Retailers from Walgreen Co. to Macy’s Inc. kept stores shuttered in hard-hit New York and New Jersey while reopening some other East Coast locations as they worked to assess the damage to their shops and sales.
Cerberus Capital Management LP’s pursuit of grocery chain Supervalu Inc. has stalled because the private-equity firm has had trouble obtaining the funds for a leveraged buyout, said people familiar with the matter.
Hurricane Sandy is threatening to reduce sales of clothing and holiday gifts during one of the most important shopping months of the year, while benefiting supermarkets and home-improvement stores such as Home Depot Inc.
Supervalu Inc., the owner of Save-A- Lot and Albertsons grocery stores, dropped the most in more than 14 months after third-quarter profit trailed analysts’ estimates as the state of the economy weighed on shoppers.
Robert Moffat, the former International Business Machines Corp. executive who pleaded guilty in the Galleon Group LLC insider-trading scheme, said accused tipster Danielle Chiesi “played him” to obtain tips.
Supervalu Inc.’s advisers are asking potential buyers to bid for the entire business even as several suitors have inquired about individual parts of the grocery company, according to people with knowledge of the matter.