News

Tewksbury, Mass. – DeMoulas Supermarkets Inc., operator of the Market Basket supermarket chain, has reportedly been allowed by a judge in Suffolk Superior Court in Massachusetts to continue making a $300 million payout to shareholders.

According to the Boston Globe, Judge Judith Fabricant denied a motion by Arthur T. DeMoulas, president of DeMoulas Supermarkets, to stop the payout, which had been approved by a majority of the company’s board of directors. All nine shareholders receiving the payout are members of the DeMoulas family.

Union, N.J. – Bed, Bath & Beyond, Inc. reported year-over-year increases in net income, net sales and same-store sales during the second quarter of fiscal 2013. Net income grew about 18%, to $249.3 million from $224.3 million.

New York -- Governor Jerry Brown of California on Wednesday signed a bill approving a $2 hike in the state’s minimum wage, with the increase to be rolled out during the next three years. The increase will make California's minimum wage the highest in the country.

The wage increase will go into effect in two separate $1 increments, going from the current minimum of $8 to $9 on July 1, 2014, and then to $10, on January 1, 2016.

By Derek Warburton, [email protected]

eBay is in the process of acquiring Braintree, an innovative global payment platform powering online and mobile-first startups, for approximately $800 million in cash.

Tractor Supply Co. has opened its first Nevada store as part of its expansion strategy into the Western region of the country.

The new store is in Carson City on East William Street. After a soft opening earlier this month, grand opening celebrations commence Sep. 28.

Southeastern Grocers, parent company of Bi-Lo and Winn-Dixie supermarkets, has filed a registration statement on a proposed initial public offering.  

The shares are expected to be offered by Southeastern Grocers, and the number of shares to be offered and the price range for the offering have not yet been determined.

Citigroup, Credit Suisse and Deutsche Bank Securities will act as representatives of the underwriters for the offering, and, together with William Blair and Wells Fargo Securities, will act as joint book-running managers for the offering. 

J.C. Penney is looking to raise $750 million to $1 billion in cash equity. According to Reuters, J.C. Penney, which is valued at $2.6 billion, is considering issuing new stock shares as well as other unspecified alternatives.

Loblaw has announced a string of executive moves, including the appointment of Mark Butler as EVP integration, who is charged with integrating the recently acquired Shoppers Drug Mart.

In the newly created role, Butler will take on responsibility for planning the integration of Shoppers Drug Mart, while ensuring it remains an independent division. And subject to completion of the transaction following review by the Competition Bureau, Butler will lead the team charged with delivering synergies. He has 37 years with Loblaw, and most recently was EVP conventional division.

Elemica, a leading supply chain operating network provider for the process industries, has promoted Ed Rusch to VP of corporate marketing.