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  • INDUSTRY NEWS

    • On October 31, 2014, it was reported, Dollar General extended the expiration of its tender offer for all of Family Dollar shares for a second time, this time to Dec. 31, as less than 4% of the shares have been validly tendered so far. The original tender of $80 a share, announced on Sept. 10, was set to expire on Oct. 8, but was extended to Oct. 31. Dollar General said the terms of the tender offer remain unchanged. As of 5 p.m. ET on Thursday, 4,097,475 common shares of Family Dollar were tendered, or 3.6% of the 114.31 million shares outstanding as of Aug. 30. The new expiration runs past Family Dollar's special meeting of shareholders, scheduled for Dec. 11, to vote on its merger with Dollar Tree. The stocks of Dollar General and Family Dollar, which are still inactive in premarket trade, are up 3.5% and 20%, respectively, so far this year through Thursday, compared with a 7.9% gain in the S&P 500.
    • On October 30, 2014, it was reported, Wal-Mart Stores Inc plans to close about 30 underperforming Seiyu stores in Japan. Wal-Mart first invested in Seiyu in 2002 and took full control of the chain in 2008. Wal-Mart will also accelerate remodels of existing Seiyu stores with particular focus on enhancing fresh and deli categories. The company plans to remodel approximately 50 stores in 2015. At the same time Seiyu will steadily drive EDLC (Every Day Low Cost) and attempt to improve productivity across the company, with the objective of significantly strengthening its EDLP (Every Day Low Price) strategy.
    • On October 27, 2014, it was reported, Ashley Furniture Industries Inc. now has 657 new jobs at its recently unveiled 2.8 million-square-foot manufacturing and distribution center in Davie County, with plans to have 800 by the end of the year. The Arcadia, Wis.-based company recently celebrated the grand opening of the manufacturing and distribution center in Advance. The location "will provide faster delivery to our customers, especially those located on the Eastern seaboard," said Todd Wanek, Ashley's CEO.
    • On October 27, 2014, it was reported, Stonewall Kitchen has received an investment from private equity firm Centre Partners. As part of the investment, Stonewall Kitchen will continue to be managed by its existing leadership team with the addition of Centre operating partner John Stiker, who has been named CEO. Co-founder Jonathan King will remain as chief creative officer, Natalie King will remain in her position as executive VP and Lori King has been promoted to President. Stiker previously held key leadership positions in other food companies, including Bumble Bee Seafoods and Distant Lands Coffee. Sawaya Segalas & Co. LLC served as exclusive financial advisor to Stonewall Kitchen in connection with establishing its partnership with Centre Partners.