Tuesday, December 20, 2011

Ruddick Corp. wants new name: Harris Teeter Supermarkets, Inc.

Charlotte-based Ruddick Corp. has run the Harris Teeter chain as a wholly-owned subsidiary for decades. Now, it seems that the company finally wants a name that reflects what most people know it as: Harris Teeter Supermarkets, Inc.

Ruddick disclosed the plans in a securities filing last week. One of the matters for shareholders to vote on in September is: "To approve an amendment to the Company's Restated Articles of Incorporation to change the name of the Company to "Harris Teeter Supermarkets, Inc."

Until recently, Ruddick was a sort of hybrid holding company, operating both the Harris Teeter chain of 204 stores and the American & Efird thread and textile company.

It was a somewhat odd marriage, with the supermarket part of the business bringing in by far the larger share of revenue - 93 percent of the total in the third quarter, for example. Ruddick sold American & Efird to a private equity firm in October (corrected), for $180 million (Ruddick recorded a $48.8 million loss on the sale).

Brothers and businessmen Alan and Stewart Dickson founded Ruddick in 1968, naming it for their late father, Rush Dickson. Now, with only one business line to focus on, it seems the old Ruddick name is falling by the wayside in favor of the more recognizable Harris Teeter brand.


Anonymous said...

I don't believe A&E was sold in January...