Bashas’ files for bankruptcy protection
CHANDLER, Ariz. The 15th largest privately owned supermarket chain in the country has filed for reorganization under Chapter 11.
Bashas’ voluntarily filed for reorganization based on the national credit crisis, stagnation in the Arizona economy and what it called the “repeated, ongoing attacks from the international and local grocery worker’s union.”
“We made this bold move to help preserve the business and the jobs of our more than 10,000 employees,” Bashas’ president and CEO Mike Proulx said in a statement. “We did this to improve the health of the company as we navigate through difficult economic times.”
The company said it has financial backing and has obtained a debtor in possession loan commitment for $45 million to continue operations.
“We are confident that our family of stores is here to stay,” SVP and Basha family spokesman Edward Basha said. “We’re not winding down operations, and it is not our intention to sell to another entity.”
P&M makes grilling easier with recyclable all-in-one EZ Grill
NEW YORK P&M is rolling out its new environmentally friendly all-in-one EZ Grill, perfect for the summer season.
According to manufacturers, the portable EZ Grill is a 100% recyclable instant grill, complete with foil pan, grill grate, stand and charcoal.
The disposable instant grill is all-natural and free from all additives, chemicals and fillers. It lights with one match and is perfect for tailgating, camping or a barbecue.
EZ Grill can be found at Winn-Dixie stores, Red Apple Markets and drugstore.com and is available in two sizes.
Standard & Poor raises outlook on Rite Aid
NEW YORK Standard & Poor’s Ratings Services on Tuesday revised its outlook on Rite Aid to stable from negative, the company announced.
“The rating action follows Rite Aid’s successful refinancing of the bulk of its 2010 debt maturities, including a new $1 billion asset-based revolving credit facility, thereby improving its liquidity position and enhancing financial flexibility,” stated Standard & Poor’s credit analyst Ana Lai. “Further, Rite Aid’s operating performance remains adequate and we expect cash flow generation to improve due to operating initiatives to reduce inventory and capital spending cuts, resulting in good levels of positive free cash flow.”
Standard & Poor’s Ratings Services suggested it would consider revising the outlook to positive if the company is successful at turning around the Eckerd stores’ performance, thereby increasing profitability and cash flow, with credit metrics strengthening such that leverage falls to less than 7.0x.