- Seven-Eleven Japan has completed its efforts to acquire 95.4% percent of the common shares in US-based 7-Eleven Inc., raising its stake from the 72.7 percent previously owned.
- In Ireland, the government has announced that its ban on below-cost selling will be abolished, a move that some fear will benefit large retailers and discounters at the expense of smaller companies.
Trade minister Micheal Martin said that new rules would be put into place to protect smaller retailers, but that the ban had to be lifted because it worked against the interest of consumers.
- The Wall Street Journal reports that Linens n’ Things, the retailer selling textiles and housewares out of more than 500 stores and with annual sales of $2.7 billion, is being acquired by Apollo Management for $1.3 billion.
Apollo also has been mentioned as a possible suitor interested in acquiring Albertsons.
- Delhaize-owned Kash n’ Karry and Sweetbay has pulled off their shelves all the ground beef provided to it by American Fresh Foods, which has voluntarily recalled 6,200 pounds of ground beef suspected of being contaminated with E. coli. While samples had tested negative, the retailer said that it wanted to err on the side of caution and replace the ground beef.
