Report: Blockbuster Weighing Options to Fund Circuit City Bid
New York City Blockbuster Inc. is studying various options to fund its buyout offer of Circuit City, such as using Circuit City’s own balance sheet, even as the electronics retailer is asking Blockbuster to prove it can handle an all-cash bid, the Wall Street Journal reported on Monday.
Blockbuster is also considering using its existing debt facility, possible asset sales and cost savings for the deal, the report said.
Last week, Blockbuster offered up to $1.3 billion to buy Circuit City but the offer has drawn doubts from Wall Street, investors and Circuit City itself over how Blockbuster will fund the bid.
While investors fear that Blockbuster may need to raise new debt or renegotiate its current debt to finance the offer, Blockbuster is hopeful that it has alternative funds to sidestep that possibility, the report said.
Still, Blockbuster will not go ahead with the offer if it does not like what it sees in Circuit City’s financial books, the report said in a separate report, citing an interview with Blockbuster CEO Jim Keyes.
Circuit City has not allowed Blockbuster to see its books.
Report: Talbots expects loss in ’08
NEW YORK According to reports, Talbots is expected to report a net loss of 7 cents to 17 cents per share for 2008, after discontinued operations, and revenue growth of 3%.
In addition, according to reports the company is expecting a drop in same-store sales in 2008.
Meijer promotes non-invasive plants for Earth Day
GRAND RAPIDS, Mich. Meijer has partnered with The Nature Conservancy and to encourage shoppers to select non-invasive plants, trees and shrubs for their backyards. In order to promote the program, the company is hosting a special Earth Day open house on April 26 at all 181 Meijer stores throughout the Midwest.
“Invasive species can wreak havoc on local ecosystems by disrupting the delicate balance found in nature,” said Helen Taylor, Michigan state director for The Nature Conservancy. “This ongoing partnership between Meijer and The Nature Conservancy will hopefully help to reduce some of the damage done by invasive species by giving consumers the information they need to help their local environment.”
According to Meijer, visitors to the stores on April 26 will be able to learn about environmentally friendly products such as non-invasive plants recommended by The Nature Conservancy. In addition Meijer representatives will provide information on how to make a more earth-friendly garden.