WAL-MART RAISES SAFEWAY STAKES: Wal-Mart is said to be planning an all-cash offer of $8 billion for the British supermarket chain Safeway, according to press reports over the weekend. Wal-Mart, which is working with Wasserstein Pirella in New York, is...
WAL-MART RAISES SAFEWAY STAKES: Wal-Mart is said to be planning an all-cash offer of $8 billion for the British supermarket chain Safeway, according to press reports over the weekend. Wal-Mart, which is working with Wasserstein Pirella in New York, is working on a bid that would "blow rivals out of the water," The Observer newspaper reported on Sunday. A Wal-Mart/ASDA spokesman would not confirm or deny the reports about the proposed bid. Last week, the retailing giant issued a statement confirming its plans to make an all-cash bid for Safeway to gain stores in parts of the country where it is under-represented. Meanwhile, Philip Green, who owns the British Home Stores chain and Arcadia group of clothing companies confirmed that he was interested in launching an all-cash bid for Safeway. "We’re interested in what we can do in the non-food division of the store," Green told WWD. Green, whom sources say plans to bid around $5.4 billion, joins Wm Morrison, J. Sainsbury, and the private equity firm Kohlberg Kravis Roberts in the race to buy Safeway’s 480 stores.
GUESS ROYALTY BONDING: Guess Inc., through an indirect, wholly owned subsidiary, on Friday began offering $75 million in bonds, secured by license fees from its accessories, children’s apparel and overseas contracts, due in 2011. The transactions also include "a security interest in all of the trademarks and goodwill transferred" to Guess’ IP Holder LP subsidiary, which will guarantee payments on the bonds. The bond sale, expected to be completed by the end of March, will "partially monetize the expected future royalty payments to be generated by the licensing business Guess has established," the firm said. Proceeds will be used for general corporate purposes, including the repayment of debt.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"