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A federal judge rejected Kraft Foods’ bid to force Starbucks Corp to keep using Kraft to distribute packaged coffee to supermarkets in North America and Europe, a decision that allows Starbucks to move ahead with a new partner.
In a ruling from the bench, U.S. District Judge Cathy Seibel in White Plains, New York, on Friday also noted that Starbucks could end up owing Kraft “a boatload of money” if an arbitrator decided the coffee chain breached a 1998 agreement with Kraft. Get the full story »
Sara Lee desserts in a grocer's freezer. (AP)
Downers Grove-based food maker Sara Lee announced Friday that it will divide itself two publicly-traded companies. The plan, which has been approved by Sara Lee’s board, divides the company into North American and European divisions. One company will focus on North American grocery and supplying products to the restaurant industry, and the other on European coffee, tea and bread.
In a call with investors, Marcel Smits, the company’s newly-appointed CEO, acknowledged that Sara Lee had received “unsolicited interest” in buying the company. He said that after a rigorous review, the company’s board determined that splitting the company was in shareholders’ best interest, adding that the individual companies are likely to do better on their own.
Sara Lee will issue a $3 special dividend to shareholders as part of the split. Get the full story »
Taco Bell said Friday that it has launched a nationwide advertising campaign to tell customers what’s in the seasoned beef it puts in its tacos, burritos and other fare.
The campaign is in direct response to media coverage of a suit filed last week by an Alabama law firm. The suit claims Taco Bell is incorrectly using the word “beef” to promote its products because the taco mixture doesn’t contain enough of it to use that term. Get the full story »
Jewel-Osco’s president for the past four years has announced plans to retire, and parent company Supervalu Inc. is sending an executive from its Eden Prairie, Minn., headquarters to replace him.
The change in leadership comes at a time when Supervalu is struggling to remain competitive against rivals like Wal-Mart, Target and even drugstore chains that have greatly expanded their selection of grocery items.
Keith Nielsen, who started working at Jewel more than 40 years ago as a grocery store clerk, will retire, effective Feb. 28. Succeeding him will be Brian Huff, currently senior vice president of specialty retail at Supervalu, who will join Itasca-based Jewel on Feb. 7. Get the full story »
Spending at restaurants grew 2.1 percent, but the cash register may slow down this year, according to a new survey.
Almost one in four restaurant-goers say they plan to spend less at restaurants this year than they did in 2010, a year in which restaurant-industry spending grew to $403.5 billion, according to Mintel, a Chicago-based consumer research company. Get the full story »
Sara Lee Corp. will hold a webcast Friday morning to provide an update on “strategic initiatives.”
The Downers Grove-based company has been the subject of rampant sale and breakup rumors since the fall that have reached a fever pitch this week. Get the full story »
Infant formula maker Mead Johnson Nutrition Co. said Thursday that its profit climbed 56 percent in the fourth quarter as sales in Asia and Latin America continued to improve. But its forecast for 2011 was short of Wall Street estimates.
The maker of Enfamil said its net income rose to $99.6 million, or 48 cents per share, in the last three months of 2010 from $64 million, or 31 cents per share, a year earlier. Get the full story »
Part of Taco Bell's ad in major U.S. newspapers.
The beef about Taco Bell beef is heating up. The fast-food chain took out ads in several U.S. newspapers to lash out at a law firm that alleges Taco Bell doesn’t use much beef in its ground beef taco filling.
“The lawsuit is bogus and filled with completely inaccurate facts,” says a statement attributed to Greg Creed, president and chief concept officer of Taco Bell Corp. He said the beef is “just like the quality beef you would buy in a supermarket and prepare in your home.” Get the full story »
McDonald’s Corp. has named Kevin Newell executive vice president and global chief brand officer. He was previously senior vice president and restaurant support officer for McDonald’s USA, West Division. Get the full story »
Nearly 1,100 people turned out to apply for the 50 full-time jobs available at a Joliet distribution center. The jobs with Central Grocers drew long lines of applicants interested in the positions, which are union jobs and pay benefits. Get the full story »
An appellate court tossed out Gov. Pat Quinn’s signature $31 billion construction program, widespread plans for video poker and higher taxes on candy and booze, declaring Wednesday in a ruling that they were unconstitutional.
The justices ruled the problem with the law is that it violated the state’s basic constitutional tenet that legislation must address a single subject only. They wrote that wide-ranging issues in one of four bills passed in 2009 failed to have a “natural and logical connection.”
The decision knocked out all four laws that represented the backbone of the public works program Quinn put together with bipartisan support two years ago. It was the culmination of an effort with legislative leaders who had found working with former Gov. Rod Blagojevich futile. Get the full story »
Stock in Downers Grove-based Sara Lee Corp. took a dive Wednesday amid uncertainty about the company’s future. It closed down 5.7 percent, to $18.52.
Investors have been lifting the stock to 52-week highs since early December on reports that the company is likely to be broken up or sold. Get the full story »
Starbucks Corp., the world’s largest coffee chain, expects rising coffee prices to hit profits more than it previously thought and forecast full-year earnings below analysts expectations.
That news sent its shares down more than 2 percent, even as the company reported profits and U.S. sales that handily topped Wall Street’s targets. Get the full story »
Walgreen Co. has quietly rolled out a private label brew. The product, Big Flats 1901, will carry a suggested retail price of $2.99 for a six-pack of cans and $11.49 for a 24-pack, the company said.
It will be the private label beer for Deerfield-based Walgreens in states where it’s allowed. Prices may vary by region. The chain began selling the beer in mid-December and it’s now available in more than 4,000 locations, a company spokesman said. Get the full story »
