Copeland Sports Announces Restructuring Changes
San Luis Obispo, Calif., Sporting goods retailer Copeland Sports has announced ownership and management changes, along with a new financing agreement, in conjunction with the filing of a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code.
Tom, Jim and Mike Copeland have reacquired ownership of the company, and will resume an active management role. Copeland Sports also appointed Barry Soosman, who was formerly an executive VP of Guitar Center, to serve as CEO.
Copeland Sports filed a voluntary petition for relief under Chapter 11 on Monday. At the same time, the company announced that it had reached an agreement with Wells Fargo Retail Finance, LLC on a $25 million debtor-in-possession credit facility.
Kroger May Face Strike in N.C.
Cincinnati, Kroger could see workers at its 19 stores in North Carolina walk off the job if contract negotiations don’t bear fruit soon, according to the Cincinnati Business Courier. The employees represented by the United Food and Commercial Workers Local 204 voted to authorize a strike in early August. The union’s contract with Kroger expired on July 20. Negotiations are continuing, with a major sticking point being Kroger’s proposal to have employees pay a portion of their health-insurance premiums. The union, which is seeking a wage increase, has not yet set a strike date.
Tesco Adds Las Vegas to Expansion Itinerary
London, London’s financial news agency, AFX, reported Tesco is considering opening stores in Las Vegas. The British supermarket chain recently announced plans to open stores in Los Angeles and Phoenix. Reportedly, Tesco has registered its U.S. subsidiaries in Nevada and is considering the Las Vegas market for its Fresh & Easy mini supermarkets.