House Approves Spending for Bentonville Road
Bentonville, Ark., The U.S. House approved a $248 billion highway-spending bill that includes a $37 million provision to widen and extend the main access road to Wal-Mart Stores headquarters in Bentonville, Ark. Every workday, about 10,000 company employees use the road, the improvement of which would benefit many other people, as well, according to a Wal-Mart spokesman. The bill is now in front of the Senate.
Pathmark Receives $150M in Funding
Carteret, N.J., Pathmark Stores Inc. received a $150 million infusion of cash from Yucaipa Cos. LLC, a Los Angeles-based private-equity firm. Yucaipa will buy 20 million newly issued shares of Pathmark, representing about 40% of the grocer’s common stock.
The deal, expected to close this summer, includes a 5-year management agreement under which Yucaipa will provide guidance on marketing, operations, finance and other strategic elements. Following the closure of the deal, Yucaipa will nominate five new directors to add to Pathmark’s current board of six directors.
Pathmark plans to use the funding to upgrade existing stores and open new locations.
Barnes & Noble to Repurchase $200M in Stock
New York City, Barnes & Noble Inc. has authorized a share repurchase program of up to $200 million of its common shares. The repurchase program follows a previous, $250 million program that the retailer recently completed.