Sears acquires Israeli start-up Delver
Hoffman Estates, Ill. Sears Holdings Corp. has acquired Israeli start-up Delver, a social search engine that was on the cusp of shutting down after it failed to raise an additional $6 million in capital.
Delver CEO Liad Agmon will move to Chicago where he will hold a title of VP at Sears Holdings, according to Israeli business site, Globes.
Delver’s employees will continue to work in Israel and the company will operate as a Sears’ development center. Delver will continue development of its search engine, which improves the relevancy of Web search results by prioritizing results based upon the searcher’s social network, as well as new products, the report said.
Albertsons, Supervalu extend transitional services agreement
BOISE, Idaho Albertsons announced that it has reached an agreement with Supervalu, which allows Albertsons the option to extend the transitional services agreement through Dec. 31, 2014. The TSA was originally signed in June 2006 when the respective companies purchased portions of Albertsons.
Through the TSA, Albertsons has a relationship with Supervalu, where a series of infrastructure services are provided. The purpose of the TSA is to provide Albertsons with the necessary back office infrastructure to run the business efficiently.
Dillard’s reports 4Q loss
LITTLE ROCK, Ark. Dillard’s announced that net loss for the fourth quarter ended Jan. 31 was $149.3 million ($2.03 per share). Net income for the fourth quarter ended Feb. 2, 2008 was $47.3 million ($0.63 per share).
Net sales for the fourth quarter were $2.039 billion compared to net sales of $2.163 billion for the same period last year. Total merchandise sales declined 9% during the 13-week period. Merchandise sales in comparable-stores declined 8%.