Movie Gallery Creditors OK Plan
Dothan, Ala., Movie Gallery Inc. said late Tuesday that its creditor groups have agreed to support its reorganization plan as it attempts to exit bankruptcy.
The company sought Chapter 11 bankruptcy protection in October after months of struggling with debt from its 2005 purchase of rival Hollywood Entertainment Corp. for $1 billion.
At the time Movie Gallery said Sopris Capital Advisors LLC, a private investment group, would finance a reorganization of its debt.
The reorganization plan includes converting $325 million in senior notes into new equity of the reorganized company and canceling existing common stock.
Movie Gallery said it will ask the Bankruptcy Court for the Eastern District of Virginia to confirm its reorganization plan early in the second quarter and will look to exit bankruptcy shortly after confirmation.
Whole Foods to go resuable by Earth Day
AUSTIN, Texas Whole Foods Market today said it will end the use of disposable plastic grocery bags at its checkouts in all of its 270 stores in the United States, Canada and the United Kingdom by this Earth Day, April 22.
Whole Foods said that it is the first U.S. supermarket to commit to ending the use of disposable plastic grocery bags. In order to kick start the initiative, the company gave out more than 50,000 reusable shopping bags at checkout as part of “Bring Your Own Bag Day” and in celebration of today’s announcement.
According to Whole Foods, the company plans to phase out the disposable plastic bags over the next three months while increasing the selections of reusable bags for purchase
“Central to Whole Foods Market’s core values is caring for our communities and the environment, and this includes adopting wise environmental practices,” said A.C. Gallo, co-president and coo for Whole Foods Market. “More and more cities and countries are beginning to place serious restrictions on single-use plastic shopping bags since they don’t break down in our landfills, can harm nature by clogging waterways and endangering wildlife, and litter our roadsides. Together with our shoppers, our gift to the planet this Earth Day will be reducing our environmental impact as we estimate we will keep 100 million new plastic grocery bags out of our environment between Earth Day and the end of this year alone.”
Borders names IT delivery services vp
ANN ARBOR, Mich. Borders Group announced today that it has named Gary Baker vp of IT delivery services, effective today.
The company reported that Baker will be responsible for the development and execution of IT strategic processes related to the delivery of technology as well as leading teams to ensure that business goals are met through delivery of necessary IT products and services, among other duties. The position reports to Borders Group cio Susan Harwood.
Prior to joining Borders Group, Baker served as director of IT transformation services, at AlixPartners LLP in Southfield, Mich., where he specialized in global operations and IT governance, business process alignment, organizational change management, vendor management, strategic planning, application development and Internet-related technologies and Web services. Before AlixPartners, Baker was with EDS in Detroit for five years, where he was managing director and process executive for General Motors Global Purchasing and Supply Chain and Global Business Services.
“Gary is recognized within the IT community as a seasoned leader with wide ranging experience marked by work with leading consultancies,” said Harwood. “We look forward to his leadership and contributions toward achieving our strategic goals.”