Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

Economy grew 4.2 percent in second quarter * The U.S. economy grew at a brisk annual rate of 4.2 percent in the April-June quarter, the Commerce Department said Thursday. That's slightly faster than the 4 percent it had first estimated. But because of a bleak start to 2014 the economy shrank because of harsh weather in the first quarter growth for all of 2014 is not expected to exceed last year's 2.2 percent increase.

Groceries, union still negotiating * The Greater St. Louis Food Employers Council said Thursday it will resume negotiations next week with union workers after they rejected a contract proposal and voted to authorize a strike. The council includes the area's largest grocers, Schnucks, Dierbergs and Shop 'n Save. Lori Willis, a spokeswoman for the group, said members of Local 88 of the United Food and Commercial Workers voted earlier this week against a contract offered to replace one that expired in March. The union represents some 3,000 area workers, many in meat, deli and seafood counters found in grocery stores. The union's president, Steven Straher, declined to comment on talks.

Ousted CEO back in charge * Ousted CEO Arthur T. Demoulas, 59, regained control of the family-owned Market Basket grocery chain after weeks of pressure brought by employees and customers. Late Wednesday, the company announced that an agreement had been reached for Demoulas to pay $1.5 billion for the 50.5 percent of the company owned by his cousin and rival, Arthur S. Demoulas, and other family members. Workers and customers celebrated Thursday at a rally outside the chain's Tewksbury, Mass., headquarters, where Arthur T. Demoulas, speaking from the back of a truck, told them, "I am in awe of what you have all accomplished."

Dollar General still eyes deal * Dollar General Corp. said it still wants to buy rival Family Dollar, even though its nearly $9 billion offer was rejected last week. "We remain firmly committed to the acquisition," Dollar General CEO Rick Dreiling said in a statement Thursday. …

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