ShopKo Special Meeting to Proceed
Green Bay, Wis., ShopKo Stores, which agreed in April to be acquired by a private equity firm, said today that a special shareholder meeting to approve the proposed deal will go ahead as scheduled Sept. 14, after a court denied a request by dissident shareholders seeking to block the deal.
The Circuit Court for Brown County, Wis., denied a motion by plaintiffs to prevent the meeting from happening, ShopKo said.
Albertson’s 2Q Profit Smaller Than Expected
Boise, Idaho, Albertson’s Inc., which recently put itself on the selling block, posted a smaller-than-expected 3% gain in quarterly profit and said it would sell some property to cash in on the U.S. real estate boom.
Net profit rose to $107 million, or 29? a share, in the second quarter ended Aug. 4, vs. $104 million, or 28? a share, a year earlier. Total sales inched up to $10.2 billion from $10.17 billion a year ago. Same-store sales were down by 0.1%.
Albertson’s said capital spending would be between $1 billion and $1.1 billion this year, or $300 million less than it had originally expected, as it focuses on a smaller number of markets.
Feds Approve GameStop, Electronics Boutique Merger
Grapevine, Texas, The Securities and Exchange Commission (SEC) approved the proposed $1.4 billion merger of video-game retailers GameStop Corp. and Electronics Boutique Holdings Corp. The two companies will seek shareholder approval of the merger on Oct. 6.
The merger would give the combined company more than 3,200 stores in the United States and 600 internationally.