News

WESTBOROUGH, Mass. — At a special meeting held Friday, BJ's Wholesale Club stockholders approved the definitive agreement between the company and Leonard Green & Partners and CVC Capital Partners to be acquired in an all-cash transaction valued at about $2.8 billion.

BJ's anticipates the closing of the transaction, which was announced in late June, will occur around the end of the month.

New York City -- Marsh Supermarket will spend $60 million to build up to 10 stores and remodel or rebuild several more over the next three years, the Indianapolis Business Journal reported.

The new stores will average 40,000 sq. ft. to 60,000 sq. ft. with a strong focus on fresh fruits and vegetables and service-oriented components, according to the report.

Marsh operates of 70 namesake stores and 27 smaller-format Mainstreet Market stores. It is privately held, a portfolio company of private equity firm Sun Capital Partners.

New York City -- Kohl’s said it has notified the U.S. Securities and Exchange Commission that it is delaying filing its second quarter filing as its deals with previously reported errors in its accounting for both store and equipment leases. 

As a result of these and other less significant accounting corrections, Kohl's expects to record additional property and financing obligations on its balance sheet. The company said it doesn't expect the corrections to have an impact on the net increase or decrease in cash and cash equivalents reported.

Cincinnati -- The Kroger Co. reported Friday that net income in the second quarter rose 7.3% to $280.8 million. The company said earnings got a boost from tax adjustments and sales at its gas stations.

Sales increased 11.5% to $20.9 billion. Same-store sales were up 5.3%.

“Our ongoing investments in the four keys -- our people, products, prices and the shopping experience -- continued to enhance our connection with customers and drive positive identical sales growth,” said David B. Dillon, Kroger’s chairman and CEO.

NEW YORK — Consumers are spending more, but doing so in fewer transactions, according to American Express Business Insights’ most recent Business Insights Spend Sights report.

The study, which examines spending patterns across several key categories, U.S. cities and demographic groups, finds that while economic uncertainty continues to dampen overall consumer confidence, a new pattern of less frequent but measurable splurging has become evident among a range of customer groups in several categories.

GARNER, N.C. — Butterball LLC, the nation’s largest turkey producer, has announced the appointment of Rod Brenneman as the company’s new CEO. After an extensive search, the company came back to its first and number one candidate, who has been filling the role as interim CEO and is already familiar with the organization.

SAN FRANCISCO — Gap Inc.'s online boutiqe Piperlime announced that Rachel Bilson, Olivia Palermo and Byrdie Bell will join Rachel Zoe as guest editors to kick off the fall season.

“The idea of hosting guest editors on Piperlime.com has been integral to who we are since the day we launched in 2006,” said Jennifer Gosselin, VP and general manager of Piperlime.  “We started with Rachel Zoe and her popularity and reach has grown since then,” Gosselin continued.

FAIRFIELD, Conn. — Stop & Shop has expanded its A+ School Rewards program and is introducing healthy store tours for kids.

The A+ School Rewards program — which allows customers to designate the points they earn for every dollar spent at Stop & Shop to the school or schools of their choice by registering their Stop & Shop card at StopAndShop.com — increase its contribution to help fund schools with a commitment of $2.5 million.

MINNEAPOLIS — Best Buy has joined the likes of Amazon and eBay with the launch of its own third-party shopping destination. The move comes as Best Buy looks to grow its online business as it struggles to maintain leadership of a saturated consumer electronics market.

According to Best Buy, Best Buy Marketplace will increase the company's online product assortment by one third in time for holiday shopping.

MOSCOW — Gap Inc. announced that it has opened its first Banana Republic store in Russia through its franchise channel. The company also announced that it will open its first Gap store in Serbia on Friday. This store will represent the company’s 200th franchise store globally.