Mergers & Acquisitions

Pleasanton, Calif. – Safeway reported a net loss of $76.5 million in the first quarter of fiscal 2014, compared to net earnings of $118.9 million in the same period a year earlier. The company is working toward closing its $9.4 billion merger with Albertson’s by the fourth quarter of the current fiscal year.

Overstock.com promoted Seth Marks to SVP of merchandising and strategic sourcing. The promotion was in conjunction with the online shopping site’s first-quarter results for the period ended March 31.

Marks has been with the company since 2013, serving as VP of sales and special acquisitions.

"Seth brings a wealth of experience to this position from his previous work in liquidation and retail channel markets. He continually makes great contributions in securing the best deals for our customers," CEO Patrick M. Byrne said.

Bentonville, Ark. -- Wal-Mart Stores, Inc. announced Wednesday that its former president and CEO Lee Scott will not seek re-election to the company’s board of directors.

As well, current board member Chris Williams will not stand for re-election to the board of directors at Walmart’s Annual Shareholders’ meeting on June 6.

Things are looking good for Supervalu, which reported fourth quarter fiscal 2014 net sales of $4 billion, up 1.4%, and net earnings of $26 million, or $0.10 per diluted share.

"Fiscal 2014 was an important transition year for Supervalu as we stabilized the organization and set the foundation for our future,” stated Sam Duncan, Supervalu president and CEO. “I am pleased with the direction of our business segments and look forward to the new fiscal year where we can focus our attention on driving sales growth across the organization.”

Minneapolis – SuperValu Inc. swung to a profit in the fourth quarter of fiscal 2014 from a net loss in the fourth quarter of the prior fiscal year. Net earnings were a better-than-expected $26 million, compared to a net loss of $1.41 billion a year earlier.

In addition, net sales rose 1.4% to $3.95 billion from $3.9 billion and same-store sales increased 3.5%. The substantial improvement in profits partially resulted from a significant decrease in charges and costs.

Los Angeles — CBRE Group has promoted Lewis Horne to president, greater Los Angeles-Orange County region. Horne has led the CBRE region since 2007. His elevation to the President title reflects outstanding performance across a broad range of leadership attributes, including new business development, business and sales management, market and industry leadership, client relationships and people management, said CBRE in a prepared statement.

West Palm Beach, Fla. -- Wing chain Hurricane Grill & Wings has signed five multi-unit development agreements, representing 22 new locations slated to open in 2014-2015.

The Florida-based franchised brand opened two locations in early 2014, with plans for a total of 14 new units by the end of this year.

Seattle – Starbucks Corp. has filed building permits to open a La Boulange bakery location in Los Angeles. The permits do not specify a time when Starbucks plans to open the new store.

Starbucks purchased the La Boulange chain in 2012 and currently sells La Boulange-branded baked goods in U.S. Starbucks outlets. However, while there are 22 La Boulange stores in San Francisco, this would be the first location outside that market. Starbucks has previously said it wants to expand La Boulange nationally.