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Goody’s Agrees to Higher Offer

BY CSA STAFF

Knoxville, Tenn., Goody’s Family Clothing agreed to be acquired for $9.60 per share by two buyout firms after a bidding war erupted between three potential buyers. The winning bid went to GMM Capital LLC and Prentice Capital Management LP, after Goody’s based in Nashville, ended a previous agreement with Sun Capital and its offer of $8 per share.

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7-Eleven 3Q Profit Up 55%

BY CSA STAFF

Dallas, Convenience store retailer 7-Eleven said its third-quarter profit rose 55% on strong merchandise and gasoline sales. For the quarter ended Sept. 30, net income rose to $68.3 million, or 53? per share, from $44.2 million, or 36? per share, a year earlier. Revenue for the quarter rose 17% to $3.8 billion, with merchandise sales up 6.7% to $2.26 billion, and gasoline sales up 38% to $1.51 billion.

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Federated Details Credit Consolidation

BY CSA STAFF

Cincinnati, Federated Department Stores will consolidate credit-related support facilities acquired in its merger with The May Department Stores Co. These moves will improve operating efficiencies and enhance customer service by coordinating technology and capital investments, the company said.

May Co.’s Earth City credit center in St. Louis will be retained as a fourth operational hub of Federated’s Cincinnati-based Financial, Administrative and Credit Services (FACS) Group division. Earth City will join current FACS facilities in Mason, Ohio, Clearwater, Fla., and Tempe, Ariz., in servicing private label and Visa credit-card accounts for each of Federated’s department store divisions. FACS also performs a variety of nonstore services for customers and employees. In addition, Federated will expand the main FACS facility in Mason, while phasing out former May Co. credit operations in Lorain and Parma, Ohio, and Houston beginning in spring 2006.

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