Businesses Bid for More of Almacenes Paris
New York City, In Chile, department store chain Almacenes Paris is the target of a bid from a group including the investment firm Consorcio and the Quinenco industrial conglomerate, which hopes to increase their stake in the chain from the current level of 21% to 27.3%.
BI-LO and Bruno’s Cut Back Stores
New York City, Weighed down by pressure from Wal-Mart Stores and Publix Super Markets, Bruno’s Supermarkets plans to close 20 stores in March. Of the 20 stores on the list for closure, 13 are in Alabama, four are in Georgia, two are in Florida and one is in Mississippi. The company said the cutbacks allow the chain to weed out underperforming stores and improve its focus on more profitable markets. Demographic shifts and traffic patterns also factored into the decision.
BI-LO, which operates 282 supermarkets in the Carolinas, Georgia and Tennessee, on Tuesday announced plans to close nine of its locations.
The two chains were purchased by Lone Star Funds, a Dallas-based private investor, in a $660 million deal late last year. The two grocery chains, which combined have more than 400 stores in the Southeast, plan to merge their operations as BI-LO Holdings LLC, and relocate Bruno’s corporate offices to Mauldin, S.C.
Wal-Mart Contributes to College Fund
Bentonville, Ark., Wal-Mart Stores provided an award of $1.5 million to the United Negro College Fund (UNCF) that includes a $1 million grant to establish the Wal-Mart Emergency Assistance Fund and $500,000 in operating support for UNCF member schools.