Consumer Affairs & Relations

ITASCA, Ill. — Supervalu's Jewel-Osco chain announced that it will celebrate Hispanic Heritage Month with its fourth annual VIP reception to honor the culture and significant achievements of the Hispanic community. The signature event, "Sabor de la Herencia Hispana," will be held Sept. 14, at the National Museum of Mexican Art, 1852 W. 19th Street, Chicago, from 6 to 9 p.m.  

The wheels of justice turn slowly. So slowly in fact that just last week a former adviser to President George W. Bush was stripped of his license to practice law in Washington, D.C. for one year in connection with a fraudulent return scheme perpetuated at Target and other retailers in early 2006.

WESTBOROUGH, Mass. — At a special meeting held Friday, BJ's Wholesale Club stockholders approved the definitive agreement between the company and Leonard Green & Partners and CVC Capital Partners to be acquired in an all-cash transaction valued at about $2.8 billion.

BJ's anticipates the closing of the transaction, which was announced in late June, will occur around the end of the month.

Westborough, Mass. -- BJ’s Wholesale Club said Friday that its shareholders have okayed the acquisition bid that will take the company private.

Private equity firms Leonard Green & Partners and CVC Capital Partners agreed to acquire the warehouse club operator in a deal valued at $2.8 billion.

According to BJ’s, 72% of its shareholders approved the bid. The deal is slated to close on or about Sept. 30.
 

HOFFMAN ESTATES, Ill. — Sears Holdings announced that former UPS executive Raj Penkar is joining the company as SVP and president of the company's supply chain.

In his new role, Penkar will be accountable for all aspects of the company's supply chain, including logistics, warehousing, inventory management and distribution. Prior to joining Sears, Penkar worked at UPS for 24 years and most recently served as president of UPS' customer solutions division.

WASHINGTON — The National Retail Federation announced that it has sent a letter to the congressional “super committee” on deficit reduction urging the panel to focus on initiatives that will boost the economy and create jobs.

PLEASANTON, Calif. — Safeway announced that it has raised $10.4 million during a five-week campaign to help the Muscular Dystrophy Association develop treatments and assist people coping with neuromuscular diseases.

NAPERVILLE, Ill. and BOCA RATON, Fla. — OfficeMax and Office Depot had very different things to say about their respective back-to-school sales performances during presentations at the Goldman Sachs Annual Global Retailing Conference.

OfficeMax has been experiencing slower sales as consumers continue to be price conscious. In addition, Ravi Saligram, president and CEO of OfficeMax, reported that back-to-school sales are soft and the company is experiencing weaker technology sales.

New York City -- Speaking at the Goldman Sachs 18th Annual Global Retailing Conference in New York City, Myron Ullman III, chairman and CEO of J.C. Penney Co., expressed confidence that the chain is well positioned for the holiday selling season. However, he noted that uncertain economic conditions have caused the chain to pull back on its expectations.

Ullman noted that customers are still purchasing promotionally priced items along with full-priced goods.

 

Beaumont, Texas -- Conn's said Wednesday it lost $3.4 million in the second quarter, compared to net income of $1.6 million the year before. The company said that the loss was due to one-time charges, which included $3.7 million for closing three stores and $11.1 million for repaying a loan earlier than expected. Without those items, the company would have earned $5.5 million.

Revenue fell 13% to $184.4 million on declining sales of TVs and computers.