczynski
+1 203.682.8229

G-III
Neal S. Nackman
Chief Financial Officer
+1 212.403.0500

LVMH Contacts
Analysts and investors:

Chris Hollis
LVMH
+ 33 1.4413.2122

Media:
US:
James Fingeroth/Molly Morse/Anntal Silver
Kekst
+1 212.521.4800

France: Michel Calzaroni/Olivier Labesse/ Sonia Fellmann/Hugues Schmitt
DGM Conseil
+ 33 1.4070.1189

UK: Hugh Morrison / Charlotte McMullen
Montfort Communications
+44 7921.881.800

Italy: Michele Calcaterra/ Matteo Steinbach
SEC and Partners
+39 02 6249991

Source: LVMH

RioCan Real Estate Investment Trust to acquire Canada Pension Plan Investment Board’s (“CPPIB”) interest in four properties

TORONTO, ONTARIO, 2016-Jul-23 — /EPR Retail News/ — RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) today announced that it has entered into a firm agreement with Canada Pension Plan Investment Board’s (“CPPIB”) to acquire their interest in four properties that are currently co-owned, which is anticipated to close before the end of July 2016. RioCan will purchase CPPIB’s 50% interest at an aggregate purchase price of$352 million and will not assume any additional mortgage debt from the seller in connection with the acquisition. As a result of the purchase, RioCan will own 100% of these four assets.

“We are very pleased to be able to complete this transaction with CPPIB, further improving our focus on Canada’s core urban markets to approximately 77%. These properties are all high quality institutional properties, and as with our earlier acquisitions from our partners we are able to integrate this acquisition seamlessly into our portfolio,” said Edward Sonshine, Chief Executive Officer of RioCan. “This acquisition, together with the acquisitions that have been completed since September 30, 2015, represents more than $1.2 billion dollars of acquisition activity. An impressive accomplishment in what remains a challenging market to acquire quality assets in an accretive manner. These acquisitions, together with organic growth will be the key drivers to the short-term performance in our Canadian portfolio. Long-term, our active development pipeline of largely urban mixed use properties improves the overall quality of the portfolio and will further support our growth profile.”

Properties Acquired:
Property Name Location Net Leasable Area
(NLA) at 100%
Grandview Corners Surrey, British Columbia 530,000
RioCan Meadows Edmonton, Alberta 310,000
RioCan Beacon Hill Calgary, Alberta 530,000
RioCan Centre Burloak Oakville, Ontario 455,000

The acquisition is immediately accretive, and is expected to generate additional annualized net operating income of approximately $18 million (net of fees previously earned from CPPIB). The transaction will be funded through internal resources including lines of credit.

Other Acquisition Activities:
RioCan has entered into a firm purchase agreement with Trinity Development Group Inc. (“Trinity”) to purchase their 25% interest in Chapman Mill Marketplace in Ottawa, Ontario. RioCan will own 100% in the centre and will purchase Trinity’s interest for $35.6 million. In connection with the purchase price RioCan will assume $18.2 million of the in place debt, which carries an interest rate of 3.9% and is scheduled to mature in 2018. Also from Trinity, during the second quarter RioCan acquired an additional 25% interest at a purchase price of $11.8 million, bringing RioCan’s ownership interest in South Bank Centre in Okotoks, Alberta, to 75%. In connection with the purchase, RioCan assumed an additional $6.2 million of the in place debt on the property that carries an interest rate of 3.3% and matures in 2017. RioCan will continue to act as property and asset manager for the centre. Collectively, these two acquisitions are expected to generate additional annualized net operating income of approximately $2.5 million (net of lost property management fees).

During the second quarter 2016, RioCan acquired the remaining 50% interest in RioCan Thickson Ridge, located in Whitby, Ontario from its partner,Kimco Realty Corporation at a purchase price of $45.0 million at RioCan’s interest. The property was acquired unencumbered by any third party debt. The acquisition is expected to generate additional annualized net operating income of approximately $2.9 million (net of lost property management fees).

RioCan and Tricon Capital Group Inc. (“Tricon”) acquired the Shops of Summerhill in Toronto, Ontario on a 75% RioCan, 25% Tricon joint venture basis at a purchase price of $31.5 million at RioCan’s interest ($42 million at 100%), which equates to a 4.0% capitalization rate. RioCan will act as property manager for this fully occupied landmark property, located in one of Toronto’s most exclusive areas. The partners assumed the in place mortgage financing of $13.6 million (at 100%) that carries an interest rate of 3.9% and matures in 2022.

Forward Looking Advisory
This news release contains forward-looking statements within the meaning of applicable securities laws. These statements include, but are not limited to, statements made in this News Release regarding RioCan’s recent acquisitions and development portfolio, together with other statements concerning RioCan’s objectives, its strategies to achieve those objectives, as well as statements with respect to management’s beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, leverage ratios, circumstances, performance or expectations that are not historical facts, including but without limitation to the intended use of proceeds from the sale. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plan”, “continue”, or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. All forward-looking statements in this News Release are qualified by these cautionary statements.

Forward-looking information is not a guarantee of future events or performance and, by its nature, is based on RioCan’s current estimates and assumptions, which are subject to numerous risks and uncertainties, including those described under “Risks and Uncertainties” in RioCan’s Management’s Discussion and Analysis for the year ended March 31, 2016 (“MD&A”) and the Trust’s most recent Annual Report and Annual Information Form, which could cause actual events or results to differ materially from the forward-looking information contained in this News Release. Those risks and uncertainties include, but are not limited to, those related to: liquidity and general market conditions; tenant concentrations and related risk of bankruptcy or restructuring (and the terms of any bankruptcy or restructuring proceeding), defaults, including the failure to fulfill contractual obligations by the tenant or a related party thereof; retailer competition; access to debt and equity capital; interest rate and financing risk; joint ventures and partnerships; the relative illiquidity of real property; development risk associated with construction commitments, project costs and related approvals; environmental matters and property management. Although the forward looking information contained in this News Release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. Certain statements included in this News Release may be considered “financial outlook” for purposes of applicable securities laws, and such financial outlook may not be appropriate for purposes other than this News Release.

The Income Tax Act (Canada) contains provisions which potentially impose tax on publicly traded trusts (the SIFT Provisions). However, the SIFT Provisions do not impose tax on a publicly traded trust which qualifies as a REIT. RioCan currently qualifies as a real estate investment trust for Canadian tax purposes and intends to qualify for future years. Should this not occur, certain statements contained in this News Release may need to be modified.

Except as required by applicable law, RioCan undertakes no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

About RioCan
RioCan is Canada’s largest real estate investment trust with a total enterprise value of approximately $16 billion as at March 31, 2016. RioCan owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 303 Canadian retail and mixed use properties, including 16 properties under development, containing an aggregate net leasable area of 46 million square feet. For further information, please refer to RioCan’s website at www.riocan.com.

Contact Information:
RioCan Real Estate Investment Trust
Cynthia J. Devine
Executive Vice President, Chief Financial Officer
and Corporate Secretary
(647) 253-4973
www.riocan.com

Source: RioCan Real Estate Investment Trust

Kroger: Axium Pharmacy Holdings, Inc. to acquire the outstanding shares of Modern HC Holdings, Inc.

CINCINNATI and ORLANDO, Fla., 2016-Jul-21 — /EPR Retail News/ — The Kroger Co. (NYSE: KR) today announced an agreement for Axium Pharmacy Holdings, Inc. (“Axium”) to acquire the outstanding shares of Modern HC Holdings, Inc. (“ModernHEALTH”), a leading specialty pharmacy, to create a combined specialty pharmacy that will operate as a wholly-owned subsidiary of The Kroger Co.

“This strategic investment will accelerate the growth of Kroger’s health and wellness business,” said Robert Clark, Kroger’s senior vice president of merchandising. “Expanding our specialty pharmacy services will provide our customers with greater access to medications we don’t currently dispense and access to additional services without going to another pharmacy.”

ModernHEALTH, based in Orlando, is one of the nation’s largest independent providers of specialty pharmacy services. The company employs approximately 500 associates who provide comprehensive specialty pharmacy services including IVIG for patients who require IV-based therapies for autoimmune and primary immune deficiency diseases, and comprehensive medication management for HIV, Cystic Fibrosis, Transplant, Hepatitis C, Rheumatoid Arthritis and Dermatology.

Kroger is a leading provider of health and wellness services. Kroger operates 2,230 pharmacy locations and 195 The Little Clinic locations. The company’s pharmacists also provide health coaching, biometric screening and other wellness services designed to deliver positive health outcomes for patients. Axium, which became a wholly-owned subsidiary of Kroger in 2012, is one of the nation’s largest independent providers of specialty pharmacy services, offering a range of clinical services to patients with complex chronic conditions.

The transaction is subject to certain regulatory approvals, including from the FTC. Financial terms were not disclosed.

Operational Profile
Kroger pharmacy is currently the fifth-largest pharmacy operator in the U.S. and specialty pharmacy is the primary area of growth in pharmaceuticals. Merging ModernHEALTH and Axium into a combined specialty pharmacy should improve purchasing efficiencies and allow the companies to combine each other’s payer strategies to bring down costs. The combination will also allow Kroger’s specialty pharmacy business to expand into new territories in the West and Southwestern U.S., and expand offerings to other disease states.

“Combining Axium and ModernHEALTH’s expertise with Kroger’s health and wellness services will allow Kroger to both serve more customers who require complexdrug therapies, and deliver those therapies at greater value to customers and insurance payers,” said Mr. Clark. “The merger adds IVIG services to Kroger’s specialty pharmacy capabilities, servicing patients who require IV-based therapies for autoimmune and primary immune deficiency diseases, and also expands our ability to serve more patients requiring complex therapies for Cystic Fibrosis and Rheumatoid Arthritis.”

ModernHEALTH is comprised of several business segments that provide highly-specialized services, including: TLCRx Pharmacy, with locations in New Orleans, Orlando and Addison, TX, primarily providing services to patients in Rheumatology, Dermatology, Hepatitis C and Cystic Fibrosis; Biofusion, based in Torrance, CA, serving patients requiring Subcutaneous Immune Globulin (SCIG) and IV Immune Globulin (IVIG) for autoimmune and primary immune deficiency diseases; ModernHEALTH Specialty Pharmacy, with two sites in Southern California, focusing on HIV, Transplant and Cystic Fibrosis therapies; and two home infusion pharmacies in Dothan, AL and Richardson, TX.

Headquartered in Lake Mary, Florida, Axium employs 300 associates who provide a range of clinical services to patients with complex chronic conditions through locations in California, Puerto Rico, Tennessee and Mississippi. Axium provides drug therapies and patient-support services to treat chronic, genetic and other complex medical conditions such as cancer, Hepatitis C, Rheumatoid Arthritis, Multiple Sclerosis and numerous other chronic care conditions.

Headquarters for the combined specialty pharmacy will be located in a new facility under construction in Lake Mary, FL, with continued support from existing facility locations. The combined organization will employ approximately 800 associates and will continue to operate as an independent company within the Kroger family.

“We are very excited to welcome ModernHEALTH’s leadership team and all 500 current associates to the Kroger family,” said Mr. Clark.

“Our partnership with Kroger and Axium will enable us to provide more customers in more places with the critical specialty pharmacy services they need,” said Dom Meffe, ModernHEALTH’s CEO. “We believe this relationship will create efficiencies, accelerate growth in the high-growth specialty pharmacy market, and improve the overall quality of our combined healthcare services. We are also pleased that this partnership means our business headquarters will remain and grow in Orlando.”

With over 20 years of experience in the specialty pharmacy space, Mr. Meffe will lead the new combined business as CEO after close. Before leading ModernHEALTH, Mr. Meffe was founder and CEO of Curascript Pharmacy, a company he led before selling to Express Scripts.

Axium’s CEO, Mark Montgomery, will help ensure a smooth transition after the merger closes. His future plans will be announced at a later date. Mr. Montgomery has been with Axium for 13 years, the last 10 as president and CEO. With nearly 30 years of healthcare leadership experience, he has held instrumental management roles with multiple leading nationwide specialty pharmacy providers.

Jefferies LLC served as ModernHEALTH’s financial advisor, and Ropes and Gray LLP acted as ModernHEALTH’s legal advisor. Jones Day acted as legal advisor to Kroger.

Every day, the Kroger Family of Companies makes a difference in the lives of eight and a half million customers and 431,000 associates who shop or serve in 2,778 retail food stores under a variety of local banner names in 35 states and the District of Columbia. Kroger and its subsidiaries operate an expanding ClickList offering – a personalized, order online, pick up at the store service – in addition to 2,230 pharmacies, 785 convenience stores, 323 fine jewelry stores, 1,400 supermarket fuel centers and 38 food production plants in the United States. Kroger is recognized as one of America’s most generous companies for its support of more than 100 Feeding America food bank partners, breast cancer research and awareness, the military and their families, and more than 145,000 community organizations including schools. A leader in supplier diversity, Kroger is a proud member of the Billion Dollar Roundtable.

Contact:

Call Center
(Open Mon. – Fri. 8 a.m. – 9 p.m. EST)

1-866-221-4141

Mail
The Kroger Co.
Customer Relations
1014 Vine Street
Cincinnati, Ohio 45202-1100

Corporate Switchboard
(513) 762-4000

SOURCE: The Kroger Co.

SUPERVALU to acquire 22 Food Lion grocery stores that are being sold in connection with the merger between Ahold and Delhaize

MINNEAPOLIS, 2016-Jul-15 — /EPR Retail News/ — SUPERVALU INC. (NYSE:SVU) today announced it has entered into a definitive agreement to acquire 22 Food Lion grocery stores that are being sold in connection with the merger between Ahold and Delhaize. The 22 Food Lion stores are located in northern West Virginia, western Maryland, south central Pennsylvania and northwestern Virginia. The acquired stores will be converted to SUPERVALU’s Shop ‘N Save format and at least initially be operated by SUPERVALU. SUPERVALU is in discussions with certain of its wholesale customers and the Federal Trade Commission (FTC) on ways for its wholesale customers to have an interest in these stores going forward.

SUPERVALU supplies and supports nearly 100 independently-operated Shop ‘N Save stores located primarily in western Pennsylvania and West Virginia. These independently-operated stores are a key component of SUPERVALU’s wholesale business and the network of stores and owners is among the strongest in SUPERVALU’s wholesale business. The 22 acquired stores are expected to benefit from both the scale of the format and similar merchandising and marketing strategies. These stores are not part of SUPERVALU’s corporately-owned Shop ‘n Save retail banner comprised of 44 stores in the St. Louis, Missouri area.

“I’m pleased that SUPERVALU will acquire these stores, which should provide excellent opportunities for our wholesale customers, who were unable to buy them outright,” said SUPERVALU President and CEO Mark Gross. “The stores will operate under our Shop ‘N Save format, which we believe is a great format for us and our wholesale customers. This acquisition is another example of the work we’re doing to grow our business and to deliver creative solutions for our wholesale customers.”

The stores being acquired are conventional supermarkets that are approximately 35,000 square feet in size. As Shop ‘N Save stores, the plan will be to deliver a full-variety meat department, full-service delis and bakeries and an expanded produce department. Additionally, these 22 stores also will receive comprehensive marketing, advertising, and promotional support, including implementation of the Shop ‘N Save loyalty card program, and interactive website and mobile app. The 22 stores currently employ more than 1,200 full and part-time associates and, as part of the acquisition, SUPERVALU anticipates offering employment to substantially all interested employees.

The acquisition of the 22 stores is subject to customary closing conditions, including approval by the FTC, and is expected to be completed in a staggered closing process over the next 105 days.

A complete list of stores and locations follows below.

Food Lion Stores Being Acquired by SUPERVALU

Store Address City ST Zip
761 East Wilson Boulevard Hagerstown MD 21740
22401 Jefferson Boulevard Smithburg MD 21783
18717 North Pointe Drive Hagerstown MD 21742
17718 Virginia Avenue Hagerstown MD 21740
18360 College Road Hagerstown MD 21740
4170 Philadelphia Avenue Chambersburg PA 17202
875 Lincoln Way West Chambersburg PA 17202
500 North Antrim Way Greencastle PA 17225
11105 Buchanan Trail Waynesboro PA 17268
707 Fort Collier Road Winchester VA 22601
2600 Valley Avenue Winchester VA 22601
249 Sunnyside Plaza Circle Winchester VA 22603
609 K East Main Street Purcellville VA 20132
260 Remount Road Front Royal VA 22630
409 North McNeil Road Berryville VA 22611
190 Delco Plaza Winchester VA 22602
380 Fairfax Pike Stephens City VA 22655
159 Grocery Avenue Winchester VA 22602
147 Roaring Lion Drive Hedgesville WV 25427
1140 Winchester Avenue Martinsburg WV 25401
50 Coast Guard Drive Kearneysville WV 25430
1317 Old Courthouse Square Martinsburg WV 25401

About SUPERVALU INC.
SUPERVALU INC. is one of the largest grocery wholesalers and retailers in the U.S. with annual sales of approximately $18 billion. SUPERVALU serves customers across the United States through a network of 3,588 stores composed of 1,796 independent stores serviced primarily by the Company’s food distribution business; 1,360 Save-A-Lot stores, of which 897 are operated by licensee owners; and 200 traditional retail grocery stores (store counts as of February 27, 2016). Headquartered in Minnesota, SUPERVALU has approximately 40,000 employees.

For more information about SUPERVALU visit www.supervalu.com.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.

Except for the historical and factual information contained herein, the matters set forth in this news release, particularly those pertaining to SUPERVALU’s expectations, guidance, or future operating results, and other statements identified by words such as “estimates,” “anticipates,” “expects,” “projects,” “plans,” “intends,” “will” and similar expressions are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including uncertainties as to the timing of the acquisition and satisfaction of the closing conditions, including approval by the FTC, SUPERVALU’s ability to integrate the Food Lion stores into the Shop ‘N Save format and ability to reach agreement on ways for its wholesale customers to have an interest in these new stores, and the resulting business impacts of these new stores. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, SUPERVALU undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

For Investors:
Steve Bloomquist
952-828-4144
Steve.j.bloomquist@supervalu.com

For Media:
Jeff Swanson
952-903-1645
Jeffrey.s.swanson@supervalu.com

Source: SUPERVALU INC.

eBay to acquire Israel-based SalesPredict that uses advanced analytics to predict customer buying behavior and sales conversion

San Jose, California, 2016-Jul-13 — /EPR Retail News/ — Today eBay announced it will acquire SalesPredict, an Israel-based company that leverages advanced analytics to predict customer buying behavior and sales conversion. SalesPredict is eBay’s latest acquisition that will support its artificial intelligence, machine learning and data science efforts.  It follows eBay’s recent acquisition of Expertmaker, in order to further bolster our structured data efforts.  Financial terms of the deal were not disclosed.

Upon the close of the transaction, a number of SalesPredict’s employees will join eBay’s structured data organization, working from eBay’s Israeli Development Center in Netanya. SalesPredict Co-Founder and CEO Yaron Zakai-Or will serve as a Director of Product Management, Technology, and SalesPredict Co-Founder and CTO Kira Radinsky will be Director of Data Science & Chief Scientist, eBay Israel.

“Today’s agreement to acquire SalesPredict builds upon our recently completed acquisition of Expertmaker, marking another milestone for eBay in our plans to apply world class learning approaches to building the world’s most comprehensive product catalog and pricing guide,” said Amit Menipaz, Vice President and General Manager of Structured Data at eBay. “SalesPredict’s deep expertise in predictive analytics and machine learning will contribute to eBay’s structured data efforts.  For our buyers, it will help us better understand the price differentiating attributes of our products, and, for our sellers, it will help us build out the predictive models that can define the probability of selling a given product, at a given price over time.

There are three key efforts that comprise eBay’s structured data initiative: collect the data; process and enrich the data; and create product experiences.  SalesPredict will contribute to data processing and enrichment, specifically with respect to inventory insights.

“With more than 900 million listings on eBay, there is an enormous opportunity to extend our experience in machine learning and predictive analytics to help eBay identify important product attributes that can affect the price of a product,” said Yaron Zakai-Or.  “In partnership with eBay’s broader structured data team, we will help arm eBay sellers with more information about the value of items, ultimately helping to increase customer sales conversions.”

“As a data scientist at heart, I’ve always been interested in exploring the myriad ways we can leverage data to predict future high impact events,” said Kira Radinsky.  “In founding SalesPredict, our vision was to bring about a major change in how business is conducted by unifying micro- and macro-economic predictions.  Today, this vision has yielded state-of-the-art automated data science capabilities. I am excited to have the opportunity to bring these capabilities to eBay’s community and ecosystem.”

SalesPredict was co-founded in 2012 by Yaron Zakai-Or and Kira Radinsky and its main investors include Yandex, AfterDox, Redline Capital, KGC Capital, and Pitango Venture Capital.  Prior to SalesPredict, Zakai-Or held various product management positions at Kontera, Microsoft and Quiver. Radinsky is a graduate of Technion-Israel Institute of Technology.  She was recognized by Forbes in 2015 as one of “30 Under 30 in Enterprise Tech” and was named to the prestigious “35 Young Innovators Under 35” by the MIT Technology Review in 2013. in 2014, Forbes named her one of the “50 Most Influential Women in Israel.”

SalesPredict will join eBay’s existing development center in Netanya that specializes in data science and is led by Yuval Matalon.

Contact:

eBay Headquarters
2065 Hamilton Avenue
San Jose, California 95125
USA

(408) 376-7400

Source: eBay