• The Cincinnati Business Courier reports that Kroger has completed the $2.15 billion sale of its convenience store business to UK-based EG Group.
After taxes, the story says, the sale will net $1.7 billion,, the majority of which will be used for a stock buyback program. The balance will be invested in the company’s workforce.
• The Los Angeles Times reports that “A Toronto investment firm run by billionaire Prem Watsa has reached a $237-million deal to acquire the 82 Toys R Us stores that the bankrupt retailer operates in Canada.” This leaves Isaac Larian, manufacturer of the Bratz doll line, saying that he is “abandoning efforts to buy the Canadian stores of Toys R Us and instead plans to sweeten his rejected bid for more than 200 U.S. outlets of the bankrupt retailer.”
Larian’s opening bid for the US stores for $675 million was rejected as inadequate.
After taxes, the story says, the sale will net $1.7 billion,, the majority of which will be used for a stock buyback program. The balance will be invested in the company’s workforce.
• The Los Angeles Times reports that “A Toronto investment firm run by billionaire Prem Watsa has reached a $237-million deal to acquire the 82 Toys R Us stores that the bankrupt retailer operates in Canada.” This leaves Isaac Larian, manufacturer of the Bratz doll line, saying that he is “abandoning efforts to buy the Canadian stores of Toys R Us and instead plans to sweeten his rejected bid for more than 200 U.S. outlets of the bankrupt retailer.”
Larian’s opening bid for the US stores for $675 million was rejected as inadequate.
- KC's View:
