Content about Kohlberg Kravis Roberts

February 7, 2014

Private equity firm KKR & Co. will acquire National Vision Inc. from Berkshire Partners.

New York -- Private equity firm KKR & Co. will acquire National Vision Inc. from Berkshire Partners.

National Vision, which focuses on low-cost glasses and contacts, operates more than 750 retail locations under names that include America's Best Contacts & Eyeglasses and Eyeglass World. It also has stores inside Wal-Mart Stores Inc, Fred Meyer, and military bases.

Terms of the deal were not disclosed. The management team of National Vision is expected to remain a significant investor in the company, KKR said.

October 16, 2013

Back in March, Bloomberg ran a story headlined, “Private Equity’s $36 Billion Retail Bet Not Going So Well.” In a nutshell, this piece catalogued how investment firms like Bain Capital had poured large amounts of money into brick-and-mortar chains in the run-up to the recession, only to be met with lackluster results.

By Todd Maute, todd@cbx.com

September 27, 2013

Private equity firm KKR & Co. LP has reportedly dropped out of the auction for Jones Group Inc.

New York – Private equity firm KKR & Co. LP has reportedly dropped out of the auction for Jones Group Inc. According to Reuters, KKR, in partnership with private equity group Sycamore Partners LLP, was the only entity trying to buy the entire Jones Group company.

Bidding continues on parts of Jones Group and the company is soliciting new bids. It is not clear whether Sycamore Group will continue to bid on part or all of Jones Group and KKR, Sycamore Group and Jones Group did not comment in the article.

 

May 13, 2013

Toys "R" Us has appointed Antonio Urcelay, 61, the head of its European operations, as interim CEO, according to a filing the retailer made on Monday with the Securities and Exchange commission, The Record reported.

New York -- Toys "R" Us has appointed Antonio Urcelay, 61, the head of its European operations, as interim CEO, according to a filing the retailer made on Monday with the Securities and Exchange commission, The Record reported.

Urcelay replaces Gerald Storch, who announced in February that he would be stepping. At the time, Storch said he would remain as CEO during the transition. While his role as chief executive ended Sunday, he continues to serve as chairman of the board.

February 13, 2013

The search is on for a new chief executive of Toys “R” Us with the announcement that Gerald L. Storch is stepping down as CEO of the company.

Wayne, N.J. -- The search is on for a new chief executive of Toys “R” Us with the announcement that Gerald L. Storch is stepping down as CEO of the company. The news comes just weeks after the world's largest dedicated toy retailer reported that its same-store U.S. sales fell 4.5% during the holiday season, and that its total sales fell 4.7%. 

August 8, 2012

By Jundong Song, 89 Degrees

By Jundong Song, songj@89degrees.com

In mid-June, Safeway, the number three U.S. food retailer after Wal-Mart and Kroger, capped two years of testing in selected markets and rolled out its enhanced reward program, “Just for U,” chain wide.

It’s a key move in loyalty card programs that all retailers should be watching.

August 2, 2012

Walgreens and Alliance Boots on announced the completion of Walgreens initial investment in the strategic partnership following receipt of all required regulatory approvals.

Deerfield, Ill. -- Walgreens and Alliance Boots on Thursday announced the completion of Walgreens initial investment in the strategic partnership following receipt of all required regulatory approvals.

The Walgreens investment consists of approximately $4 billion in cash and 83.4 million shares of Walgreens common stock in exchange for a 45% equity stake in Alliance Boots. Walgreens has the option to proceed to a full combination in approximately three years’ time by acquiring the remaining 55% of Alliance Boots.

July 19, 2012

Safeway Inc. reported that profit for the second quarter dropped to $121.7 million from $146 million in the same period last year.

Pleasanton, Calif. -- Safeway Inc. reported Thursday that profit for the second quarter dropped to $121.7 million from $146 million in the same period last year.

Sales inched up 1.9% to $10.4 billion, and same-store sales rose 0.8%.

For the year, Safeway said it expects to invest $900 million in capital expenditures to open approximately 10 new Lifestyle stores, complete 10 Lifestyle remodels, refurbish in-store pharmacies and develop properties through its Property Development Centers subsidiary.
 

July 10, 2012

A study released by Accenture found that, in the grocery arena, store brands continue to steal sales from brand-name products.

New York – A study released Tuesday by Accenture found that, in the grocery arena, store brands continue to steal sales from brand-name products.

According to Accenture’s poll of 500 U.S. consumers, 64% said their grocery carts were at least half full of store-brand products, and 39% said they have increased their purchase of store-brands in recent years as a result of the tough economic times.

June 19, 2012

Walgreen Co. said it will pay $6.7 billion for a 45% stake in European health and beauty retailer Alliance Boots, which is based in Nottingham, England, with an option to buy the rest of the company in about three years.

New York -- Walgreen Co. said Tuesday it will pay $6.7 billion for a 45% stake in European health and beauty retailer Alliance Boots, which is based in Nottingham, England, with an option to buy the rest of the company in about three years. It is the first international venture and biggest deal ever for the U.S. chain.

April 26, 2012

Safeway Inc. reported that net income for the first quarter rose to $81.6 million, from $25.1 million in the year-earlier period.

Pleasanton, Calif. -- Safeway Inc. reported Thursday that net income for the first quarter rose to $81.6 million, from $25.1 million in the year-earlier period.

Sales edged up 2.4% to $10 billion, from $9.8 billion last year. Same-store sales were flat.

“We continue to believe sales will grow as our new marketing initiatives take hold," said Steve Burd, chairman and CEO.

February 27, 2012

Safeway has named Brian Baer president of its Dominick’s Finer Foods division in the Chicago area.

Pleasanton, Calif. -- Safeway has named Brian Baer president of its Dominick’s Finer Foods division in the Chicago area.

Baer had been acting president of Dominick’s since last July when the previous president, Don Kperta, resigned.

Baer joined Safeway in 2001 as VP finance for the company’s Phoenix division. In 2008, he was appointed CFO at Dominick’s.

February 13, 2012

Safeway Inc. said that it has agreed to sell three of its Genuardi's stores in Pennsylvania to grocery chain Weis Markets.

Pleasanton, Calif. -- Safeway Inc. said Monday that it has agreed to sell three of its Genuardi's stores in Pennsylvania to grocery chain Weis Markets. The deal follows on the heels of Safeway’s sale of 16 Genuardi’s stores to Giant Food Stores.

The three stores are located in Doylestown, Norristown, and Conshohocken. Safeway said it will continue to operate the group until the transaction closes. No firm date has been announced.

January 20, 2012

Safeway announced that Tom Keller, president of the company's Vons Division, will retire after more than 40 years of service in the food industry, effective Feb. 1.

Pleasanton, Calif. -- Safeway announced that Tom Keller, president of the company's Vons Division, will retire after more than 40 years of  service in the food industry, effective Feb. 1.

Gary Rocheleau, currently VP, retail merchandising execution, will lead Vons on an interim basis.

January 5, 2012

Safeway Inc. is exiting the Philadelphia market.

Pleasanton, Calif. -- Safeway Inc. is exiting the Philadelphia market. The company announced it has reached a definitive agreement to sell 16 of its Genuardi's stores in the greater Philadelphia area to Giant Food Stores, LLC, a division of Ahold USA.

The deal is valued at $106 million.

In addition, Safeway plans to close three Genuardi's stores and sell the remaining eight Genuardi's stores, which it will continue to operate while it is working with potential buyers.

November 30, 2011

Safeway said its board of directors increased its stock buyback authorization by $1.0 billion, to $8.0 billion.

Pleasanton, Calif. -- Safeway said its board of directors increased its stock buyback authorization by $1.0 billion, to $8.0 billion.

The supermarket operator said it had repurchased $6.1 billion of its stock through the end of the third quarter and had about $0.9 billion remaining under the buyback program at that time.

The repurchase authorization does not have an expiration date, Safeway said in a statement.
 

October 13, 2011

Safeway reported a 6% rise in fiscal third-quarter profit amid stronger revenue from gasoline sales and cost control efforts.

Pleasanton, Calif. -- Safeway reported a 6% rise in fiscal third-quarter profit amid stronger revenue from gasoline sales and cost control efforts. Net income rose to $130.2 million for the period ended Sept. 10, up from $122.8 million, or 33 cents per share, a year ago.

Revenue rose 7% to $10.06 billion, from $9.4 billion. Same-store sales, excluding fuel, rose 1.5%
 

September 15, 2011

Safeway and Wegman’s Food Markets ranked highest across all customer service elements, according to a survey by Empathica.

Toronto, Ontario, Canada -- Safeway and Wegman’s Food Markets ranked highest across all customer service elements, according to a survey by Empathica.

Empathica, a customer experience management solution-provider, polled more than 16,000 consumers, and found that operations and merchandise were the two most important elements in grocery shopping versus other elements such as promotions, people and technology.

July 21, 2011

Safeway reported Thursday that net income for the second quarter rose to $145.8 million from $141.3 million in the year-ago period, helped by rising prices and gas sales.

Pleasanton, Calif. -- Safeway reported Thursday that net income for the second quarter rose to $145.8 million from $141.3 million in the year-ago period, helped by rising prices and gas sales.

Total sales increased 7.1% to $10.2 billion from $9.5 billion.

June 9, 2011

Safeway and Coinstar announced Thursday an agreement to install approximately 1,400 Coinstar kiosks in Safeway's stores in the United States and Canada by the end of 2011.

Pleasanton, Calif. -- Safeway and Coinstar announced Thursday an agreement to install approximately 1,400 Coinstar kiosks in Safeway's stores in the United States and Canada by the end of 2011.

Coinstar kiosks are to be installed in Safeway stores and its banners including Vons, Dominick's, Randalls, Tom Thumb, Genuardi's, Pavilions, Carrs and Pak N' Save. Installations are planned to begin this month, according to the companies.

June 7, 2011

Safeway said Tuesday it has signed a new $1.5 billion revolving credit agreement that replaces a $1.6 billion facility.

Pleasanton, Calif. -- Safeway said Tuesday it has signed a new $1.5 billion revolving credit agreement that replaces a $1.6 billion facility.

The new agreement is for four years, while the one it is replacing was set to mature on June 1, 2012.

Safeway said that its Canadian subsidiary can borrow up to $250 million from the new facility, which will be used for general corporate purposes.
 

May 31, 2011

New York private-equity firm Kohlberg Kravis Roberts & Co. LP said Tuesday that it plans to acquire a majority stake in Academy Sports + Outdoors, the Katy (Houston), Texas-based privately held sporting goods retailer with 131 locations throughout the Southeast.

Houston -- New York private-equity firm Kohlberg Kravis Roberts & Co. LP said Tuesday that it plans to acquire a majority stake in Academy Sports + Outdoors, the Katy (Houston), Texas-based privately held sporting goods retailer with 131 locations throughout the Southeast.

Terms of the deal were not disclosed.

According to KKR, Academy Sports' president Rodney Faldyn will stay on as president and will assume the CEO job from David Gochman, who is the grandson of the chain’s founder.

April 28, 2011

Taxes related to Safeway's effort to pay down debt reduced its first-quarter net income, but the company's adjusted results beat Wall Street's expectations as its revenue rose, the Associated Press reported.

Pleasanton, Calif. -- Taxes related to Safeway's effort to pay down debt reduced its first-quarter net income, but the company's adjusted results beat Wall Street's expectations as its revenue rose, the Associated Press reported.

The company earned $25.1 million for the quarter, compared with $96 million a year earlier. This includes a tax charge related to a plan to pay down its U.S. debt with part of a $1.1 billion dividend in cash and debt from its Canadian operations.

April 12, 2011

Target expects sales from its upcoming Canadian stores to total more than $6 billion by 2017, the company’s CFO said Tuesday, Dow Jones reported.

New York City -- Target expects sales from its upcoming Canadian stores to total more than $6 billion by 2017, the company’s CFO said Tuesday, Dow Jones reported.

Speaking to Wall Street analysts, CFO Douglas Scovanner said Target expects to have more than 200 stores in Canada within the next five to 10 years, with the stores generating about $6 billion Canadian ($6.27 billion in U.S. dollars based on Tuesday’s exchange rate).

March 17, 2011

Teen retailer rue21 said that its fourth quarter net income increased 41% to $10.9 million from $7.7 million in the year-ago period.

Pittsburgh -- Teen retailer rue21 said that its fourth quarter net income increased 41% to $10.9 million from $7.7 million in the year-ago period. Net sales for the quarter increased 22.3% to $190.1 million, from $155.4 million. Same-store sales rose 1.5%.