Albertsons, Supervalu Set May 30 Shareholder Vote
and a consortium of other companies is scheduled to take place here May 30 at the offices of two groups of attorneys, the companies said. In proxy materials issued last week, Albertsons and Supervalu asked shareholders to vote in favor of the merger agreement. Also, Supervalu said it plans to provide financial guidance for the balance of the year for the combined Supervalu-Albertsons entity in the next couple of weeks, and it also plans to disclose the entity's new executive management team, the company said at an investor conference here last week.
DELANO TO BUY 12 N. CALIF. STORES FROM KROGER
CINCINNATI - Kroger Co. here said last week it has reached a tentative agreement to sell 12 Cala Foods and Bell Markets in the San Francisco Bay area to a group headed by Harley DeLano, the former president of Cala. DeLano Retail Partners has agreed to buy the stores for an undisclosed sum. The deal is expected to close in two months. The sale marks another step in Kroger's pullout of conventional stores from Northern California, including the closing of 23 Ralphs-banner stores over the last few months. Following the sale, Kroger will have one Ralphs store and five Cala and Bell locations left in the region - plus eight FoodsCo warehouse stores it apparently intends to retain.
Judge Orders Arbitration in Stop & Shop Dispute
NEW YORK - A U.S. District Court judge here has ordered Stop & Shop and a local union to resume arbitration proceedings regarding implementation of labor management software under an arbitrator selected by the union. Stop & Shop, Quincy, Mass., alleged United Food & Commercial Workers Local 342, Mineola, N.Y., had recused two arbitrators in an attempt to engineer a favorable result to the dispute, and sought to re-start arbitration under its own arbitrator. However, the court ruled last week that the proceedings should resume under the second union-appointed arbitrator. The debate dates back to the union's objection to the installation of labor management software last year.
Marsh Agrees to $88 Million Sun Capital Buyout
INDIANAPOLIS - Marsh Supermarkets here last week signed a definitive agreement to be acquired by an affiliate of Sun Capital Partners, Boca Raton, Fla. Sun Capital will pay $11.125 per share in cash for all of Marsh's Class A and B stock, or about $88 million. The deal requires regulatory and shareholder approval and is expected to close in the third quarter.
Winn-Dixie Receives Higher Bids for Stores
JACKSONVILLE, Fla. -Winn-Dixie Stores has received $4.3 million in stalking-horse bids for stores slated for closure or sale at an auction this week, up from $3.6 million reported last month, the retailer said in a U.S. Bankruptcy Court filing here. Winn-Dixie said in February it would close or sell 35 unprofitable stores, 15 of which have been bid on by various entities. Sunrise Properties has offered the most for a single store, $1.05 million for a location in Davie, Fla. Publix Super Markets remained a bidder for locations in Tampa and Vero Beach, Fla.
Northeast Ohio Chains Reach Contract Agreement
YOUNGSTOWN, Ohio - Workers at five supermarket chains in Ohio have reached tentative agreement on a new contract, the parties said in a joint statement. The three-year contract covers around 14,000 employees at 150 stores in northeastern Ohio operated by Giant Eagle, Tops, Heinen's, R.W. Albrecht and Fisher's Foods. Workers are expected to vote on the new agreement over the next two weeks.
