FINANCE

Frank’s Nursery Becomes Realty Corp.

BY CSA STAFF

Troy, Mich., Frank’s Nursery & Crafts said its second amended chapter 11 plan of reorganization became effective and it has formally emerged from Chapter 11. The reorganized company will operate as a real estate development company under the name FNC Realty Corp.

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FINANCE

Safeway’s Sales Increase

BY CSA STAFF

Pleasanton, Calif., Safeway saw its comparable-store sales increase 3.3% and its identical-store sales increase 2.8% for the second quarter of 2005. The company’s total sales increased 4.7% to $8.8 billion for the second quarter of 2005. Last year, Safeway’s total sales were $8.4 billion for the second quarter.

Safeway believes the increase is due to its marketing strategies and recovery from the strike in Southern California last year. Steve Burd, chairman, president and CEO of Safeway, said, “Our strategy to differentiate our offering has resulted in broad-based sales improvement.”

Net income for Safeway, however, decreased for the second quarter. This year’s income was $134 million while last year’s was $155.2 million.

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News

Food Lion Hires Ex-Kroger Exec

BY CSA STAFF

Salisbury, N.C., Food Lion hired Derrick Penick, a former merchandiser for Kroger, as senior VP of fresh merchandising and distribution. He replaces Cathy Green, who is now senior VP of retail operations.

Penick was most recently VP of merchandising at Kroger’s King Soopers division in Denver. Before that position, he had several other posts with Kroger including group VP of perishables, VP of merchandising, meat director and store manager.

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