KB Toys Reorganization Plan Approved
Pittsfield, Mass., KB Toys Inc. got approval from U.S. Bankruptcy Court for reorganization. The plan involves the investment of $20 million by KBT Funding LLC, an affiliate of Prentice Capital Management LP.
The court made Aug. 12 the deadline for creditors to vote on the plan and scheduled a confirmation hearing on Aug. 18. If approved, KBT will gain control of the 650-store toy retailer. The company expects to emerge from bankruptcy before the 2005 holiday season.
Safeway Names Cominiello Eastern President
Pleasanton, Calif., Safeway Inc. named Hank Cominiello president of the company’s eastern division, which he has been heading on an interim basis for the past nine months. Cominiello joined Safeway in 1970 as a courtesy clerk and progressed through a range of retail store and district manager assignments in the company’s Denver division. He was promoted to VP, Retail Operations, in Safeway’s Eastern Division in 1998 and acting Division President in November 2004.
Wal-Mart to Open in Shanghai
Bentonville, Ark., Wal-Mart announced today it will open its first store in Shanghai at the end of this month. Its entry into China’s biggest city will supplement the already 47 stores in China. Currently, the retailer employs 20,000 people in China and has headquarters offices in Shenzhen.
The 194,000-sq.-ft. Shanghai Wal-Mart will compete with French rival Carrefour S.A. and Germany’s Metro AG.
The Shanghai Daily reported that the local retailers are preparing for Wal-Mart’s arrival by renovating their stores and revamping product lines.