Supply Chain & Merchandising

Montvale, N.J. -- The Great Atlantic & Pacific Tea Co. said Friday that it has secured a $490 million financing package from Ron Burkle’s Yucaipa Cos., Mount Kellett Capital Management and investment funds managed by Goldman Sachs.

The combination debt and equity financing, which is subject to court approval, will allow the grocer to emerge from Chapter 11 bankruptcy protection early in 2012.

MONTVALE, N.J. — A&P will be able to emerge from chapter 11 next year, thanks to an agreement to receive $490 million of debt and equity financing from private investors comprised of The Yucaipa Companies LLC, Mount Kellett Capital Management LP and investment funds managed by Goldman Sachs Asset Management L.P., the company announced Friday. The agreement is subject to approval of the U.S. Bankruptcy Court for the Southern District of New York.

Columbus, Ohio -- Big Lots reported that U.S. comparable-store sales for the fiscal third quarter ended Oct. 29 rose 1.7%. Total sales for the period rose 6% to $1.1 billion, from $1.04 billion.

Naperville, Ill. -- OfficeMax said Friday that its executive VP and chief merchandising office Ryan Vero has resigned, effective Dec. 2.

Michael Lewis, executive VP and president of retail, will continue to provide oversight to the marketing and merchandising teams, according to OfficeMax.

OfficeMax said it is initiating a search for a chief merchandising officer immediately.
 

NAPERVILLE, Ill. — OfficeMax Friday announced that Ryan Vero, EVP and chief merchandising officer will be leaving the company effective Dec. 2. The company, which did not specify the reason for Vero's departure, said it has already started its search for a replacement. Michael Lewis, EVP and president of retail, will continue to provide oversight to the marketing and merchandising teams.

Walmart EVP merchandising Duncan Mac Naughton spoke at two events this week in Northwest Arkansas, and he said essentially the same thing on both occasions. Two weeks earlier during a supplier summit event at the retailer’s home office, he said basically the same thing, according to those in attendance. And the comments at the supplier summit were essentially the same as those shared with members of the financial community during a mid-October analysts’ meeting or back in August.

Nashville, Tenn. -- Kirkland's Inc. raised its third-quarter earnings outlook Thursday after total revenue rose because of store expansion.

Total revenue rose 4.7% to $97.1 million in the August-to-October period. Same-store sales fell 3.6%.

The home-decor store said it now expects earnings of 3 cents to 5 cents per share, up from its previous prediction of a quarterly loss.

New York City -- Fresh & Easy Neighborhood Market, the U.S. division of Tesco, has opened its first Fresh & Easy Express store, at La Cienega Boulevard and 18th Street in Los Angeles.

The new format is approximately 3,000 sq. ft. versus the 10,000-sq.-ft. footprint of a standard Fresh & Easy. It features an edited selection of some 2,700 SKUs, including fresh foods, baked items, groceries, and health and beauty items.