Judge approves A&P bankruptcy exit financing
New York City — The judge in the Great Atlantic & Pacific Tea Company’s Chapter 11 bankruptcy case on Tuesday approved a $750 million exit financing plan for the supermarket operator.
The approval moves A&P closer toward exiting Chapter 11 and operating as a privately held company.
The financing package consists of a $400 million revolving loan and a $350 million term loan from J.P. Morgan Chase and Credit Suisse.
Charming Shoppes names supply chain officer
Bensalem, Pa. — Charming Shoppes has promoted Bryan Eshelman to executive VP, chief supply chain officer. Eshelman started with the chain in 2010 as senior VP operations.
Eshelman retains his previous duties of overseeing technology, logistics, technical design and quality assurance. His new responsibilities include directing the retailer’s global direct sourcing from buying offices in such locations as Hong Kong and India, and ensuring supply chain compliance with trade and customs regulations.
Charming Shoppes also announced it has hired Donna Isralsky as senior VP strategic sourcing.
Supervalu names new chief marketing officer
MINNEAPOLIS — Supervalu on Tuesday named Michael Moore EVP and chief marketing officer. Moore will lead all of the company’s marketing activities, including overseeing customer and brand strategy, advertising, customer loyalty, and research and analytics.
Moore was named to the top marketing post following this week’s decision by Julie Dexter Berg to leave the company and return to the West Coast.
“Michael has a terrific understanding of the food industry and the challenges we face as a grocery retailer in today’s environment,” stated Craig Herkert, Supervalu CEO and president. “I am confident that he will move quickly to build marketing programs that are effective and efficient while ensuring that we continue to drive traffic and sales through innovative and engaging consumer marketing programs.” Moore will report directly to Herkert.
Moore, 47, joined the company in 2011 in the role of business transformation officer, where he helped to further the implementation of Supervalu’s turnaround. Prior to Supervalu, Moore spent 24 years in a variety of executive leadership positions within customer business development at Procter & Gamble. He most recently served as director of P&G’s grocery retail group, where he led the business unit directly responsible for more than 30% of P&G’s annual food channel sales.