Albertsons Delays IPO
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- Published: Thursday, October 15 2015 07:51
Albertsons Companies has postponed its initial public offering, citing recent market volatility. The October 14th announcement by the company did not elaborate or indicate a timeframe for proceeding, in an e-mailed statement from Brian Dowling, a spokesman for the company. Albertsons had planned to raise as much as $1.7 billion in its IPO, selling 65.3 million shares for $23 to $26 apiece
An analyst familiar with the matter said Albertsons decided to wait after a weak profit forecast from Wal-Mart Stores Inc. sent that company's shares on their biggest decline in more than 27 years.
Albertsons' debt pile more than tripled in a year, primarily because of Albertsons' purchase of Safeway. Total debt increased to more than $12 billion at the end of fiscal 2014, from just under $4 billion a year earlier. Proceeds from the delayed IPO would have been used to repay more than $1 billion in debt.
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Richard "Dick" Allan Berray, 86, of Blackduck died on Sunday, October 27, 2019 at the Good Samaritan Society, Blackduck, MN. Memorial Services will be held at 11:00 AM on Saturday, November 2, 2019 at the First Presbyterian Church in Blackduck with Rev. John Yingling officiating. Visitation will be held for one hour prior to the service at the church. Burial will be in the Lakeview Cemetery in Blackduck, MN.
