Mergers & Acquisitions

MINNEAPOLIS — Best Buy reported dismal second quarter results Tuesday morning, missing analysts’ estimates by a wide margin one day after the company raised eyebrows by selecting a CEO with no retail experience to engineer a turnaround.

New York -- Apple Inc. became the most valuable public company of all time on Monday, after its market value climbed beyond $620 billion to surpass a milestone set by Microsoft Corp. more than 10 years ago, Reuters reported.

Apple shares reached a high of $664.74 on Monday morning, giving them a total value of $623.14 billion. This broke past the record of $620.58 billion set by Microsoft back in 1999, according to the report.

MINNEAPOLIS — Supervalu on Monday announced Robert Bly will join the company as president of Shoppers, a 56-store division in the Baltimore/Washington, D.C., market.

Bly is expected to begin his new role on Aug. 22 and will report to Chuck Elias, SVP retail operations. Bly replaces Tim Lowe, who recently accepted a new leadership role in Supervalu's merchandising organization.

Minneapolis -- Best Buy Co. has named Hubert Joly, the former chief executive of global hospitality company Carlson, as the chain's new CEO and president. Carlson, which operates such businesses as Radisson and T.G.I Friday's, announced Sunday that Joly resigned from that company.

Hubert Joly is the new CEO at Best Buy.

Best Buy named former food service and hospitality executive Hubert Joly as president and CEO even as uncertainty lingers regarding a possible leveraged buyout engineered by former chairman and founder Richard Schulze.

Joly joins Best Buy after serving since 2008 as CEO of Minneapolis-based Carlson, a global hospitality and travel company known for such brands as Radisson hotels and TGI Friday’s restaurants. From 2003 to 2007, he led Carlson’s travel division.

Minneapolis -- Caribou Coffee Co. announced it will be expanding its retail and commercial footprint in the Chicagoland area by teaming up with supermarket operator Jewel-Osco, which is part of the Supervalu company.

Caribou Coffee opened its first retail location within Jewel-Osco's Barrington store last week, with plans to introduce two additional coffeehouses in the grocery's Hoffman Estates and Countryside locations in the near future, as well as five additional coffeehouses within Jewel-Osco in 2013.

Parsippany, N.J. -- Kings Food Markets announced that the company has expanded into Connecticut with the acquisition of a Porricelli's Market location in Old Greenwich. 

Kings, with 24 stores in New Jersey and New York, recently completed a brand relaunch that included grand reopenings of its Bedminster and Livingston, N.J., stores, with additional reopenings slated to take place throughout 2012 and 2013.
 

MINNEAPOLIS — Caribou Coffee Co. announced it will be expanding its retail and commercial footprint in the Chicagoland area by teaming up with supermarket operator Jewel-Osco, which is part of the Supervalu company.

Caribou Coffee opened its first retail location within Jewel-Osco's Barrington store last week, with plans to introduce two additional coffeehouses in the grocery's Hoffman Estates and Countryside locations in the near future, as well as five additional coffeehouses within Jewel-Osco in 2013.