Mergers & Acquisitions

MINNEAPOLIS - Supervalu announced that it has entered into a stock purchase agreement for the sale of Total Logistic Control (TLC), a wholly owned subsidiary that provides logistics and supply chain management solutions to manage distribution, warehousing and transportation operations for leading food, beverage and consumer packaged goods companies. Subject to closing conditions and regulatory approvals, the sale is expected to close on Dec. 31.

Austin, Texas -- Dallas-based home furnishings and accessories retailer Parmida Home said Thursday it has opened a new 10,500-sq.-ft. store in the Hill Country Galleria, located in Bee Caves, Texas, near Austin.

This is the retailer’s second Texas location and part of Parmida Home’s plan to expand into similar lifestyle centers nationally. 

Parmida Home is represented by United Commercial Realty.

Philadelphia -- Michael Salove Co., an X Team partner based in Center City Philadelphia, announced that it has completed two lease transactions in the Greater Philadelphia market with Qdoba Mexican Grill.

Qdoba will open a 2,600-sq.-ft. unit in Providence Town Center in Collegeville, Pa. and will open a 2,300-sq.-ft. unit in Wynnewood Square in Wynnewood, Pa.

Montvale, N.J. -- A report Friday said that Great Atlantic & Pacific Tea Co. may file for bankruptcy in the coming days to restructure debt.

Citing unnamed sources, Bloomberg reported that a filing to reorganize under court protection may come as soon as this weekend. A&P hired law firm Kirkland & Ellis LLP to represent it in negotiations with creditors and in any Chapter 11 proceeding, according to the report.

Victoria, Texas -- Lack Properties and Lack’s Stores said Thursday it has hired Melville, N.Y.-based DJM Realty, a Gordon Bros. Group company, to manage the disposition of all leased and owned retailer and warehouse facilities throughout Texas.

Lack’s is an independently owned retail home furnishings chain operating as Lack’s and Lacks Home Furnishings.

New York City -- Movie merchandise seller National Entertainment Collectibles said Thursday that it had acquired most of the assets of Movie Gallery, which has been liquidating its Hollywood Video, Movie Gallery and Game Crazy stores.

Movie Gallery, once the nation's second-largest video and game rental chain with 4,000 stores in the United States and Canada, filed for bankruptcy in February. In October, a federal bankruptcy judge in Richmond, Va., approved the auction of its brand names, Internet domain names and customer databases.

Framingham, Mass. -- TJX Cos. said Friday it will close its A.J. Wright discount stores by mid-February, cutting 4,400 jobs. The move comes as the company’s T.J. Maxx and Marshalls chains have become better at attracting the lower-income customers that A.J. Wright targeted.

Ninety-one A.J. Wright stores will be converted into T.J. Maxx, Marshalls or HomeGoods stores, and 71 stores and two DC’s will close entirely. About 3,400 employees will keep their jobs and another 4,400 – half part-time and half full-time – will be cut.

Hong Kong -- Li & Fung Ltd., the biggest supplier to Wal-Mart Stores said Friday that it may increase acquisitions in China as the country’s consumer spending grows, U.S. demand rebounds and inflation propels companies to seek partners.

Li & Fung president Bruce Rockowitz told Bloomberg that it may buy Chinese companies in the fashion, cosmetics and furniture industries in the next three years. He also said it will increase purchases in the United States, Europe and Japan.