business news in context, analysis with attitude

With brief, occasional, italicized and sometimes gratuitous commentary…

•  From the Des Moines Register:

"Ending speculation about the future of Kum & Go, the Krause Group has agreed to sell its venerable Des Moines-based convenience store chain to Salt Lake City-based Maverik, the companies announced Friday.

"The deal takes an iconic Iowa brand out of the hands of the Krauses, the founding family who started the 400-store chain with a single location in the small town of Hampton in 1959. The deal also provides the Krauses with more cash as they expand their diverse holdings, which include an Italian professional soccer team and visions of a $550 million string of developments in downtown Des Moines, including a soccer stadium they hope to build by 2025."

Terms of the deal were not disclosed.

•  Bed Bath & Beyond has filed for bankruptcy protection, the result, as the New York Times put it, of "an increasingly unwieldy corporate structure and its failure to fully reckon with the ascendance of online shopping."

According to the story, Bed Bath & Beyond "said it would start the process of closing the company’s 360 Bed Bath & Beyond stores and 120 Buy Buy Baby locations on Wednesday and seek to sell parts of its business. In its filing with the bankruptcy court, the company said that it expected all stores to close by June 30.

"It will stop accepting its coupons on Wednesday, when its store closing sales begin. Customers will have until May 8 to use Bed Bath & Beyond gift cards."

It is ironic that it will stop accepting coupons this week, since it is the ubiquity of those blue-and-white coupons that created a situation in which pretty much nobody would go to the store without them.  Bed Bath & Beyond lost any connection to the notion of value, and I've ben arguing here for a long time that it was a retail concept well past its expiration date.

•  MetroUK reports that Tesco is going to open a pub for just two days - May 4 and 5 - in downtown London, just three miles from Buckingham Palace, to celebrate the May 6 coronation of King Charles III.

According to the story, "It will be called The King in the Castle and all proceeds will go to the supermarket’s charity partner, The Prince’s Trust, which was founded by the King in his former role as the Prince of Wales to support young people across the UK.

"Tesco has encouraged people to ‘do good by going to the pub’."

 On the one hand, I find myself on Team Meghan, since I'm absolutely convinced that the Royal Family is guilty of some level of racism.  On the other hand, I really don't give a damn because, in my heart, I am an Irisher.  I also think that John Lennon and the Beatles got it absolutely right in their assessment of the British gentry: