Financial News

NEW YORK — The maker of Twinkies and Wonder Bread has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York.

Irving, Texas-based Hostess Brands carried $860 million in debt and also faced high labor costs and rising prices for sugar and other ingredients that exceeded its annual sales of about $2.5 billion, according to published reports. Hostess previously filed for bankruptcy protection in 2004 and emerged in 2009.

NEW YORK — Nielsen is looking to boost its position as a leader in total store reporting and analytics by acquiring a provider of customized information for the fresh food business environment.

NEW YORK — Fresh & Easy is slated to close 12 underperforming stores.

The U.S. division of Tesco left open the door to reopening the stores at a later date, according to Orange County Register.

"At this time, there is simply not enough growth in sales and customers at these stores to keep them open. We will close these stores over the coming weeks and we will re-open them when economic and business conditions warrant," said Fresh & Easy spokesman Brendan Wonnacott in the report.

MINNEAPOLIS — Supervalu said it is sticking to its "8 Plays to Win" strategy, a multipronged plan designed to benefit the company and its customers, despite reporting several losses during the third quarter.

The supermarket retailer reported its net sales during the third quarter of fiscal 2012 dropped about 5% to $8.3 billion, compared with nearly $8.7 billion in the year-ago period, and also posted a net loss of $750 million, or $3.54 per diluted share, compared with a net loss of $202 million in the third quarter of fiscal 2011.

ST. LOUIS — Fleming Pharmaceuticals has sold rights of several of its products to Valeant International, Fleming said Wednesday.

Fleming announced the sale of the OTC nasal spray Ocean, the prescription kidney dialysis vitamin supplement Nephrocaps, the magnesium supplement Magonate and ProBarimin QT, a medical food product for patients who have received weight loss surgery. Financial terms were not disclosed.

ROCHESTER, N.Y. — Kodak is looking to transform into a digital enterprise by going back to basics.

The company, which has been the subject of focus in the bankruptcy rumor mill, said it has implemented a new business structure that will increase productivity, reduce cost and allow it to deliver sustainable profitability and value to stakeholders. As part of the changes, Kodak has consolidated three units into two, which now are called the commercial segment and the consumer segment.

PHILADELPHIA — Shire has acquired U.S. rights to a drug used to treat chronic constipation in women from Johnson & Johnson, the company said Tuesday.

Shire announced the acquisition of rights to Resolor (prucalopride) from J&J subsidiary Janssen Pharmaceuticals. Financial terms were not disclosed.

Shire acquired European rights to the drug in 2010 when it bought Belgian drug maker Movetis, which itself had acquired rights to the drug from Janssen.

MONTVALE, N.J. — Grocer A&P has announced plans to shutter 14 stores in four states as it prepares to emerge from bankruptcy.

The company has filed a motion with the U.S. Bankruptcy Court for the Southern District of New York seeking approval to close the stores. The store closures are expected to be completed in the company's fiscal first quarter, subject to court approval.