Expect a bid for New Jersey-based Kings Supermarkets any day now from Gristedes, now that the planned sale of Kings by Marks & Spencer to D’Agostino’s has fallen through. The question is price… D’Agostino’s was going to spend $160 million, but couldn’t get the financing; Gristedes had offered $155 million, but also couldn’t close the deal with Marks & Spencer. Marks & Spencer bought Kings in 1988 for $116 million.
A report out of Germany says that the Great Atlantic & Pacific Tea Co. (A&P) plans to convert most of its US supermarkets in the United States to the Food Basics banner, an everyday-low-price, limited-assortment (7,500 SKUs) format, within the next year-and-a-half. A&P is controlled by the Germany-based Tengelmann Group.
Target announced that it will open a new store in the Bronx, its first in that borough of New York City. While the company does not have a store in Manhattan, it currently has a mini-store in a boat docked in that borough’s waterfront. Target also has stores in Queens and Brooklyn, plus another 1,100 or so elsewhere in the US.
Two Tennessee men pleaded guilty to federal fraud and conspiracy charges in a six-state scam against Wal-Mart. The defendants reportedly took Wal-Mart gift cards to cashiers to have them encoded with a certain value, and then switch them with a blank card before paying and then leave the store. They would later use the cards to buy goods or get cash refunds.