Bi-Lo, Winn-Dixie parent files for IPO
New York — The parent company of Bi-Lo and Winn-Dixie supermarkets, Southeaster Grocers, has filed for an initial public offering.
The shares are expected to be offered by Southeastern Grocers, and the number of shares to be offered and the price range for the offering have not yet been determined.
Citigroup, Credit Suisse and Deutsche Bank Securities will act as representatives of the underwriters for the offering, and, together with William Blair and Wells Fargo Securities, will act as joint book-running managers for the offering.
The move will make Winn-Dixie part of a public company, again — the Southeastern grocer had become private following the announcement of its acquisition by Bi-Lo in December 2011.
Revenues raised from the IPO may be used to rejuvenate a pair of recent Bi-Lo acquisitions, though Southeastern Grocers did not issue a comment regarding how any raised capital would be used.
In March, the parent company of the Bi-Lo and Winn-Dixie supermarket chains bought three chains (165 stores) from Belgium-based Delhaize Group, including the Sweetbay, Harveys and Reid’s banners, for $265 million.
And earlier this month, Bi-Lo Holdings acquired 22 Piggly Wiggly stores across South Carolina and coastal Georgia.
J.C. Penney responds to critics
New York — J.C. Penney on Thursday shot back at reports that its sales were weak in the late August and early September back-to-school season and said it was pleased with the progress of its turnaround efforts.
The company said it still expected positive comparable-store sales trends coming out of the third quarter and throughout the fourth, adding that its online sales continue to rise in double-digits over last year.
Staples Canada reports 9% drop in energy consumption for second quarter
Ontario, Canada — Staples Canada announced its sustainability achievements for the second quarter of 2013, including a 9% drop in energy consumption (over the year-ago period). The retailer continues to focus on its long-term commitment to growing the business in a sustainable manner, and reducing its impact on the environment.
Staples said it continues to reduce energy consumption and is working to conserve energy across the business by reducing overall energy costs, and diversifying energy sources. By the end of 2012, a large majority of Staples Canada store locations ran on 25 watt light bulbs, helping to reduce electrical consumption by over 11%.
The retailer’s 2013 goal is to reduce electrical consumption by 5%. Staples is also piloting efficient destratification fans in several locations, replacing HVAC units, and planning an exterior lighting retrofit for by the end of fourth quarter 2013.
Through its “Lights Out” program, Staples reduced electrical consumption in June and July by over 2.4 million KW.
Staples Canada has partnered with Bullfrog Power, to provide the retailer with clean, renewable electricity for two office buildings and 11 stores across Canada. This partnership makes Staples Canada the 10th largest consumer of renewable energy in Canada.