News

Asda CEO Named President of Company

BY CSA STAFF

London, Wal-Mart-owned Asda has appointed CEO Andy Bond as president of the company. He succeeds Tony DeNunzio, who announced his resignation earlier this month. Bond has been CEO of Asda, which is Brtiain’s second-largest supermarket group, since Sept. 2004.

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News

Whole Foods Opens Third Store in NYC

BY CSA STAFF

New York City, Austin, Texas-based Whole Foods Market opened its third store in New York City. The three-story market is located near Union Square Park in a former Bradlees store.

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FINANCE

Toys “R” Us Sold for $5.7 Billion

BY CSA STAFF

Wayne, N.J., Add another billion-dollar retail transaction to the history books. Toys “R” Us, the original category killer, agreed to be bought by a consortium of two different private equity firms and Vornado Realty Trust. The trio, which will be equal partners in the deal, agreed to pay $5.7 billion for the toy chain. The investors, Vornado, Kohlberg Kravis Roberts, and Bain Capital Partners, agreed to pay $5.7 billion for the toy stores as well as the Babies “R” Us stores. The chain had originally hoped to split the two business, and focus on the faster-growing Babies.

The deal once again brings attention to the valuable real estate holdings at some struggling retailers. While Toys “R” Us has been steadily losing the market-share battle to Wal-Mart over the years, its leases are increasingly valuable. According to reports, the trio of new owners will continue to operate Toys “R” Us as a toy chain for the foreseeable future. Reports also indicate that Toys “R” Us president John Barbour will stay on board.

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