TOPS RECEIVES GRANT TO HELP FUND EXPANSION
WILLIAMSVILLE, N.Y. — Tops Markets will receive a $1.2 million New York state grant to assist its transition from a shared services agreement with Ahold to local accounting, purchasing and information services, the company and state officials said last week. Tops was sold to an affiliate of Morgan Stanley Private Equity in December and is separating its operations from those of its former owner, Ahold. Ahold had previously shifted those functions from Tops' headquarters here to its Giant division in Carlisle, Pa. The grant from the Empire State Development Corporation will help Tops add as many as 140 local jobs, in addition to retaining about 145 current employees. In conjunction with the grant, Tops said it has signed a new long-term lease at its headquarters. The company, which currently occupies 33,000 square feet, will add an additional 7,000 square feet of space.
MARSH TO OPEN ARTHUR'S AS HOMETOWN MARKET
NEW PALESTINE, Ind. — Marsh Supermarkets said last week it will reopen its former Arthur's Fresh Market location here under the Marsh Hometown Market banner. The Arthur's was one of 16 stores the Indianapolis-based company closed in 2006 as it began reorganizing under private ownership. The two Arthur's stores were designed in 2004 as small-format (under 25,000 square feet) fresh boxes emphasizing perishables and prepared foods. Both locations, here and in Syracuse, Ind., were shuttered. The store is scheduled to reopen “no later than midsummer,” Marsh said.
SORIANA TO RAISE $1.4 BILLION FOR GIGANTE BUY
MONTERREY, Mexico — Soriana intends to raise about $1.4 billion in a debt offering to refinance a loan it used to purchase rival Gigante last year, the retailer here said last week. Soriana said it would purchase more than 200 stores from Gigante, including seven in the U.S., in December. It said it will present its plan to raise debt in a meeting of its shareholders next month.
HARRIS TEETER PLANS STORE IN DC'S NOMA AREA
WASHINGTON — Harris Teeter has agreed to a 20-year lease for a new grocery store at Constitution Square, a mixed-use complex under development here. The 50,000-square-foot store will be located in the “NoMa” (North of Massachusetts Ave.) neighborhood and is scheduled to open in the winter of 2010/2011, according to the NoMa Business Improvement District here and developer StonebridgeCarras, Bethesda, Md. Harris Teeter, a division of Ruddick Corp., Matthews, N.C., will build the store on a single level. The project will also house new offices of the U.S. Department of Justice, as well as additional office, residential and retail space.
REWARD INCREASED IN REDNER MURDER CASE
SPRING TOWNSHIP, Pa. — Donors last week more than doubled the reward for information leading to an arrest in the murder of Redner's Markets executive Gary Redner, reports said. Pennsylvania State Police said an anonymous donor matched the initial reward of $20,000 Tuesday. That was followed Thursday with a $5,000 donation from Phepps Label Co. of Sinking Spring., Pa., reports said Thursday. Redner was found beaten to death outside a neighbor's home on March 9.
LOBLAW CLOSES ON NEW $800M CREDIT FACILITY
TORONTO — Loblaw Cos. has closed on a new credit facility worth $800 million, the retailer here said. The five-year facility, provided by a syndicate of banks, replaces an existing $500 million committed credit facility, Loblaw added. Loblaw operates more than 1,000 corporate and franchised stores across Canada.