Newspaper article St Louis Post-Dispatch (MO)

Morning Briefing

Newspaper article St Louis Post-Dispatch (MO)

Morning Briefing

Article excerpt

True Value, ServiStar Given OK For Merger

Independent hardware store operators using the True Value and ServiStar names have given the cooperatives permission to merge into a national powerhouse that executives hope will be able to fend off industry giants.

The new Chicago-based cooperative will do business as TruServ and will have 10,300 independent retailers and initial sales of $4.6 billion a year, the company announced Wednesday. Cotter & Co., the parent of True Value, and ServiStar Coast to Coast Corp. pursued joint operation in the face of stiff competition from such chains as Home Depot and Sears Hardware that has left many mom-and-pop stores struggling. About 230 people at ServiStar's headquarters in Butler, Pa., will lose their jobs. It was not immediately clear whether any True Value employees would lose their jobs. Associated Press Fidelity Will Go Quarterly Fidelity Investments will begin providing information on the top 10 holdings of its mutual funds on a quarterly instead of a monthly basis, in an effort to limit the ability of investors to mimic its trading. The world's largest mutual fund company said it will release the information on each of its 252 funds 15 days after the end of the quarter. In the past, Fidelity had released each fund's top 10 holdings about 45 days after the month's end. Bloomberg Phar-Mor, ShopKo Scrap Deal Phar-Mor Inc. and ShopKo Stores Inc. said Wednesday they had scrapped the proposed purchase of ShopKo, as skepticism about combining two very different drugstore and discount chains pushed down Phar-Mor's stock. The retailers said in September that they would form a new company, Cabot Noble Inc., in a deal valued at about $1 billion in stock and assumed debt. The value had fallen to about $870 million with the 38 percent drop in Phar-Mor's stock. …

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