Supervalu Launches Store Closures
Eden Prairie, Minn. Supervalu Inc. said Wednesday that it has begun the previously announced closure of about 50 of its stores nationwide.
Company spokeswoman Haley Meyer said that Supervalu has advised its employees in the targeted stores of the closures.
Meyers also said the company is working with those employees to find them other jobs in Supervalu, which include Albertsons, Cub Foods, Shop ‘n Save, Shaws Star and other stores.
Supervalu had previously stated in its third-quarter report that it would close about 50 stores in its fiscal 2009 fourth quarter and will open fewer stores and scale back on remodeling stores to save money.
In related store-closure news, Cost Plus has detailed its previously announced store closings. It identified the 26 stores to shutter.
Cost Plus will shut two stores in California, all six of its stores in Minnesota, and will exit Cincinnati; Fort Lauderdale, Fla.; Fort Wayne, Ind.; Memphis, Tenn.; Omaha, Neb.; Rockford, Ill.; plus the Minneapolis-St. Paul and Rochester areas in Minnesota.
Cost Plus will take $2 million in severance costs in the fourth quarter, plus a $4 million impairment charge and $23 million in other charges related to the closed stores. The business expects to raise some $19 million by selling off inventory from those stores.
After the shutdown, Cost Plus will have 270 stores in 30 states.
Colorep names Anthony to board
RANCHO CUCAMONGA, Calif. Colorep, a leader in sustainable textile solutions, announced that it has named David Anthony to its board of directors.
Larry Levy, Colorep’s chairman and CEO, stated “We are delighted to have David Anthony joining Colorep’s board. He brings extensive experience in building great companies in the clean technology field. I look forward to growing Colorep with David on our team.”
As managing director of 21 Ventures, Anthony sits on the board of Agent Video Intelligence, 3GSolar, BioPetroClean, Juice Wireless, VOIP Logic, WorldWater & Solar Technologies.
Riley named to TWE board of directors
ALBANY, N.Y. Trans World Entertainment announced that Bryant Riley has been appointed to the company’s board of directors. Riley is currently the managing member and founder of Riley Investment Management LLC and founder and chairman of B. Riley & Co., LLC, a Southern California-based brokerage and investment banking firm.
“Bryant Riley brings extensive experience and a history of strong leadership to the company’s board of directors,” commented Robert Higgins, chairman and CEO of Trans World Entertainment.
Riley will fill the vacancy created by the retirement of Marty Hanaka from the board of directors.