• Supervalu said yesterday that it is reorganizing its corporate structure in what it calls an effort to “facilitate strategic transformation, among other benefits to stockholders.”
SuperValu president/CEO Mark Gross said in a prepared statement: “The proposed holding company structure is another significant and important undertaking by our team that would support and advance our transformation by further separating our wholesale and retail operations in a tax efficient manner.”
Among the expected benefits, the company says, is the facilitation of a “previously announced strategic transformation plan to sell certain retail assets to third parties,” better segregation of the company’s liabilities “into their respective business segments,” and increasing the company’s “strategic, business and financial flexibility.”
• The Wall Street Journal reports that “Sears Hometown and Outlet Stores Inc., which was spun off in 2012 by Sears Holdings Corp. , said Friday it plans to close up to 100 of its 882 stores this quarter to reduce costs.” The company announced the closings “while reporting a $9.4 million loss for the first quarter ended May 5.”
Most of the stores, the Journal notes, “are run by independent dealers and franchisees.”
• As expected, the Seattle Times reports, the Seattle City Council voted 7-2 to repeal a “head tax” that it passed just last month, charging big employers $275 per employee annually to help fund housing and services for homeless population.
The tax had been opposed vociferously by major employers, including Amazon and Starbucks, and it was expected that if a repeal was not enacted there would have been a ballot referendum on the issue this November.
Seattle Mayor Jenny Durkan is expected to sign the repeal into law.
SuperValu president/CEO Mark Gross said in a prepared statement: “The proposed holding company structure is another significant and important undertaking by our team that would support and advance our transformation by further separating our wholesale and retail operations in a tax efficient manner.”
Among the expected benefits, the company says, is the facilitation of a “previously announced strategic transformation plan to sell certain retail assets to third parties,” better segregation of the company’s liabilities “into their respective business segments,” and increasing the company’s “strategic, business and financial flexibility.”
• The Wall Street Journal reports that “Sears Hometown and Outlet Stores Inc., which was spun off in 2012 by Sears Holdings Corp. , said Friday it plans to close up to 100 of its 882 stores this quarter to reduce costs.” The company announced the closings “while reporting a $9.4 million loss for the first quarter ended May 5.”
Most of the stores, the Journal notes, “are run by independent dealers and franchisees.”
• As expected, the Seattle Times reports, the Seattle City Council voted 7-2 to repeal a “head tax” that it passed just last month, charging big employers $275 per employee annually to help fund housing and services for homeless population.
The tax had been opposed vociferously by major employers, including Amazon and Starbucks, and it was expected that if a repeal was not enacted there would have been a ballot referendum on the issue this November.
Seattle Mayor Jenny Durkan is expected to sign the repeal into law.
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