Amazon Rumored to be Eyeing Movie Gallery Purchase
Chicago, Reuters has reported rumors that Web retailer Amazon may be considering an acquisition of movie-rental chain Movie Gallery. The speculation sent shares of Movie Gallery, Inc., up as much as 26%.
Amazon spokeswoman Patty Smith declined to comment, saying that the company does not confirm or deny rumors or speculation. Movie Gallery has not yet been reached for comment.
Last February, Movie Gallery stock spiked 20% on rumors that the company was considering taking itself private or being bought out. In March, shares dropped to their lowest level since 2001 on concerns over Movie Gallery’s financial future.
Organized Retail Crime Plagues Retail
Minneapolis, Organized retail crime continues to be a major problem across the retail landscape. According to the National Retail Federation’s (NRF) 2006 Organized Retail Crime Survey, released on Monday at NRF’s Loss Prevention Conference in Minneapolis, 81% of loss-prevention executives indicated their company has been a victim of organized retail crime.
Nearly everyone surveyed (93%) said displayed concern about organized retail crime activity and the belief that the problem is getting worse, not better. Of those polled, 41% said organized crime was a significant or severe issue, compared to only 30% of respondents last year.
“As more criminals become involved in organized theft rings, it could become increasingly violent and unpredictable,” said Joseph LaRocca, VP of loss prevention, NRF. “We are grateful for the law enforcement and legislative initiatives that are working with the retail industry to crack down on organized retail theft.”
Kroger To Roll Out Ethanol-based Fuel
Houston, The Kroger Co. is scheduled to open the first fuel station in Houston to offer ethanol-based E85 fuel as an environmentally-conscious alternative fuel on Monday, according to a report in The Houston Business Journal. The station is the first of 18 planned Kroger fuel stations that will offer the fuel throughout Dallas and Houston.
The addition of E85 fuel pumps at Kroger gas stations is being done in collaboration with the state of Texas, General Motors Corp. and Abengoa BioEnergy.