Caribou Coffee Goes Public
Brooklyn Center, Minn., The nation’s No. 2 coffeehouse chain is seeking to raise $90 million in an initial public offering. Caribou Coffee Co., with 322 stores and 2004 sales of $157.5 million, is a distant second to No. 1 coffeehouse purveyor Starbucks, but hopes to gain ground by paying off $22 million in debt and using the remainder of the IPO money to fuel expansion.
Caribou is bigger than Starbucks was at the time of its IPO; the Seattle-based Starbucks had about 165 shops and annual sales of $60 million when it went public in 1992.
A&P Names New Executive Management
Montvale, N.J., The Great Atlantic & Pacific Tea Co., Inc. will be changing its senior executive management for business in the United States. The change is expected to be finalized by mid-August. The announcement comes after the company sold A&P Canada to Metro Inc.
Christian Haub will become executive chairman of A&P on Aug. 15. He is currently chairman and CEO. Eric Claus will become president and CEO of A&P. Claus was president of A&P Canada. In addition to the position changes, Brian Piwek, president and chief operating officer, will retire July 31.
Sears Launches WebTV
Toronto, Sears Canada Inc. launched an online shopping program called Sears WebTV – www.searswebtv.ca. Sears WebTV programs feature eight merchandise categories at a time. The programs are 30 minutes long and are hosted by designer Sandra Gayle, best known for her work on HGTV’s Design Challenge.
“This new online shopping program is a key differentiator for us,” said Frank Rocchetti, senior VP, merchandising and marketing, Sears Canada. “We look forward to reviewing the data from the results in hopes that we can continue to refine the program and provide an even better shopping experience for our on-line customers while seeing a positive return on investment.”