PlayNetwork Completes Merger With Crows Nest Entertainment
Redmond, Wash., PlayNetwork, a provider of customized music programming and audio/video systems for retail, restaurant and hospitality, announced today its merger with Crows Nest Entertainment Inc. (CNE), Seattle, a digital signage and systems integration company.
The executive chairman of PlayNetwork, Lon Troxel, will take over the CEO reins from Adam Brotman, who will focus his efforts to developing a new PlayNetwork spin-off company focused on the consumer music market, Brotman will continue to provide strategic guidance to PlayNetwork at the board level. Jim Wessels, president of CNE, is joining PlayNetwork as its new executive VP of operations.
“The CNE merger will provide PlayNetwork with exciting new service capabilities, namely technology and creative solutions for in-store digital video networks and related advertising sales services,” Wessels said.
U.K.’s Asda to Cut 1,400 Jobs
Leeds, England, The Wal-Mart-owned British supermarket group Asda today said it plans to cut 200 management jobs and up to 1,200 managerial store positions in a bid to challenge its rival, Tesco PLC. Asda has been engaged in a price war with Britian’s No. 1 chain Tesco for the past year, and the job cuts are part of a restructuring of its executive lineup and headquarters. Asda also brought back two directors from other posts. The supermarket group said the managerial changes would allow the company to better invest in frontline customer service. As Britian’s No. 2 supermarket chain, Asda employs 140,000 people across the country, so the planned cuts could affect up to 1% of the work force. The company said it hopes to reassign 400 of the 1,200 stores positions to other posts.
CEO Andy Bond, who took the reins earlier this year, said, “I’m simply not satisfied with this year’s average performance—our natural home is out-performance and today’s changes put in place the teams that will re-ignite our business over the next 12 to 18 months.”
Associated Grocers to Explore Strategic Alternatives
Seattle, Associated Grocers has announced its intention to explore strategic alternatives for the company, the result of a preliminary strategic evaluation by the company’s board. Investment bank Piper Jaffray will provide assessment and advice regarding alternatives for the wholesaler’s future. Associated Grocers has emphasized that this is not a decision to sell the company, but that it would explore options that could lead to its sale. The company said that its goals include attaining a stable, competitive supply chain and maximizing shareholder value.