GRAND UNION CO., Wayne, N.J., had its underfunded pension plan taken over last week by the Pension Benefit Guaranty Corp., Washington, a federal agency. "Nearly all workers can expect to receive full benefits," the PBGC said. Grand Union's plan had only $183 million to cover total benefit liabilities of an estimated $205 million, according to the PBGC. The 17,000 plan participants include about 8,400 who worked for the now-defunct Colonial Stores chain that Grand Union purchased in 1980, and whose pension plan was merged with Grand Union's in 1993, the PBGC said.
e. According to the United Food and Commercial Workers union, Tire and Lube Express employees at the Kingman store authorized UFCW Local 99R to petition the NLRB for a union vote in August, but that Wal-Mart used illegal tactics to kill the vote. A hearing on the matter is scheduled for May 1.
A&P, Montvale, N.J., said last week it had earnings losses and increased sales for the third quarter and 40 weeks ended Dec. 2. Sales rose 4.1% to $2.4 billion for the 12-week quarter and 4.4% to $8.1 billion for the 40-week period, while comparable store sales increased 1.4% for the quarter and 2% for the year to date. A&P said the loss, including special items related to its Great Renewal strategic initiatives, totaled $14.5 million for the quarter, compared with net income of $21 million a year ago; and $14.3 million for the 40 weeks, compared with net income of $7.2 million last year.
Delhaize America, Salisbury, N.C., said last week sales for the year ended Jan. 1 rose 16.3% to $12.7 billion and comparable-store sales rose 0.8%, while sales for the fourth quarter increased 32.5% to $4.5 billion and comps rose 2.1%, reflecting results from the acquisition of Hannaford Bros. Co. in July. The company said it will spend approximately $450 million in fiscal 2001 to open 44 new stores, relocate seven and remodel 70, with sales expected to grow approximately 17% to 18%. The company said it will announce earnings results Feb. 13.
