LONDON HEDGE FUND REVEALS 5.7% STAKE IN A&P
MONTVALE, N.J. — London-based hedge fund Cheyne Capital Management has purchased 2.4 million shares of A&P stock, taking a 5.7% ownership stake in the retailer here, the fund said in a Securities and Exchange Commission document last week. Cheyne, according to its website, specializes in event-driven, credit and asset-backed securities, equities and equity-linked investing. Its previous retailer investments include Bed Bath & Beyond and Blockbuster, filings show.
REAL ESTATE FIRM SEES MORE ALBERTSONS DEALINGS
NEW HYDE PARK, N.Y. — An investment in Albertsons' non-core assets will continue to pay off in coming years, executives of real estate company Kimco here said last week. “There's still a substantial amount of assets and activity to deal with and to resolve. So we feel very comfortable that there's going to be continued significant receipt of funds and recoveries over the next couple of years,” Michael V. Pappagallo, chief financial officer, said in an earnings conference call late last month. Kimco has recognized in excess of $50 million through the sale or re-leasing of Albertsons stores since partnering with Cerberus Capital and other investors in a consortium that bought around 655 Albertsons stores last year. The group, known as Albertsons LLC, has so far sold its Northern California stores but has continued to operate them in Florida and other markets.
PUBLIX'S SALES, EARNINGS RISE IN SECOND QUARTER
LAKELAND, Fla. — Sales at Publix Super Markets increased by 5.9% to $5.7 billion during the second quarter, the retailer here said Wednesday. Earnings improved by 16.1% to $306.4 million, while comparable-store sales climbed by 4% over the period, Publix said. Publix stock, privately held by the company's directors and employees, remained at $20.90 per share, based on its most recent appraisal. “I'm pleased our good results were able to offset relatively poor stock market performance,” Charlie Jenkins Jr., Publix's chief executive officer, said in a statement.
MARSH SELLS BUTTERFIELD FOODS COMMISSARY
INDIANAPOLIS — Marsh Supermarkets here said last week it has sold the assets of its Butterfield Foods commissary kitchen to a group led by the division's president. Terms were not disclosed. Frank Violi, the president of Butterfield since 2003, is acquiring the assets through his Violi Foods concern, based in Noblesville, Ind., where Butterfield is also located. Butterfield serves as a central kitchen for Marsh supermarkets, supplying salads and other deli items, and will continue to supply certain items as part of the sale agreement. Marsh, which also recently sold its McNamara Floral division to that group's president, said it would use the proceeds from the Butterfield sale to invest in its stores.
C&S CONVERTS 5 STORES TO PIGGLY WIGGLY BANNER
BIRMINGHAM, Ala. — Five Southern Family Markets stores in Georgia reopened last week flying the Piggly Wiggly banner, said C&S Wholesale Grocers here, which owns and operates the stores. The conversions will accompany a new focus on fresh food and customer service, the company said in a statement. C&S launched the Southern Family banner after acquiring 104 stores in the Southeast from Bi-Lo Bruno's in 2005. Late that year, 12 former FoodMax stores in the chain were converted to Piggly Wiggly, though some of those stores have since closed. C&S operates 42 stores, including the new Piggly Wiggly locations, in the Southern Family chain as well as 10 liquor stores, the company said.