Spartan completes acquisition of 17 supermarkets and 15 pharmacies from VG’s
GRAND RAPIDS, Mich. Spartan Stores announced that it has completed the previously announced acquisition of 17 retail supermarkets and 15 pharmacies from VG’s Food Center and VG’s Pharmacy, a privately held Fenton, Michigan-based retail grocery operator and the company’s largest independent distribution customer.
Spartan said it believes the transaction will increase annual retail segment sales by approximately $300 million, with annual consolidated sales increasing approximately $150 million, as VG’s is an existing distribution customer. The acquisition is expected to be slightly dilutive to net earnings in the fiscal 2009 fourth quarter, but accretive during fiscal year 2010.
Commenting on the transaction, Spartan Stores’ president and ceo Dennis Eidson said, “We are very pleased to complete the acquisition of VG’s retail stores. This transaction provides us with the opportunity to sustain our long-term performance improvement record, capture additional operational synergies and serve communities in key Michigan markets where we had no retail presence. As we begin the integration process, we will bring our distinct and successful approach to marketing, merchandising, and category management to these markets, while preserving the long-standing and exceptional shopping experience that VG’s has delivered to its customers for many years. Our sound balance sheet and financial position has allowed us to take advantage of prudent market share expansion opportunities during this challenging economic period and further solidify our position as a leading independent grocery retailer in Michigan.”
Herd to retire as Polk Audio president
BALTIMORE Polk Audio, announced that its president, Jim Herd, will retire at the end of the year, leading to a realignment of its senior management team.
“After a total of 30 years in the loudspeaker industry, including 16 years here at Polk Audio, I am fortunate enough to be able to retire and attend to more personal interests,” said Herd.
Polk Audio will be structured under the following three primary areas: marketing, sales, and product line management will report to Ben Newhall, vp of sales; engineering, project management, and purchasing will report to Jeff Nemec, vp of new product development; and operations and finance will report to Joe Tristani, COO.
Amazon.com claims 2008 was best holiday ever
SEATTLE Amazon.com has managed to defy economic trends, by claiming that the 2008 holiday season was its best ever. According to the company, more than 6.3 million items ordered worldwide on the peak day, Dec. 15, which is a record-breaking 72.9 items per second.
Among Amazon.com’s top sellers this holiday season were the Eyeclops night vision stealth goggles, the Apple iPod touch 8 GB (2nd Generation) and “The Tales of Beedle the Bard” by J.K. Rowling.