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Army & Air Force Exchange Service announces Thanksgiving deals

BY CSA STAFF

DALLAS — The Army & Air Force Exchange Service announced that it is offering several Black Friday deals for military members and their families.

Among the deals being offered areSony 55" LCD TVs for just $899, HP Pavilion G6 Notebooks for $279, 50% off regularly priced ladies apparel from Izod, Calvin Klein, Michael Kors and others as well as an Xbox 360 4GB gaming systems with built-in Wi-Fi console for just $99. Additionally, all Coach handbags (both in-store and online at shopmyexchange.com) will be 25%off from 5:00 p.m. to 7:00 p.m.

The exchange also announced that the sale will continue throughout the weekend through Cyber Monday with more deals on electronics, accessories and tools.

"The Thanksgiving weekend specials are just the beginning of what will be a huge season of sales and savings at exchanges around the world," said the exchange’s Chief of Staff Col. Thomas Ockenfels. "From electronics to toys to jewelry, exchanges will have everything military families need, at the right price."

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New financing helps A&P emerge from bankruptcy

BY CSA STAFF

MONTVALE, N.J. — A&P will be able to emerge from chapter 11 next year, thanks to an agreement to receive $490 million of debt and equity financing from private investors comprised of The Yucaipa Companies LLC, Mount Kellett Capital Management LP and investment funds managed by Goldman Sachs Asset Management L.P., the company announced Friday. The agreement is subject to approval of the U.S. Bankruptcy Court for the Southern District of New York.

The investment will form the basis of A&P’s plan of reorganization, which the company said it anticipates filing prior to Nov.14.

“This investment commitment is a very important step in A&P’s financial and operational turnaround,” said A&P’s president and CEOr Sam Martin. “It positions us for a bright future with solid financial backing from sophisticated investors who know our company and industry well, and who also share our vision for A&P’s future.”

Martin continued: “We have been working diligently over the last year to execute a successful turnaround at A&P by enhancing the value and in-store experience we provide to our customers and by successfully driving substantial efficiencies across our operations and supply chain to reduce our cost structure. Going forward, these investors are committed to supporting further operational and service improvements. With this fresh capital investment and the court’s approval of our plan of reorganization, we anticipate emerging from chapter 11 early next year in a much stronger competitive and financial position.”

A&P filed for bankruptcy in December 2010 after years of battling hefty debt and intense competition. At the time, the grocer was reported to havetotal debts of more than $3.2 billion and assets of roughly $2.5 billion.

A&P said will be a private entity when it emerges from bankruptcy in 2012.

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Big Lots Q3 same-store sales up 1.7%

BY Marianne Wilson

Columbus, Ohio — Big Lots reported that U.S. comparable-store sales for the fiscal third quarter ended Oct. 29 rose 1.7%. Total sales for the period rose 6% to $1.1 billion, from $1.04 billion.

“From a merchandising perspective, consumables was our strongest category with comps up in the high single digits as we continue to see positive customer response to our initiatives to restore momentum in this key category,” said Steve Fishman, chairman, CEO and president. “Additionally, hardlines, electronics, furniture, and home also posted positive results for the quarter. Our stores are set for the holiday season and I am confident we are prepared to be aggressive and drive sales during the all-important fourth quarter."

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