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Inside This Issue - News
Although it just reported a net loss of $1.51 billion for fiscal 2011, management of Supervalu Inc. expects the current fiscal 2012 to be a transitional year, with renewed sales and profit growth in fiscal 2013. Walmart has agreed to acquire Kosmix, a social media company focused on e-commerce.
Terms of the deal for the Mountain View, Calif.-based start-up were not disclosed. Rite Aid Corp. has promoted senior vice president of category management Tony Montini to executive vice president of merchandising. Big Lots Inc. aims to open more new stores this year than it did last year, with roughly a third of the openings earmarked for “A” locations. Sears Holdings Corp.’s Sears division has begun adding beauty departments to more than 100 stores as well as the sears.com website. Katz Group Canada Ltd. has named former Duane Reade and Longs Drugs pharmacy executive Frank Scorpiniti chief operating officer. The small town–focused regional discount chain Duckwall-ALCO Stores Inc. reported an uptick in sales in the fourth quarter ended January 30. The massive earthquake and tsunami that devastated northeastern Japan have dealt a blow to Walmart’s Seiyu stores in the region as well. Woolworths Ltd., Australia’s largest retailer, has flagged an era of growth and diversification by appointing its former head of new business development, Grant O’Brien, as chief executive officer-elect.
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