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Supervalu lays financial groundwork for Save-A-Lot spinoff
Grocery giant Supervalu Inc. is one step closer to separating its troubled Save-A-Lot banner.
Supevalu, which initially announced it was exploring spinning off Save-A-Lot into a standalone, publicly traded company in July 2015, has completed the amendment of an existing $1.5 billion senior secured term loan agreement. This amendment permits the company and its subsidiaries to undertake certain transactions deemed necessary to enable a spinoff of Save-A-Lot.
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Online specialty retailer adds C-level IT exec
ModCloth, a San Francisco-based e-commerce retailer focused on vintage and independent apparel styles, has named Nicholas Genest as CTO.
Genest joins ModCloth with more than 15 years' experience across consumer, tech and online retail industries. He most recently served as the CTO for the online luxury consignment retailer The RealReal, where he strategically led the development of their mobile, web and data technologies since 2013.