Report: Woolworth Rejects Baugur Bid
London Woolworths Group plc said that it rejected a purchase proposal from Baugur Group Hf, an investment group and shareholder based in Reykjavik, Iceland. The company is still open to negotiations with the firm, according to a Reuters report.
“The Woolworths board is not unwilling to talk to Baugur but was unwilling to recommend the bid it made,” a Woolworths spokesperson told Reuters on Tuesday.
The retailer’s board rejected the ?50 million (US$93 million) bid on Sunday because it involved complex corporate restructuring, and under-valued the company’s assets. Also, it expected Woolworths to retain all pension liabilities for current and former employees, according to a company statement.
The Woolworths chain, which sells appliances, housewares and video games, is suffering from sharply declining sales. Its full-year profit in 2007 was only half of its earnings for 2006.
If Woolworths eventually agrees to do business with Baugur, the investment group plans to rebrand Woolworths’ stores under its Iceland banner, a supermarket chain that specializes in frozen produce.
Costco offers promotions with LeverageCard.com
IRVINE, Calif. Costco has partnered with LeverageCard.com to allow consumers to buy Costco Membership Certificates online and then receive Costco promotions and coupon booklets.
Certificates purchased through LeverageCard.com can be used to renew, upgrade or register for a membership in any Costco store nationwide. The minimum purchase is $50 and for each certificate purchased, LeverageCard.com will send one complimentary coupon booklet, which includes coupons for free items and discounts on Costco staples, including fresh meat and bottled water, worth over $40.
“This relationship with Costco is a terrific step for us as we look to expand our gift card offerings and provide unique offers and savings to our users,” said Mark Edward Roberts, CEO and co-founder, Leverage. “We are proud to be working with Costco in a way that so dramatically enhances the customer experience for both Costco and Leverage shoppers.”
Consumers will also be able to exchange their purchased Costco Membership Certificates for other gift cards available on LeverageCard.com using the site’s signature swapping system.
Springs names senior account manager
ROCK HILL, S.C. Springs Creative Products Group has named Teri Thom as senior account manager. In this capacity, Thom’s responsibilities include sales and product development for Jo-Ann Stores, Target, Tractor Supply Company, Cracker Barrel, Scholastic, A.C. Moore and Books are Fun.
Before joining Springs Creative Products Group, Thom worked in merchandising and product development for Jo-Ann Stores in Hudson, Ohio. Prior to that, she served as a buyer for Dillard’s Department Stores and a store manager for The Gap.