Albertsons sues Kroger over dead deal

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The Kroger-Albertsons deal is dead. And it looks like the two erstwhile partners have suddenly become enemies.

After two severe strikes against their proposed $25 billion merger, Albertsons has announced it has “exercised its right to terminate its merger agreement with Kroger” – and has now sued Kroger as well, saying it “refused to offer an adequate divesture package and repeatedly ignored regulators’ concerns, causing the merger with Albertsons to be blocked,” causing “billions of dollars in damages” to Albertsons’ business, employees, shareholders and consumers.

“Given the recent federal and state court decisions to block our proposed merger with Kroger, we have made the difficult decision to terminate the merger agreement,” CEO Vivek Sankaran said in a statement released this morning. “We are deeply disappointed in the courts’ decisions.”  Complete article from Coupons in the News here.

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Walgreens to go private equity route?

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That stupid Walgreens Boots Alliance is considering selling to a private equity firm – a move that would take the publicly traded company private, according to a Wall Street Journal report.

Deerfield-based Walgreens has been in discussions with Sycamore Partners over a deal that could be completed early next year, the Journal wrote, citing unnamed “people familiar with the matter.”

A Walgreens spokesperson declined to comment on the report Tuesday, telling the Tribune, “we don’t comment on rumors or speculation about our business.” A spokesperson for Sycamore also declined to comment.

Walgreens’ stock shot up 21% on the news early Tuesday afternoon.  Well, of course it did – closing a bunch of losing proposition stores didn’t help, nor did so many of their other business decisions over the past five years or so.  I can remember when I practically slept on a cot in the back to run deals, but now I weeks and weeks without a visit.  Maybe bringing back an ad would help – just a thought.  Click the link for the full article which appeared in today’s Tribune.

Kroger/Albertsons merger no go

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A federal judge has ruled in favor of federal and state regulators who challenged Kroger’s planned $25 billion acquisition of Albertsons. The Tuesday afternoon decision to grant a preliminary injunction only temporarily blocks the merger – but it may doom the deal for good.

The Federal Trade Commission, joined by attorneys general in Arizona, California, Illinois, Maryland, Nevada, New Mexico, Oregon, Wyoming and the District of Columbia, had sought an injunction to suspend the deal until after a full review could be completed, to determine if the proposed combination would violate antitrust laws and stifle competition.

Citing the plaintiffs’ likelihood of success in proving the deal is anticompetitive, the judge granted the injunction that stops the merger in its tracks for now.

And possibly for good, as Kroger had signaled it would abandon the deal if an injunction were to be granted.  Here’s the Coupons in the News article.

Did you buy a drained gift card?

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Target recently upgraded its gift cards to make them more secure. Walmart is now being sued for not doing the same.

A New Jersey woman has filed a lawsuit against Walmart, accusing the retailer of selling her a compromised gift card, refusing to reimburse her, and allegedly doing the same to hundreds or thousands of other Walmart shoppers.

In a case initially filed in state court and now transferred to federal court, Kimberly Palazzi accused Walmart of knowing that its gift cards are susceptible to fraud, doing nothing to prevent it, not making it right for victimized customers, and joining the criminals in profiting from the scheme. Here’s the full article from Coupons in the News.

Costco Gold Star Membership Groupon

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This Costco deal on Groupon continues!  Get all your grocery shopping done in a flash and enjoy lots of samples.  Groupon deal costs the same as buying directly from Costco, but you get the $45 gift card.  The $130 Executive membership is also available and that one snags not only the gift card, but you also earn 2% back on purchases, a nice benefit (This is the card we have and sigh, use heavily).  Your $65 yearly Gold Star Membership Package includes:

  • A One-Year Costco Gold Star Membership
    • A membership card for the Primary Cardholder and one additional Household Card for anyone living at the same address, over the age of 16
    • A $45 Digital Costco Shop Card (valid at Costco locations and Costco.com)