Home & Textiles Today Staff -- Home Textiles Today, February 11, 2002
Wal-Mart Puerto Rico buys supermarket chain
Wal-Mart Puerto Rico has extended its reach with the acquisition of Supermercados Amigo, Puerto Rico's leading supermarket chain. Supermercados Amigo has 35 supermarkets and employs more than 4,500 people, who will join Wal-Mart Puerto Rico as the company looks to extend its every day low price philosophy to new locations, according to Bill Cahill, president of Wal-Mart Puerto Rico.
Restoration pays off debt
Restoration Hardware has announced that it has paid off the $5 million balance of a September 2000 33-month term loan from Back Bay Capital, and has ended its fiscal year with no debt and approximately $22 million of cash and equivalents. "We are extremely pleased that the success of our holiday season has allowed us to prepay this high-interest loan 17 months prior to its maturity," said Gary Friedman, ceo. "As previously communicated, the company is back on track to launch its new merchandising strategy in April 2002."
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