Safeway to take Blackhawk unit public
Pleasanton, Calif. — Safeway Inc. announced on Wednesday that it plans to take its Blackhawk Network Holdings Inc. gift card and payment services unit public. Blackhawk sells gift cards at supermarkets and through other stores, including drug stores and convenience stores.
Safeway said it plans to file a registration statement for a potential initial public offering of a minority stake in Blackhawk and hopes to complete the IPO sometime in the first half of 2013, depending on market conditions.
Safeway Inc. said on Wednesday it plans to take its Blackhawk Network Holdings Inc. gift card and payment services unit public sometime in the first half of 2013.
Safeway, one of the largest U.S. grocers, plans to file a registration statement for a potential initial public offering of a minority stake in Blackhawk, it said on Wednesday. It plans to complete the IPO sometime in the first half of 2013, depending on market conditions.
Blackhawk sells gift cards at grocery stores and through thousands of other stores, such as pharmacies and convenience stores, such as pharmacies and convenience stores.
Conn’s Q2 profit up, raises forecast
Beaumont, Texas — Conn’s Inc. posted a better-than-expected a second-quarter profit of $11.6 million, compared with a loss of $3.1 million in the year-ago period. The company also raised its full-year profit forecast for the third time.
Conn’s said revenue rose 10.9% to $207.4 million. Same-store sales rose 21.5% for the quarter, fueled by a 57.5% rise in same-store sales of furniture and mattresses.
“Improvements in our retail operating performance continued into August, when we experienced growth in same store sales of 12% on top of a 6% increase last year,” stated Theodore M. Wright, chairman and CEO. “
GE Capitol is co-collateral agent on $1.65 billion credit facility for Supervalu
Norwalk, Conn. — GE Capital, Corporate Retail Finance announced it is co-collateral agent on a $1.65 billion asset-based credit facility for Supervalu Inc.
The loan will be used for working capital needs and to refinance existing debt. GE Capital Markets served as joint lead arranger and joint bookrunner.
“This financing will provide Supervalu with more financial flexibility as we execute our business turnaround.” said Sherry Smith, executive VP and CFO of Supervalu.