Penn Traffic in Deal to Sell Wholesale Business
Syracuse, N.Y. The Penn Traffic Co. has entered into a definitive agreement to sell its wholesale-business segment to C&S Wholesale Grocers, in an approximately $43 million transaction. The company said the move will enable it to focus on retail stores and customers, and dramatically improve its capital structure.
In a statement, Penn Traffic said the all-cash transaction, which includes the sale of about $13 million in accounts receivable to C&S, is expected to close by the end of the year.
Penn Traffic’s wholesale operation supplies more than 120 independent supermarkets in New York and Pennsylvania, accounting for $210 million, or about 20%, of Penn Traffic’s revenues in fiscal 2008.
GameStop offers Nintendo DS reservations
GRAPEVINE, TEXAS GameStop has launched a reservation program for the Nintendo DS, a popular gift item this holiday season. GameStop’s program allows customers to make in-person reservations at any GameStop location in the United States, to guarantee they will get a Nintendo DS.
The reservation process requires payment in full at $129.99 plus tax, with projected delivery between Dec. 28 and Jan. 15, 2009. Customers will receive a co-branded GameStop and Nintendo DS gift card tin to ensure that special someone has a great gift to open this holiday season.
When the reserved Nintendo DS system arrives, the gift-giver will receive a telephone call indicating that their system is available for pick-up. Nintendo DS systems must be picked up at the store location where the reservation was placed.
ODP earns Arkansas Business honor
BOCA RATON, Fla. Office Depot announced that it has been named the “Best Place To Purchase Office Supplies” by Arkansas Business magazine. Winners of the “Best of Business Awards” were voted on by the readers of Arkansas Business.
“Office Depot has been taking care of business for customers in Arkansas for more than 17 years, and we are thrilled to receive this award as voted on by the Arkansas businesses themselves,” said Steve Schmidt, president of Office Depot’s North American Business Solutions Division. “From pens and pencils to office furniture and technology, Office Depot provides business customers with the highest quality office products and the smart solutions they need to succeed.”
In addition to naming Office Depot the “Best Place To Purchase Office Supplies,” readers of Arkansas Business also ranked Office Depot in the top three of the “Best Place To Purchase Office Equipment” and “Best Place To Purchase Office Furniture” categories.