Content about finance

May 17, 2013

Supervalu refinances $1.5 billion senior secured term loan agreement

Supervalu successfully completed the refinancing of its existing $1.5 billion senior secured term loan agreement.

MINNEAPOLIS — Supervalu on Thursday successfully completed the refinancing of its existing $1.5 billion senior secured term loan agreement. The amendment reduces the interest rate margin from 5% to 4% and reduces the LIBOR floor from 1.25% to 1% for LIBOR based loans.

May 16, 2013

AmerisourceBergen elects UGI chairman to wholesaler's board of directors

AmerisourceBergen elected Lon Greenberg, 62, to its board of directors, effective immediately.

VALLEY FORGE, Pa. — AmerisourceBergen on Thursday elected Lon Greenberg, 62, to its board of directors, effective immediately. Greenberg fills the vacancy created by Charles Cotros’s retirement from the board in February 2013. Greenberg also joined the audit and corporate responsibility committee and finance committee of the board. AmerisourceBergen's board of directors is currently comprised of 10 directors.

May 15, 2013

Double-digit profit gains for Alliance Boots

Alliance Boots on Wednesday reported a double-digit profit gain for its year ended March 31.

BERN, Switzerland — Alliance Boots on Wednesday reported a double-digit profit gain for its year ended March 31. Underlying profit after tax was up 12.7% to $1.2 billion, though revenue was down slightly by 2.6% to $34.2 billion.

May 8, 2013

McKesson posts annual revenues of $122.5 billion, reports strong cash flow for new fiscal year

McKesson on Tuesday reported fiscal year revenues of $122.5 billion, relatively flat as compared with the prior fiscal year.

SAN FRANCISCO — McKesson on Tuesday reported fiscal year revenues of $122.5 billion, relatively flat as compared with the prior fiscal year. Full-year adjusted earnings per diluted share was $6.33, compared to $6.38 in the prior year.

April 22, 2013

Investigation into Schnucks card-hacking incident nears end

More than 2 million credit and debit cards at nearly all of Schnuck Markets' stores may have been compromised as part of a recent hacking incident, the company said.

ST. LOUIS — More than 2 million credit and debit cards at nearly all of Schnuck Markets' stores may have been compromised as part of a recent hacking incident, the company said.

April 22, 2013

NACDS Foundation announces five new board members

The National Association of Chain Drug Stores Foundation announced the election of five new members to its board of directors.

ARLINGTON, Va. — Today, the National Association of Chain Drug Stores Foundation announced the election of five new members to its board of directors. Victor Curtis, SVP pharmacy of Costco Wholesale; Jon Giacomin, president of U.S. pharmaceutical distribution for the pharmaceutical group of Cardinal Health; John Poulin, director of professional relations of Lilly USA; Todd Tillemans, president of customer development at Unilever; and Richard Tremonte, VP sales and marketing of the U.S.

April 16, 2013

Publix adds board member

During its annual stockholders’ meeting, Steve Knopik was elected to Publix Super Markets’ board of directors.

LAKELAND, Fla. — During its annual stockholders’ meeting today, Steve Knopik was elected to Publix Super Markets’ board of directors.

“We are pleased to have Steve join the Publix board,” said Publix chairman of the board Charlie Jenkins, Jr. “His strong retail and financial background and commitment to the community will make him a strong addition to our board.”

April 12, 2013

Target to pay more than $1.1 billion in debt refinancing plan

Target has accepted for purchase $760.7 million worth of debt as part of a $1.1 billion debt-refinancing plan announced last month, the mass merchandiser said.

MINNEAPOLIS — Target has accepted for purchase $760.7 million worth of debt as part of a $1.1 billion debt-refinancing plan announced last month, the mass merchandiser said.

The company announced plans in mid-March to purchase up to more than $1.1 billion worth of debt securities and will pay close to the full amount for those accepted for purchase.

The offer to purchase the debt from the people holding it expired Wednesday night at 11:59, the company said.

April 3, 2013

Supervalu announces additional changes to executive suite

Supervalu announced additional changes at the senior level as Sam Duncan, Supervalu president and CEO, finalizes his executive leadership team.

MINNEAPOLIS — Supervalu on Wednesday announced additional changes at the senior level as Sam Duncan, Supervalu president and CEO, finalizes his executive leadership team.

Sherry Smith, EVP and CFO, will leave the company at the end of May. Smith has served as the company’s CFO since her appointment in December 2010. She has spent 26 years with Supervalu and previously served as SVP, finance. The company plans to announce a new CFO at a later date.

April 2, 2013

Schnucks suffers cyberattack; issue contained

Schnucks was the victim of a recent attack on its computer network that compromised its credit and debit card system, the supermarket chain said.

ST. LOUIS — Schnucks was the victim of a recent attack on its computer network that compromised its credit and debit card system, the supermarket chain said.

Saying that it had "found and contained" the issue behind the attack, Schnucks said that a computer code discovered by an outside computer forensic firm had been designed to capture magnetic stripe data on the back of cards.

April 2, 2013

The Street: Jim Cramer picks Safeway over Whole Foods

Mad Money's Jim Cramer tabbed Safeway over Whole Foods in an interview published in The Street.

NEW YORK — Mad Money's Jim Cramer tabbed Safeway over Whole Foods in an interview with The Street published Tuesday.

March 29, 2013

Ahold appoints former IBM executive as chief information officer

Ahold USA has appointed Paul Scorza as its chief information officer, the supermarket operator said Friday.

CARLISLE, Pa. — Ahold USA has appointed Paul Scorza as its chief information officer, the supermarket operator said Friday.

Ahold USA, the U.S. subsidiary of Netherlands-based Royal Ahold, said Scorza would assume the new position on Monday, based in Quincy, Mass., overseeing all Ahold USA information management functions, with a focus on systems and business processes to improve efficiency, effectiveness, controls and operations, reporting to EVP finance and CFO Paula Price.

March 27, 2013

Report: Private equity firms fueling clinic growth

Driven by the need for consumers to have access to convenient, cost-effective and quality healthcare services, the number of walk-in health clinics has been on the rise across the country in recent years, and according to a Reuters report, private equity firms are helping to fuel the expansion.

NEW YORK — Driven by the need for consumers to have access to convenient, cost-effective and quality healthcare services, the number of walk-in health clinics has been on the rise across the country in recent years, and according to a Reuters report, private equity firms are helping to fuel the expansion.

In recent years, at least a dozen private equity firms have invested millions of dollars into urgent care clinics and several private equity executives reportedly told Reuters that they are eager for more acquisitions.

March 26, 2013

Kroger announces retirement of VP and pension investment officer

Kroger on Tuesday announced the planned retirement of VP and pension investment officer, Rich Manka, effective July 15.

CINCINNATI — Kroger on Tuesday announced the planned retirement of VP and pension investment officer, Rich Manka, effective July 15.

"Throughout his career, Rich has been a trusted member of Kroger's leadership team," stated Mike Schlotman, Kroger's CFO. "Pension plan trustees and participants alike have benefited from his vast knowledge and influence on investment strategies and plan designs. We thank Rich for his contributions to our company and industry and wish him the very best."

March 22, 2013

New Supervalu names several executives to key leadership positions

Supervalu on Friday named several executives to the company's leadership team one day following the closing of its divestiture of five retail banners to AB Acquisition.

MINNEAPOLIS — Supervalu on Friday named several executives to the company's leadership team one day following the closing of its divestiture of five retail banners to AB Acquisition.

March 21, 2013

Supervalu completes deal with AB Acquisition

Supervalu announced the completion of the sale of its Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market stores and related Osco and Sav-on in-store pharmacies to AB Acquisition LLC, an affiliate of a Cerberus Capital Management-led investor consortium, in a stock deal valued at $3.3 billion, including $100 million in cash and $3.2 billion in debt assumption.

MINNEAPOLIS — Supervalu on Thursday announced the completion of the sale of its Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market stores and related Osco and Sav-on in-store pharmacies to AB Acquisition LLC, an affiliate of a Cerberus Capital Management-led investor consortium, in a stock deal valued at $3.3 billion, including $100 million in cash and $3.2 billion in debt assumption.

March 19, 2013

Cardinal Health braces for August contract expiration with Walgreens

In the wake of a new partnership announcement between Walgreens and AmerisourceBergen, Cardinal Health announced on that its pharmaceutical distribution contract with Walgreens that is scheduled to expire at the end of August 2013 will not be renewed.

DUBLIN, Ohio — In the wake of a new partnership announcement between Walgreens and AmerisourceBergen, Cardinal Health announced on Tuesday that its pharmaceutical distribution contract with Walgreens that is scheduled to expire at the end of August 2013 will not be renewed.

February 26, 2013

Bausch + Lomb names new president, CFO

Bausch + Lomb named Robert Bertolini as president and CFO effective immediately.

ROCHESTER, N.Y. — Bausch + Lomb on Tuesday named Robert Bertolini as president and CFO effective immediately. In this capacity, he will oversee the company's finance, information technology and global quality and operations functions. Bertolini, who assumes CFO responsibilities from Brian Harris, will report to Bausch + Lomb CEO Brent Saunders.

February 22, 2013

Rite Aid finishes debt-refinancing transactions

Rite Aid has completed a series of debt financing transactions it announced recently, the retail pharmacy chain said.

CAMP HILL, Pa. — Rite Aid has completed a series of debt financing transactions it announced recently, the retail pharmacy chain said.

The transactions were meant to extend the maturity of a portion of the retailer's debt and lower its interest expenses.

February 14, 2013

Harris Teeter approached by two private equity firms and is exploring options

Harris Teeter on Wednesday confirmed an earlier Wall Street Journal report that the grocer was in the process of exploring strategic options.

MATTHEWS, N.C. — Harris Teeter on Wednesday confirmed an earlier Wall Street Journal report that the grocer was in the process of exploring strategic options.

February 14, 2013

Reports: Buffett, Lemann buy H.J. Heinz; Buffett investment group increases Costco holding

The investment groups of billionaires Warren Buffett and Jorge Paulo Lemann will buy H.J. Heinz for about $23 billion, according to published reports.

NEW YORK — The investment groups of billionaires Warren Buffett and Jorge Paulo Lemann will buy H.J. Heinz for about $23 billion, according to published reports.

Bloomberg reported that Buffett's Berkshire Hathaway and Lemann's 3G Capital would buy the condiment maker for $72.50 per share, and the deal includes $12 billion to $13 billion from Buffett's group. Heinz also owns the Ore-Ida potato chip brand.

February 13, 2013

Four-in-10 living paycheck to paycheck, survey finds

Forty-one percent of Americans are living paycheck to paycheck, according to a new survey by Allstate Financial.

NORTHBROOK, Ill. — Forty-one percent of Americans are living paycheck to paycheck, according to a new survey by Allstate Financial.

February 12, 2013

Payroll tax increase hits consumables spending, SymphonyIRI report finds

A mere 2% increase in the payroll tax could represent $800 in reduced spending power per year for a person with a household income of $40,000, according to a new study by SymphonyIRI.

CHICAGO — A mere 2% increase in the payroll tax could represent $800 in reduced spending power per year for a person with a household income of $40,000, according to a new study by SymphonyIRI.

Symphony Consulting, a division of the Chicago-based market research firm, analyzed shopper behavior since the payroll tax increased on Jan. 1, focusing on the effect of the payroll tax on food and beverage consumption, including its effect on such dimensions as stores shopped, brands purchased and the effect on various segments and categories.

February 8, 2013

Rite Aid provides update on debt refinancing

Rite Aid has updated the debt refinancing that it announced Jan. 31, the retail pharmacy chain said.

CAMP HILL, Pa. — Rite Aid has updated the debt refinancing that it announced Jan. 31, the retail pharmacy chain said.

February 6, 2013

Kmart launches financial empowerment campaign for African-Americans

Kmart is marking Black History Month in February with a financial empowerment campaign aimed at African-Americans, the mass merchandise retailer said.

HOFFMAN ESTATES, Ill. — Kmart is marking Black History Month in February with a financial empowerment campaign aimed at African-Americans, the mass merchandise retailer said Wednesday.

Kmart said it would partner with Essence Magazine senior editor for personal finance and careers Tanisha Sykes for the sixth-annual Share the Word campaign.