Harveys kicks off grocery giveaway
SALISBURY, N.C. — One week after Food Lion announced its grocery giveaway, another Delhaize America banner has kicked off a similar program.
Harveys said members of its Hometown Rewards loyalty program have the chance to win free groceries for a year. Additionally, customers also can instantly win 1-of-more-than-5,000 free national and private-brand items now through April 26.
Customers can participate in this sweepstakes at participating Harveys stores in Georgia, Florida and South Carolina.
For full contest rules, click here.
Interbrand ranks top U.S. retail brands
NEW YORK — Some of the nation’s most popular retailers earned a spot on Interbrand’s annual ranking of the 50 most valuable U.S. retail brands.
Walmart topped the list, with Target coming in the No. 2 spot, while CVS/pharmacy, Walgreens and Sam’s Club respectively earned the fifth, sixth and seventh spots.
Other retailers on the list included Publix, Dollar General, Costco, Whole Foods and Family Dollar.
The U.S. brands study is part of Interbrand’s "2011 Best Brands" report, which ranks the top retail brands from the United States, Asia Pacific, Canada, the United Kingdom, France, Germany and Spain. In the United States, the study noted that brand-led companies have proved resilient, responding rapidly to the downturn while taking advantage of its opportunities — the total value of the top 50 brands rose 5.45%, or $20 billion.
The report also called out three emerging trends for 2011:
Customer’s demand for a more seamless retail experience;
The need for human touch in all interactions; and
An increasingly interrelated global retail market.
Click here to read the full report.
GNC announces IPO
PITTSBURGH — GNC 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.
GNC announced it will use net proceeds of approximately $240 million, together with cash on hand, to redeem approximately $223 million aggregate liquidation preference of the company’s Series A preferred stock; pay down approximately $300 million of outstanding indebtedness under GNC’s senior credit facility and pay approximately $11 million in satisfaction of the company’s obligations under its management services agreement and Class B common stock.
Goldman, Sachs and J.P. Morgan Securities, along with Deutsche Bank Securities and Morgan Stanley, are acting as joint bookrunners for the offering. Barclays Capital, Credit Suisse Securities, William Blair and BMO Capital Markets are acting as co-managers.