Safeway completes sale of Canadian operations to Sobeys
PLEASANTON, Calif. — Safeway on Monday announced that it has completed the sale of the net assets of Canada Safeway to Sobeys, a wholly-owned subsidiary of Empire Co.
Proceeds from the transaction of $3.8 billion in cash after taxes and expenses and between $400 and $450 million in U.S. tax benefits related to the exit of the Chicago market will be used to pay down $2 billion of debt, with the majority of the remainder to be used to buy back stock. In addition, some of the proceeds may be used to invest in growth opportunities, Safeway reported.
"We are pleased to have completed the sale of our Canadian operations to Sobeys," stated Robert Edwards, Safeway president and CEO. "We believe this represents a significant contribution to shareholder value."
Kmart, Sears offer extended holiday shopping hours
HOFFMAN ESTATES, Ill. – Sears and Kmart stores will open on Thanksgiving Day and stay open all night for early holiday shopping, parent company Sears Holdings said Monday.
The company said Kmart stores will open at 6 a.m. on Thanksgiving and stay open until 11 p.m. on Black Friday, while Sears stores will open at 8 p.m. on Thanksgiving and stay open until 10 p.m. on Black Friday. Stores in Massachusetts, Rhode Island, Maine and Puerto Rico will not be open on Thanksgiving due to state laws.
Members of the Shop Your Way loyalty program will have access to seamless shopping at Sears.com and Kmart.com and through corresponding mobile apps.
"Sears and Kmart have been leaders in integrated retail, delivering convenient options to create a more rewarding shopping experience for our customers while blurring the boundaries between offline and online shopping," Sears Holdings SVP customer experience and integrated retail Leena Munjal said. "Our Shop Your Way members have the option to shop anytime, anywhere and anyway they want, especially during the busiest shopping weekend of the year."
Publix posts third-quarter comp lift of 4.1%
LAKELAND, Fla. — Publix on Friday posted sales for third quarter 2013 of $7 billion, representing a 5.6% increase. Comparable-store sales for third quarter 2013 increased 4.1%.
Publix’s sales for the first nine months of 2013 were $21.6 billion, a 5.2% increase from last year’s $20.5 billion. Comparable-store sales for the first nine months of 2013 increased 3.4%.
Effective Nov. 1, Publix’s stock price increased from $27.55 per share to $30 per share. Publix stock is not publicly traded and is made available for sale only to current Publix associates and members of its board of directors.
"I’m very pleased we had another significant increase in our stock price, resulting in a 33% increase in our stock price over the last year," stated CEO Ed Crenshaw. "Our associates continue to deliver premier customer service, the key to our success."