Goody’s Agrees to Acquisition
Knoxville, Tenn., Boca Raton, Fla.-based Sun Capital Partners will acquire the Knoxville, Tenn.-based apparel chain in a deal valued at $272.8 million. A Goody’s spokeswoman said it was clear that CEO and chairman Robert Goodfriend will leave the company, but unclear whether the remaining executive team would continue. The chain originated in Athens, Tenn., as the Athens Outlet Center. Also on Thursday, the company said it expected a third-quarter loss “significantly greater” than the 2? per share loss reported in the third quarter of 2004.
Wal-Mart Sues Former Employee for Breach of Contract
Bentonville, Ark., Asuit filed yesterday in Benton County Circuit Court alleges that former Wal-Mart business analyst David F. Smith, who resigned last Monday, e-mailed RFID data confidential to the retailer.
Included in the e-mails, allegedly transmitted between July 27 and Sept. 7, were pricing and cost information, future planning and strategy considerations and budget information, the complaint states. Wal-Mart is requesting a temporary restraining order to prevent the information from being used.
Wal-Mart is seeking unspecified monetary damages from Smith.
Parent Wegmans to Close All Chase-Pitkin Stores
Rochester, N.Y., Unable to keep up in face of battering competition from The Home Depot and Lowe’s, all 14 Chase-Pitkin Home and Garden Centers, owned by Wegmans Food Markets and located throughout New York State, will be shuttered between March 2006 and sometime later in the year.
“Chase-Pitkin is simply not big enough to compete successfully and grow the business,” said chairman Robert B. Wegman.
Some of the 395 full-time and 1,253 part-time employees in the Rochester area will be employed by Wegmans, the company said.
Wegmans purchased Chase-Pitkin in 1974.