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Supervalu files to spin off Save-A-Lot
Supervalu Inc. on Thursday moved closer to spinning off its Save-A-Lot division as a public company, filing a plan with the Securities and Exchange Commission.
Under the plan, Supervalu shareholders will own at least 80.1% of the spun-off company. The stock would be publicly traded under an as-of-yet unidentified ticker. Supervalu did not set a deadline for taking Save-A-Lot public.
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Hudson’s Bay Company accelerates omnichannel with Gilt Groupe purchase
Leading department store operator Hudson’s Bay Company confirmed months of speculation and agreed to pay what appears to be a modest sum to acquire online luxury retailer Gilt Groupe.
Hudson’s Bay, which operates 470 department stores including Saks Fifth Avenue and the Off 5th discount format, said it agreed to pay $250 million for Gilt in a deal that will add $500 million to 2016, $40 million in adjusted operating profit by 2017 and countless synergies to leverage the combined companies’ infrastructure and customer databases.
