A&P sells off Metro for $347 million as part of Pathmark acquisition
MONTVALE, N.J. Grocer A&P announced on Monday that it had completed the sale of its 11.7 million shares of Metro Inc. as part of its financing plan for buying Pathmark.
A&P expects to use the $347 million from the sale, together with borrowings under a reduced Bridge Facility and a portion of its increased $675 million ABL Facility to finance the deal.
A&P announced on Nov. 19 that it had filed the 14-day notice period with the Federal Trade Commission, stating that it may consummate its acquisition of Pathmark any time after Nov. 27. It expects the deal to close in early December.
A&P had revealed in March plans to acquire Pathmark for $1.3 billion in cash, stock and debt. The move—which hardly took the industry by surprise—will create a 550-store, $11 billion supermarket chain that will likely have a greater presence in pharmacy going forward.
Crayola launches product line for toddlers
EASTON, Pa. In an effort to make toy shopping easier for new parents, Crayola has launched a new product line to enhance a child’s sense of art.
Crayola Beginnings, the first art tools made just for toddlers’ tiny hands, are designed to fit toddlers’ hands like a glove. The egg-shaped Crayola Beginnings TaDoodles washable crayons, markers and paints let children 12 to 36 months scribble and paint up a colorful storm with shades like “please pink,” “oopsie orange” and “pattycake purple.”
The most radical change to Crayola crayons and markers in 104 years, toddlers can now explore art at a much earlier age using the playful egg-shaped characters, while building confidence, language and writing abilities, and important motor skills.
Toy Wishes magazine awarded TaDoodles First Marks markers, Crayon Buddies and All-in-One Paints a “2007 Fab 5 Award,” an honor bestowed on five innovative new toys that need only a child’s imagination to charge them up.
“The best play puts children in full control of the experience, giving them an outlet for personal expression and discovery,” said Chris Byrne, toy and children’s lifestyle expert. “Crayola Beginnings encourages parents to celebrate their toddlers’ carefree creations because by nurturing children’s art, we nurture their imagination.”
For the young-at-art and children who enjoy creating with the latest in surprising, creative activities, Crayola has something to please girls and boys of all ages this holiday season, including products like mess-free paint, sculpture-making products and even glowing board that illuminates with specific markers.
Wal-Mart, Sam’s Club to donate $1 million to Salvation Army
BATTLE CREEK, Mich. Wal-Mart and Sam’s Club associates will be kicking off the holiday season by supporting The Salvation Army.
Nationwide, the company said, its associates will participate in “Bells Ringing Across America”, a half-hour event, dedicated to raising money for the foundation by ringing the bells and inviting customers to support the annual campaign.
Wal-Mart chief executive officer Lee Scott will ring the Red Kettle bell alongside The Salvation Army’s National Commander Israel Gaither and Kellogg Company President and chief executive officer David Mackay at the Wal-Mart store in Battle Creek, Mich.
During “Bells Ringing Across America,” Scott will present a check for $1 million from the Wal-Mart Foundation to The Salvation Army to further exhibit the company’s support of the Red Kettle campaign. Additionally, Rayovac Batteries will launch its “Keep it Ringing” cross-country bell-ringing program benefiting The Salvation Army from Battle Creek on Nov. 27, and will present $250,000 to the organization.
Last year, The Salvation Army collected a record $30 million in front of Wal-Mart stores and Sam’s Club locations, the most raised by any partner.
Funds donated by customers helped The Salvation Army to serve 35 million people by providing basic social services such as food, shelter, clothing and financial assistance.