INVESTOR URGES CASEY'S TO NEGOTIATE
ANKENY, Iowa — An investment group identifying itself as a long-term shareholder of Casey's General Stores has urged the convenience retailer here to negotiate with Alimentation Couche-Tard, rather than reject its suitors' overtures flatly. Couche-Tard is in the midst of a hostile takeover effort of Casey's. “Anything less gives the impression that independence, not the maximization of shareholder value, is the board's highest priority,” New York-based investor Clearbridge Advisors said in a letter to Casey's board of directors filed with the Securities and Exchange Commission last week. Clearbridge said it agreed with Casey's board that Couche-Tard's $36-per-share may undervalue Casey's but that its “intransigence discourages a higher offer and could result in shareholder wealth destruction should the Couche-Tard tender offer be withdrawn or not accepted by shareholders.”
RETAILER'S D.C. EXPANSION ON AGAIN
RICHMOND, Va. — Ellwood Thompson's Local Market, the natural and organic specialty food store that postponed expansion to Washington, D.C., earlier this year, is again planning to open in the nation's capital, reports said. The retailer in April announced that the poor economy would delay its planned fall 2010 debut at DCUSA project, a shopping complex under development in Washington's Columbia Heights neighborhood. A recent report in the Washington City Paper said, however, the retailer was in final lease negotiations and anticipated opening a store at the complex in early 2011. Founded in the 1980s as an offshoot of a vegetarian restaurant, Ellwood Thompson's is known for its support of the “farm to table” movement. A company spokesman was not immediately available for comment.
N.Y. UNION, CHAINS IN AGREEMENT
NEW YORK — Union workers at three major supermarket employers in the New York metro area reached a tentative agreement on a new contract last week, but said bad feelings stemming from the negotiations would resonate “for many years to come.” United Food and Commercial Workers Local 1500 said it would no longer partner with Stop & Shop on legislative issues such as bottle redemption and debit-card fees. “Pathmark and King Kullen had particular challenges and together we bargained hard and fair to resolve them,” Patrick Purcell, a spokesman for Local 1500, said in a statement. “It was Stop & Shop that made these talks extremely difficult.” Stop & Shop had no immediate comment.
GENUARDI'S TO CLOSE 3 PA. STORES
NORRISTOWN, Pa. — Genuardi's here will be closing three area stores this summer, a company spokeswoman told SN. The stores, located in Newtown Square, Wayne and Glen Mills, Pa., all have expiring leases that will not be renewed, said the spokeswoman, Maryanne Crager. The Newtown Square location is scheduled to be closed July 17; the other two locations are set for an Aug. 21 closure. Genuardi's is a division of Pleasanton, Calif.-based Safeway.
UNFI WAREHOUSE WINS LEED GOLD
PROVIDENCE, R.I. — United Natural Foods' York, Pa., distribution center has been awarded LEED Gold status by U.S. Green Building Council, the distributor said. LEED (Leadership in Energy and Environmental Design) is a nationally accepted benchmark for design, construction and operation of high-performance green building. The 675,000-square-foot York warehouse is the largest in UNFI's network.
