News

PITTSBURGH — General Nutrition Centers Thursday evening announced its initial public offering of 22.5 million shares of its Class A common stock at an opening price of $16 per share.

Of the shares offered, 16 million are being issued and sold by GNC and 6.5 million shares are being sold by selling stockholders.

In addition, selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 3.4 million shares. That offering is expected to close on April 6.

HOFFMAN ESTATES, Ill. -- Sears announced that it has launched the Sears Blue Tool Crew "Do It Together" program to honor unsung heroes who use their tools and talents for the greater good of the community. According to Sears DIT is the national expansion of the "Unsung Heroes: Dads Making a Difference" Father's Day initiative that recognized dads across the country in 2010.  

AKRON, Ohio — The USDA has chosen Purell green certified instant hand sanitizer foam as a featured product for the formal launch of its new BioPreferred label program.

USDA Deputy secretary Kathleen Merrigan made the announcement Thursday at a biobased product meeting in Glenwillow, Ohio.

WAYNE, N.J. — A company that specializes in "As Seen on TV" products has named a new chief operating officer.

Ron Boger, who currently serves as EVP of IdeaVillage, will take on the COO role. He will work with company founder Anand Khubani in launching new and innovative products in the mass market.

Boger is credited with bringing such products as SlimShots, Yoshi ceramic knife, Fushigi ball, and Criss Angel MindFreak magic kits and tricks and more under the IdeaVillage banner and into the mass market.

AUSTIN, Texas — Proving that natural food stores have a sense of humor, Whole Foods hosted a faux website homepage to celebrate April Fools' Day.

The homepage featured such items as "insects raised with compassion," stinky cheese lipstick and bizarre recipes. The retailer even featured a video about finding love at its stores on both the website and its Facebook fan page. Needless to say, it received many "likes."

PLEASANTON, Calif. — Safeway on Friday announced the start of its companywide fundraising campaign for Easter Seals, Special Olympics, Rebuilding Together and a range of job training programs that help people with disabilities live fuller lives.

New York City -- Several bidders, including Dish Network Corp. and billionaire investor Carl Icahn, are ready to battle for Blockbuster at a bankruptcy auction in New York on Monday, the Associated Press reported. The chain, which filed Chapter 11 in February, has received several bids other than the opening bid of $290 million from a group of debtholders made in February.

Dish and Icahn have each submitted a bid, The Wall Street Journal reported Friday.

New York City -- Urban Outfitters has been sued by a shareholder who alleges company officials misled investors before the stock declined, Bloomberg reported.

The retailer wrongly led shareholders to believe business was going well until March 7, when it reported earnings of 13% less than analysts had suggested, Edward Koller III claims in a lawsuit filed yesterday in federal court in Philadelphia, the report said. Shares fell 17% the next day, Koller said.

Grapevine, Texas -- GameStop Corp. announced the acquisition of Spawn Labs, a streaming technology company.

In addition, GameStop announced it has entered into an agreement to purchase Impulse, a subsidiary of Stardock Systems, and a leader in digital distribution. The Impulse acquisition is subject to customary closing conditions and is expected to close in May.

Boca Raton, Fla. -- Office Depot said it will restate its finances for the second and third quarters of fiscal 2010 as well as for the full fiscal year. The company said the U.S. Internal Revenue Service denied its claim for an $80 million benefit related to taxes.

The removal of the benefit, which had already been recorded in financial statements, will result in a loss for 2010 of $46 million. Previously the company said it earned $33 million.