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Private equity firms Apollo Global Management and Sycamore Partners are among the bidders who are competing to acquire Family Dollar, a discount retail chain operated by Dollar Tree, according to people familiar with the matter. Investment firm Brigade Capital Management has also expressed interest in buying Family Dollar, the sources said, requesting anonymity as the discussions are confidential. A deal for Family Dollar, which could value the retailer at several billion dollars, is not imminent, the sources said, cautioning that Dollar Tree could choose not to sell the business. It is also possible that a different suitor for Family Dollar could emerge, the sources added. Shares of Dollar Tree, which has a market value of about $16.5 billion, jumped more than 5% on the news on Thursday, before paring some gains. Dollar Tree did not respond to a request for comment. Apollo, Brigade and Sycamore declined to comment. Chesapeake, Virginia-based Dollar Tree has been working with investment bankers at JPMorgan Chase to explore options, including a potential sale or spinoff, for Family Dollar since June last year. The move marked a reversal for Dollar Tree, which acquired Family Dollar in 2015 for about $9 billion after outbidding its biggest rival Dollar General. Since the takeover, Family Dollar has struggled with its performance and its growth has stalled as the discount retailer has been unable to attract new customers. Its performance has lagged larger retailers such as Walmart and Target, as consumers cut back on discretionary spending due to high inflation. As of November 2, Dollar Tree operated 16,590 stores across 48 states and five provinces in Canada under the brands of Dollar Tree, Family Dollar and Dollar Tree Canada. Family Dollar generated roughly $13.7 billion of net revenue in the last 12 months, according to Reuters calculations. Sycamore, which has raised about $10 billion in aggregate committed capital, is an experienced retail investor that owns retailers like Staples, Loft, Ann Taylor, Talbots and Belk. In recent months, Sycamore has also been attempting to pull off a takeover of pharmacy chain Walgreens Boots Alliance. Apollo Global Management, which had about $70 billion of assets under management under its private equity strategy as of December 31, has acquired and invested in retailers including Michaels and PetSmart. Brigade Capital manages around $27 billion of assets and is primarily known as a credit investor. Last year, Brigade partnered with investment firm Arkhouse Management in its failed attempt to acquire department store Macy’s. Abigail Summerville, Reuters
Category:
E-Commerce
Republican Sen. Mitch McConnell announced on Thursday that he wont seek reelection next year, ending a decadeslong tenure as a power broker who championed conservative causes but ultimately ceded ground to the fierce GOP populism of President Donald Trump. McConnell, the longest-serving Senate party leader in U.S. history, chose his 83rd birthday to share his decision not to run for another term in Kentucky and to retire when his current term ends. He informed The Associated Press of his decision before he addressed colleagues in a speech on the Senate floor. Seven times, my fellow Kentuckians have sent me to the Senate, McConnell said, as aides lined the back chamber and senators listened from seats. Every day in between Ive been humbled by the trust theyve placed in me to do their business right here. Representing our commonwealth has been the honor of a lifetime. I will not seek this honor an eighth time. My current term in the Senate will be my last. His announcement begins the epilogue of a storied career as a master strategist, one in which he helped forge a conservative Supreme Court and steered the Senate through tax cuts, presidential impeachment trials and fierce political fights. Yet with his powerful perch atop committees, and nearly two years remaining in his term, McConnell vowed to complete his work on several remaining fronts. I have some unfinished business to attend to, he said. McConnell walked gingerly to the podium, sporting a walking boot. Senators from both sides of the political aisle seemed to listen most intently as he told them that while there are any number of reasons for pessimism, the strength of the Senate is not one of them. The Senate is still equipped for work of great consequence, he told them. As he concluded, Sen. Thom Tillis, R-N.C., motioned for the audience of senators, staff and Capitol visitors be allowed to applaud, which is usually not allowed under Senate rules. Republican senators then lined up to greet McConnell, beginning with Sen. Susan Collins of Maine, who hugged him, and Sen. Lisa Murkowski of Alaska, who patted him on the back. He took out a tissue and made a joke, prompting the group to laugh. Senate Majority Leader John Thune of South Dakota gave him a warm handshake, and a dozen others senators soon did so as well. Sen. Lindsey Graham said McConnell reshaped the American judiciary, particularly the Supreme Court. He has a lot to be proud of, and I am sure he will work hard to the very end of his term, Graham said. McConnell, first elected in 1984, intends to serve until his term ends in January 2027. The Kentuckian has dealt with a series of medical episodes in recent years, including injuries sustained from falls and times when his face briefly froze while he was speaking. The famously taciturn McConnell revered the Senate as a young intern long before joining its back benches as a freshman lawmaker in the mid-1980s. His dramatic announcement comes almost a year after his decision to relinquish his leadership post after the November 2024 election. McConnell’s looming departure reflects the changing dynamics of the Trump-led GOP. He’s seen his power diminish on a parallel track with both his health and his relationship with Trump, who once praised him as an ally but has taken to criticizing him in caustic terms. In Kentucky, McConnell’s departure will mark the loss of a powerful advocate and will set off a competitive GOP primary next year for what will now be an open Senate seat. Kentucky Democratic Gov. Andy Beshear, seen as a rising star in his party for winning statewide office in Republican territory, has said he has no interest in the Senate. Beshear’s chief political strategist, Eric Hyers, reiterated that stance Thursday, posting on X: He is not running for the Senate. Beshear is widely seen as a potential candidate for the White House in 2028. Kentucky Republicans considering the race for McConnell’s seat quickly weighed in with reaction. U.S. Rep. Andy Barr said he would make a decision soon about his future. Former state Attorney General Daniel Cameron seemed to tip his hand, posting on X: Kentucky, its time for a new generation of leadership in the U.S. Senate. Lets do this. Another looming GOP candidate is businessman Nate Morris. One common denominator among them their professed loyalty to Trump and his agenda. McConnell, a diehard adherent to Ronald Reagans brand of traditional conservatism and muscular foreign policy, increasingly found himself out of step with a GOP shifting toward the fiery, often isolationist populism espoused by Trump. McConnell still champions providing Ukraine with weapons and other aid to fend off Russias invasion, even as Trump ratchets up criticism of the country and its leader, Volodymyr Zelenskyy. The senator made it clear Thursday that national defense remains at the forefront of his agenda. He and Trump were partners during Trump’s first term, but the relationship was severed after McConnell blamed Trump for disgraceful acts in the Jan. 6, 2021, Capitol attack by his supporters. A momentary thaw in 2024 when McConnell endorsed Trump didn’t last. Last week, Trump referred to McConnell as a “very bitter guy after McConnell, who battled polio as a child, opposed vaccine skeptic Robert F. Kennedy Jr.s confirmation as the nations top health official. McConnell referred to Trump as a despicable human being and a narcissist in a biography of the senator by The Associated Press’ deputy Washington bureau chief, Michael Tackett. Before their falling out, Trump and McConnell pushed through a tax overhaul largely focused on reductions for businesses and higher-earning taxpayers. They joined forces to reshape the Supreme Court when Trump nominated three justices and McConnell guided them to Senate confirmation, tilting the high court to the right. McConnell set a preceent for hardball partisan tactics in 2016 by refusing to even give a hearing to Democratic President Barack Obamas pick of Merrick Garland to replace the late Supreme Court Justice Antonin Scalia. Putting the brakes on the Senate’s advise and consent role for judicial nominees, McConnell said the vacancy should be filled by the next president so voters could have their say. Trump filled the vacancy once he took office, and McConnell later called the stonewalling of Garland’s nomination his most consequential achievement. Later, when liberal Justice Ruth Bader Ginsburg died weeks before the 2020 presidential election won by Democrat Joe Biden, McConnell rushed Amy Coney Barrett’s confirmation through the Senate, waving off allegations of hypocrisy. McConnell also guided the Senate and Trump through two impeachment trials that ended in acquittals. In the second impeachment, weeks after the deadly Capitol attack by a mob hoping to overturn Trumps 2020 reelection defeat, McConnell joined all but seven Republicans in voting to acquit. McConnell said he believed Trump couldnt be convicted because hed already left office, but the senator also condemned Trump as practically and morally responsible for the insurrection. McConnell over the years swung back and forth from majority to minority leader, depending on which party held power. He defended President George W. Bushs handling of the Iraq war and failed to block Obamas health care overhaul. McConnell, the longest-serving senator ever from Kentucky, ensured that the Bluegrass State received plenty of federal funding. Back home he was a key architect in his party’s rise to power in a state long dominated by Democrats. He is married to Elaine Chao, and they have long been a power couple in Washington. The senator referred to her as his ultimate teammate and confidante. Chao was labor secretary for Bush and transportation secretary during Trump’s first term, though she resigned after the Capitol insurrection, saying it had deeply troubled her. Bruce Schreiner and Kevin Freking, Associated Press
Category:
E-Commerce
Another food recall is underway: “Berry Buddies, berries & pancakes” breakfast snack packs sold at Kroger and Meijer supermarkets in 13 states have been recalled after it was discovered that packaging failed to list wheat and eggs as ingredients on the label, according to an announcement from the U.S. Food and Drug Administration (FDA). The item includes fresh blueberries and mini pancakes, and is generally found in the refrigerated section, produce aisle, or deli departments of the stores. Not including these ingredients on the label poses a risk of serious reactions to those allergic to either or both wheat and eggs. Here’s what you need to know about the recall. What’s happened? Naturipe Value Added Fresh LLC is recalling 694 of its bento box snack packs and is coordinating with regulatory agencies. According to the recall, which was first published on the FDAs website on Wednesday, February 19, “people who have allergies to wheat and/or eggs run the risk of serious allergic reactions if they consume these products.” The FDA announcement also stated that no illnesses have been reported to date in connection with this recall. Which Berry Buddies, Berries & Pancakes products are part of the recall? The products included in the recall can be identified by the following details, which are printed on the back of the package, near the barcode: Size: 2.1 oz (60 grams) packages Lot Number: 1097901 Best By Date: 02/25/2025 Dates sold: Between early February 2025 and February 18, 2025 What states are affected by the recall? The affected products were distributed in the following states: Arkansas Michigan Ohio Tennessee Virginia Minnesota Kentucky Indiana Illinois Missouri Mississippi West Virginia Wisconsin What should I do if I bought the recalled snack pack? Consumers can return the products to their place of purchase for a full refund, according to Consumer Affairs. If it’s not possible to return the item, it is recommended to discard the snack pack. What should I do if I ate the recalled snack pack? Individuals who have wheat or egg allergies and have consumed the product should watch for signs of an allergic reaction, which may include difficulty breathing, hives, swelling, or gastrointestinal distress, according to the FDA recall notice. Seek medical attention if symptoms appear. How can I get a refund or replacement? Contact Naturipe by phone, 239-598-6045, or by email, info@naturipefarms.com. Customer service is available Monday through Friday, 9 a.m. to 5 p.m ET.
Category:
E-Commerce
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