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Borders to Expand in Malaysia

BY CSA STAFF

Kuala Lumpur, Malaysia, Borders plans to open a store in Kuala Lumpur, Malaysia, this spring, the first of 10 outlets planned for the company, according to a published report. The stores reportedly will be operated by a Malaysian company, Berjaya Group Bhd., which teamed up with Borders and was made the Malaysian franchisee last October.

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Frank’s Nursery & Crafts Files Reorganization Plan

BY CSA STAFF

Troy, Mich., Frank’s Nursery & Crafts announced the filing of its proposed plan of reorganization in the Bankruptcy Court for the Southern District of New York. The company filed for Chapter 11 bankruptcy protection in September 2004. Frank’s has concluded the wind-down of its store operations by completing going-out-of-business sales at its locations and has also sold or rejected substantially all of its leasehold interests.

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Kroger Reported to Consider Winn-Dixie Buy

BY CSA STAFF

Cincinnati, Kroger Co. may be considering making a play for a large chunk of Winn-Dixie, according to a report in the South Florida Business Journal. Kroger would serve as a supplier to a portion of the bankrupt supermarket operator’s 900-plus supermarkets at first. Eventually, it would take over Winn-Dixie’s operations in northern Florida and other states, the report said, with Winn-Dixie retaining a core group of stores in southern and central Florida.

In other news, Kroger reported wider fourth-quarter losses due to a hefty impairment charge related to the company’s Ralph’s and Food 4 Les chains. Quarterly losses totaled $675.9 million, or 93? per share, including a goodwill impairment charge of $884 million, or $1.21 per share. In the year-ago period, Kroger reported a loss of $337.4 million, or 45? per share, including charges of $663.1 million, or 89? per share. Total sales increased 5.1% to $13.7 billion from $13.03 billion last year.

Looking ahead, Kroger expects 2005 net income to exceed $1.16 per share, excluding the effect of the goodwill impairment charge. Kroger expects its earnings growth to be fueled by improved results in Southern California and lower interest expense.

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