Iceland Firm Bids on Somerfield
New York City, The Baugur Group offered $1.85 billion to acquire Somerfield Plc, which operates 500 Kwik Save and 700 Somerfield supermarkets in the United Kingdom. If the deal goes through, it will create the fifth-largest food retailer in the United Kingdom. The Baugur Group, based in Reykjavik, Iceland, is the largest retailer in Iceland.
HP Ousts CEO
New York City, Hewlett-Packard Co. today ousted company chairman and CEO Carly Fiorina, and replaced her with CFO Robert Wayman as interim chief executive. Wayman said HP would not reverse the controversial and mostly unsuccessful Compaq Computer merger, according to Reuters. The company’s shares have lost 63% of their value since Fiorina took her post in 1999, but rose about 10% today.
HP has shown inconsistent financial results under Fiorina’s watch, and the 50-year-old resigned yesterday afternoon. The search for a new CEO who is more in line with the board on how to execute HP’s strategy is now underway.
Borders Cafes Reveal New Face
Ann Arbor, Mich., Six Borders Books and Music stores in Oregon will be the first to convert the Borders cafes into Starbucks-owned Seattle’s Best Coffee cafes. Grand re-openings will be celebrated in the Corvallis, Eugene, Gresham, Portland, Salem and Beaverton branches on Feb. 11. Seattle’s Best Coffee’s full line of beverages will be available at the newly branded bookstore cafes. More than 400 other Borders cafes across the nation also will undergo this change over the next few years.