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BUSINESS
June 10, 1999 | Bloomberg News
SuperValu Inc., the largest U.S. distributor of food to supermarkets, agreed to buy Richfood Holdings Inc. for about $858 million in cash and stock to build its business in the mid-Atlantic U.S. SuperValu would pay $18.50 a share, half in cash and half in stock, for each Richfood share. The company also would take on about $642 million in debt. The offer is a 24% premium over Richfood's closing price Tuesday.
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BUSINESS
June 10, 1999 | Bloomberg News
SuperValu Inc., the largest U.S. distributor of food to supermarkets, agreed to buy Richfood Holdings Inc. for about $858 million in cash and stock to build its business in the mid-Atlantic U.S. SuperValu would pay $18.50 a share, half in cash and half in stock, for each Richfood share. The company also would take on about $642 million in debt. The offer is a 24% premium over Richfood's closing price Tuesday.
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BUSINESS
April 10, 1998 | Reuters
Wholesale food distributor Richfood Holdings Inc. said it reached a definitive agreement to buy Dart Group Corp. for $160 a share in cash, or about $207 million. Richfood said it plans to sell Dart's non-core assets, including the Trak Auto, Crown Books and Total Beverage retail chains, and to retain Dart's Shoppers Food Warehouse, a chain of 37 supermarkets around Washington, D.C. Dart's board unanimously approved the deal and recommended that shareholders accept it, Richfood said.
BUSINESS
July 9, 1998 | JAMES F. PELTZ, TIMES STAFF WRITER
Crown Books Corp., a bookstore chain hobbled by slowing sales and a cash drain, said Wednesday that it will likely reorganize under federal bankruptcy laws. Plans by the Landover, Md.-based company to file under Chapter 11 of the U.S. Bankruptcy Code, which could happen within days, was not a surprise. Crown said two months ago that it was in danger of failing and might seek bankruptcy protection.
BUSINESS
August 19, 1998 | LESLIE EARNEST, TIMES STAFF WRITER
Crown Books Corp., which filed for bankruptcy about a month ago, said Tuesday that it will soon begin closing dozens of its stores, including 16 in Los Angeles and Orange counties. The stores will be shuttered as soon as Crown gains permission from the bankruptcy judge, said Steve Pate, vice president of operations for the Landover, Md.-based company. "We will close the doors and then return the merchandise to the vendors," he said.
BUSINESS
August 19, 1998 | LESLIE EARNEST, TIMES STAFF WRITER
Crown Books Corp., which filed for bankruptcy about a month ago, said Tuesday it will soon begin closing dozens of bookstores, including 16 in Orange and Los Angeles counties. The stores will be shuttered as soon as Crown gains permission from the bankruptcy judge, said Steve Pate, vice president of operations for the Landover, Md.-based company. "We will close the doors and then return the merchandise to the vendors," he said.
BUSINESS
May 6, 1998 | JAMES F. PELTZ, TIMES STAFF WRITER
Crown Books Corp., its sales slumping and its cash running low in the face of intense competition from the likes of Borders Group Inc. and Barnes & Noble Inc., said Tuesday it is in danger of failing and might seek the protection of bankruptcy proceedings. The Landover, Md.-based operator of 180 bookstores, including more than 50 in Southern California, said it is trying to renegotiate its financial arrangements with its main book vendors and its lenders to get more breathing room.
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