Wednesday, June 23, 1999

TRISTATE SUMMARY


Kroger to buy 41 Albertson's stores

        Kroger Co. said Tuesday it would buy 41 stores from Albertson's Inc., a move that helps Albertson's complete its merger with American Stores Co.

        The Ralphs Grocery Co. unit of Kroger, inherited through the acquisition of Fred Meyer, will run the stores. All are in California, except one in New Mexico. Kroger also bought a real estate property in New Mexico.

        Kroger did not disclose the value of the deal. But Gary Rhodes, company spokesman, said Ralphs will invest a “significant amount of capital” to remodel and upgrade the stores. “This opens a new market for us in the Sacramento area, and it provides us an opportunity to service new customers,” he said.

        The Sacramento market includes five stores. Other stores are in: Santa Rosa, San Luis Obispo, Bakersfield, Laguna Beach, Napa and Sonoma.

        Albertson's needed to sell 145 stores and five real estate sites to win Federal Trade Commission approval of its merger with American. Other retailers to buy from Albertson's include Safeway Inc., Stater Bros. Markets, Certified Grocers of California and Raley's Inc.

P&G to launch StayClear acne line
        Procter & Gamble is launching a line of acne medications under its Clearasil brand designed to prevent acne breakouts.

        The Clearasil StayClear line features an acne-defense cleanser, deep-cleaning astringent, deep-cleaning pads and an acne-control stick.

        The products now are available at food, drug and other mass-merchandise retail outlets across the country.

        “Clearasil StayClear is a new product line that provides consumers with a preventive acne solution,” said Lance Batchelor, P&G's global marketing director for Clearasil.

        Clearasil is the leading acne-treatment brand in America, with $68.8 million in sales for all products in the line over the 52-week period that ended March 28, according to Information Resources Inc. of Chicago.

        Suggested retail prices for the new Clearasil line range from $3.29 for the deep-cleaning astringent to $5.98 for the acne-control stick.

Globe announces rise in first-quarter earnings
        Globe Business Resources Inc. Tuesday said its first-quarter earnings rose more than 10 percent on revenues that advanced 23 percent, driven by its corporate housing sales.

        The company, which also provides furniture rentals, said annual net income increased to $1.2 million from almost $1.1 million in the same period last year. Diluted, that was 25 cents a share, up from 23 cents last year.

        Total revenues rose to $40.4 million from $32.9 million last year. The breakdown: Corporate housing sales rose 58 percent, to almost $26.7 million; rental sales declined about 11 percent, to $10.1 million; and retail sales declined almost 23 percent, to $3.6 million.

Intrenet Inc. taps Jackson as interim CEO
       

        Intrenet Inc. named Eric C. Jackson as interim president and chief executive officer of the Milford-based trucking company Monday. Mr. Jackson, who will serve until a full-time CEO has been recruited, replaces John P. Delavan, who resigned.

        Mr. Jackson has been an Intrenet director since 1993 and is also chief executive of Great Basin Cos., a group of truck dealerships based in Salt Lake City.

        Since its organization in 1983, Intrenet has grown to be one of the largest public flatbed carriers in North America with revenues of about $250 million.

       



Parking rates may rise
Ashland considers selling coal interest
Power deregulation bill goes to Taft
Delta, Air France join cargo, passenger services
Minority contacts to be spread
- TRISTATE SUMMARY
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