Ankeny, Iowa-based Casey’s General Stores Inc.’s board of directors has unanimously approved a $500 million recapitalization plan for the company and has reaffirmed its strategy to continue to execute upon its growth plan. The recapitalization plan is expected to be executed through a modified “Dutch auction” self tender offer for up to $500 million of…
Robert Dudley Promoted To CEO of BP
BP officially announced today that Tony Hayward is stepping down as CEO and being replaced by Robert Dudley effective Oct. 1, the Associated Press reported. As an American, Dudley marks BP PLC’s first ever non-British chief executive, the company said as it reported a record quarterly $17 billion loss and set aside $32.2 billion to…
Lettieri’s Combats Brand War
Lettieri’s has launched a ‘Counter Intelligence’ initiative, partnering with retailers nation-wide to highlight branded foodservice. According to David Poplau, director of marketing and sales support at Lettieri’s, the company’s new Counter Intelligence program was created to convert drab unprofitable counter space into a highly visible and profitable food marketing magnet. “We want to grab the customer’s attention…
Core-Mark To Acquire Finkle Distributors Inc.
Core-Mark Holding Co. Inc., a marketer of fresh and broad-line supply solutions to the convenience retail industry in North America, has signed a definitive agreement to acquire the assets of Finkle Distributors Inc. (FDI) for approximately $43 million. FDI is a regional convenience wholesaler servicing customers in New York, Pennsylvania and surrounding states. Dan Finkle,…
BP’s Hayward To Be Replaced
BP’s Tony Hayward, whose blunders in relation handling the oil spill in the press have created an outcry, is on his way out as CEO, a U.S. government official told the Associated Press. The senior U.S. official who spoke on condition of anonymity because an announcement had not been made, told the Associated Press he…
Wilson Farms Adds Chester’s Chicken
Wilson Farms has remodeled its Hyde Park Boulevard location in Niagara Falls, N.Y., to include a Chester’s Chicken site inside the store. Savino Nanula, a Niagara Falls native, chairman of the board and founding partner of Wilson Farms, along with his son Paul Nanula, president and CEO of Wilson Farms, were joined by Niagara Falls Mayor…
Tedeschi Celebrates Renovations
Rockland, Mass.-based Tedeschi Food Shops continues its aggressive efforts to update its New England locations. Just recently it renovated two more stores-bringing the total of remodeled stores to eight in 2010. The two stores, located at 1 Bridle Road in Billerica and 210 Boston Street in Chelmsford, Mass., are now offering fresh food items like…
Couche-Tard Pays Nominees $20,000 Each
As it continues in its bid to acquire Casey’s General Stores, Alimentation Couche-Tard plans to pay each of its independent nominees to the Casey’s board more than $20,000, according to a preliminary proxy it filed with U.S. regulators, New Brunswick Business Journal reported. The nine candidates are set to receive a one-time payment and…
Tiger Management Acquires 26 Exxon Stations
Tiger Management Groups LLC, owned by Chattanooga, Tenn. businessman Lyle Finley, has acquired 26 ExxonMobil gas stations in the Nashville area, The Tennessean reported. Finley already owns and operates 11 Exxon gas stations, and this new purchase grows his store count to 37 locations. The purchase also puts Irving, Texas-based Exxon closer to its…
7-Eleven, WWE Team for SummerSlam
After success with its World Wrestling Entertainment Inc. (WWE) promotion last year, 7-Eleven Inc. is climbing back in the ring this summer as a sponsor of SummerSlam), WWE’s biggest pay-per-view event of the summer. The convenience retailer has beefed up this year’s promotion, running now through Aug. 31, with double the variety of cups and…