Wednesday, September 29, 2010

Mid Week News: Fresh Direct Expands Into 29 Towns, King Kullen Closing Island Store

Fresh Direct Expands Into 29 Towns in Union, Essex Counties
The online grocer that aims to revolutionize the way Americans stock their kitchens, will announce its expansion into two more suburban counties in New Jersey to triple the number of towns it serves.

King Kullen Closing Island Store 
Staten Island,NY-- King Kullen is closing its Arden Heights store less than three years after it increased its presence on Staten Island by purchasing five supermarkets there. "Unfortunately, King Kullen could not come to an agreement with the landlord over terms of a new lease. As a result, the store will be closing at the end of December 2010."

Oscar Mayer Workers Ratify New Contract
"We got wage incresases for each of the next four years, and they are retroactive back to July when the old contract expired."- Lois Taylor, secretary treasurer of UFCW Local 431

Target Downgraded at Credit Suisse
Credit Suisse downgraded Target to "neutral" from "outperform", citing concerns over operating margins. "Even if the potential of P-Fresh and the new rewards program is realized, it will be a challenge for Target to exhibit the same level of sales growth experienced earlier this decade."

Target Ordered to Stop Dumping Hazardous Waste
A Superior Court Judge's injunction follows a civil lawsuit filed last year alleging that more than 240 Target stores in California improperly disposed of hazardous materials over a five-year period.

Massmart Meets Unions on Walmart Offer
Massmart executives have contacted labor unions regarding the offer by global retail giant Wal-Mart to purchase the local company for R30 billion. 

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