A&P to emerge from bankruptcy in 2012
Montvale, N.J. — The Great Atlantic & Pacific Tea Co. said Friday that it has secured a $490 million financing package from Ron Burkle’s Yucaipa Cos., Mount Kellett Capital Management and investment funds managed by Goldman Sachs.
The combination debt and equity financing, which is subject to court approval, will allow the grocer to emerge from Chapter 11 bankruptcy protection early in 2012.
“This investment commitment is a very important step in A&P’s financial and operational turnaround,” said Sam Martin, CEO, A&P. “It positions us for a bright future with solid financial backing from sophisticated investors who know our company and industry well.”
A&P filed for Chapter 11 in December 2010. The new agreement is subject to approval by the U.S. Bankruptcy Court in Manhattan.
Limited Brands launches $250M buyback
Columbus, Ohio — Limited Brands, parent to Victoria’s Secret, Pink, Bath & Body Works, La Senza and Henri Bendel, said Thursday it will buy back up to $250 million of its shares.
The new share repurchase program follows the completion of a $500 million share repurchase program. So far this year, Limited has repurchased $1.1 billion worth of its stock.
Cardtronics acquires Canada’s Mr. Cash
Houston — Cardtronics announced that its wholly owned subsidiary, Cardtronics Canada acquired Mr. Cash ATM Network, Lethbridge, Alberta.
The acquisition expands Cardtronics’ international presence into Canada. Financial terms of the acquisition were not disclosed.
Mr. Cash delivers to Cardtronics an established ATM deployer presence in Canada. By the numbers, Cardtronics enters Canada with hundreds of existing merchant relationships, the ownership/operation of nearly 600 ATMs across the country, plus an established sales channel partner network focused on the Canadian marketplace.
The acquisition also provides Cardtronics with an enhanced global presence to better serve the ATM needs of multi-national chain retailers and financial institutions.