Icelandic Retailer Invests in Linens ‘N Things
New York City, The founder of a leading Iceland houseware retailer, Rumfatalagerinn, has secured a 10% stake in Clifton, N.J.-based Linens ‘N Things, which is exploring strategic options with the help of Credit Suisse First Boston.
Jakup Jacobsen, the founder of Torshavan, Iceland-based Rumfatalagerinn, has acquired 4.5 million shares in Linens ‘N Things for some $114.7 million, according to a regulatory filing.
7-Eleven Spurns Japanese Offer
New York City, 7-Eleven, the world’s largest convenience store chain, rejected an “inadequate” tender offer from its parent company Seven-Eleven Japan. The Japanese bid of $32.50 per share was deemed too low, and consequently not in the best interests of shareholders. 7-Eleven added that its advisors are in conversation about an increased offer, though a higher bid is not assured.
Rite Aid Posts Q2 Loss
Camp Hill, Pa., Rite Aid lost $1.6 million in the second quarter, compared to net income of $9.9 million in the same quarter last year. Same store sales increased 0.5%—consisting of a 0.8% decline in pharmacy and a 3.0% gain in front-end same-store sales.
Revenues for the quarter were $4.13 billion, up from $4.12 billion in the prior-year quarter.
The company remains on track to make its target of 80 new and relocated stores by the end of fiscal 2006.