FINANCE

FTC Asks for Halt to Whole Foods/Wild Oats Combo

BY CSA STAFF

Portland, Ore. On Monday it was announced that the Federal Trade Commission is asking a federal judge to halt the integration of Wild Oats and Whole Foods Market. The request is part of an ongoing legal battle over the 2007 deal that combined the two chains.

The FTC wants a U.S. District Court judge to force Whole Foods Market to stop all integration activities while one of several disputes over its acquisition of Wild Oats is handled in court.

A finding in favor of the FTC would completely unwind the companies, say regulators.

Whole Foods Market officials actively opposed the FTC’s request and say the process of integrating Wild Oats is complete.

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99 Cents Only posts 3Q sales growth

BY CSA STAFF

COMMERCE, Calif. 99 Cents Only Stores reported that total sales for its fiscal 2009 third quarter increased 8% to $351.1 million from $325 million for the same quarter last year.

The company reported a same-store sales increase of 4.2%.

 

Eric Schiffer, CEO of 99 Cents Only Stores, stated, “We are pleased with our solid third quarter sales performance, which underscores the strength of our business model and ability to attract new customers and achieve strong sales results in a challenging consumer economic environment. The increase in traffic from new and existing shoppers helped lead to an increase in both average ticket and the number of transactions in the third quarter. We believe that a growing number of shoppers are attracted to our deep value proposition and turning to our stores for more of their everyday household needs including many perishable and other consumable items.”

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500 agree to Best Buy buyout

BY CSA STAFF

MINNEAPOLIS About 500 employees at Best Buy’s headquarter’s agreed to take voluntary buyouts, the company reported, representing a 12.5% reduction in work force.

Best Buy said that based on the number of employees who accepted the offer, it expects to recognize in its fiscal fourth quarter a charge of approximately $60 million for this voluntary program.

The program was announced in mid-December as part of Best Buy’s plans to reduce future non-customer facing expenses.

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