Content about finance

January 16, 2012
Reports: Winn-Dixie CEO Peter Lynch stepping down

Winn-Dixie CEO Peter Lynch is stepping down, according to published reports.

NEW YORK — Winn-Dixie CEO Peter Lynch is stepping down, according to published reports.

The Florida Times-Union reported Friday that Lynch would resign as CEO of the Jacksonville, Fla.-based supermarket chain, following its merger with Bi-Lo, but would remain for 60 to 120 more days until the merger is complete.

Following completion of the merger, Bi-Lo chairman Randall Onstead will step in as president and CEO, the newspaper reported.

January 10, 2012
Sun Products taps Al Drewes as finance chief

The SVP and CFO of Pepsi Bottling Group is heading to Sun Products.

WILTON, Conn. — The SVP and CFO of Pepsi Bottling Group is heading to Sun Products.

Sun Products, known for its laundry detergent, fabric softeners and other household products, announced that Al Drewes will join the company as EVP and CFO. In his role, Drewes will be responsible for all aspects of financial planning and accounting, tax, audit, treasury as well as IT, strategic planning, mergers and acquisitions for the company.

January 9, 2012
GE Capital provides $65M credit facility to Navarro Discount Pharmacy

GE Capital Corporate Retail Finance announced it is administrative agent and sole lender on a $65 million asset-based credit facility for Navarro Discount Pharmacy. The financing will be used to refinance debt and for general corporate purposes.

NORWALK, Conn. — GE Capital Corporate Retail Finance announced it is administrative agent and sole lender on a $65 million asset-based credit facility for Navarro Discount Pharmacy. The financing will be used to refinance debt and for general corporate purposes.

“GE Capital understands retailing and has a great deal of experience financing drug stores,” Navarro Discount Pharmacy CEO Juan Ortiz said. “This allowed us to secure the right capital structure to help build our business.”

December 16, 2011
AAA forecasts higher holiday travel as motorists 'go over the mountains and through the woods'

AAA forecasts 91.9 million Americans will travel 50 miles or more from home during the 2011-2012 year-end holiday travel season, a 1.4% increase over the 90.7 million people who traveled one year ago, the travel organization announced earlier this week.

WASHINGTON — AAA forecasts 91.9 million Americans will travel 50 miles or more from home during the 2011-2012 year-end holiday travel season, a 1.4% increase over the 90.7 million people who traveled one year ago, the travel organization announced earlier this week. This year’s expected year-end holiday travel volume is the second-highest in the past decade and represents 30% of the total U.S. population.

December 16, 2011
San Francisco Federal Credit Union to place branded ATMs in Bay-area Walgreens

The San Francisco Federal Credit Union on Friday announced an agreement with Welch ATM to allow its members surcharge-free usage of cash-dispensing ATMs in more than 500 Walgreens locations across California.

SAN FRANCISCO — The San Francisco Federal Credit Union on Friday announced an agreement with Welch ATM to allow its members surcharge-free usage of cash-dispensing ATMs in more than 500 Walgreens locations across California. Under the agreement, the ATMs will carry the credit union's brand at selected locations throughout San Francisco.

December 15, 2011
Kroger merges four pension funds

Kroger on Thursday announced that four of the UFCW/multi-employer pension funds to which the company contributes will merge into a new fund, effective Jan. 1. This new arrangement is expected to reduce Kroger's annual pension contribution expense and will secure the pension benefits of more than 65,000 Kroger associates.

CINCINNATI — Kroger on Thursday announced that four of the UFCW/multi-employer pension funds to which the company contributes will merge into a new fund, effective Jan. 1. This new arrangement is expected to reduce Kroger's annual pension contribution expense and will secure the pension benefits of more than 65,000 Kroger associates.

December 9, 2011
Weis Markets expands loyalty program with gold preferred customer membership

Weis Markets recently expanded its loyalty card program with a gold preferred customer offering that customizes offers for regular shoppers who spend at least $3,500 in a calendar year.

SUNBURY, Pa. — Weis Markets recently expanded its loyalty card program with a gold preferred customer offering that customizes offers for regular shoppers who spend at least $3,500 in a calendar year.

December 8, 2011
Mead Johnson Nutrition elevates three executives

Mead Johnson Nutrition Wednesday evening announced a number of management changes under Mead Johnson president and CEO Steve Golsby.

GLENVIEW, Ill. — Mead Johnson Nutrition Wednesday evening announced a number of management changes under Mead Johnson president and CEO Steve Golsby.

“Given the growing size and complexity of our global operations, I recognized the need to refine our management structure in order to drive superior performance and operationalize our ambitious strategic plan,” Golsby said.

December 5, 2011
Shoppers waiting for Black Friday — Round 2

Shoppers who were out in full force on Black Friday may not walk retail aisles again until just before Christmas — when retailers are expected to heavily discount merchandise — according to the latest America's Research Group/UBS "Christmas Forecast."

CHARLESTON, S.C. — Shoppers who were out in full force on Black Friday may not walk retail aisles again until just before Christmas — when retailers are expected to heavily discount merchandise — according to the latest America's Research Group/UBS "Christmas Forecast."

December 5, 2011
Study: National dollar store chain locations outnumber those of national retail pharmacy chains

The combined store count of the county's largest dollar store chains outnumbers that of the largest retail pharmacy chains as continued economic difficulties drive the channel's growth, according to a new study released Monday by Colliers International.

SEATTLE — The combined store count of the county's largest dollar store chains outnumbers that of the largest retail pharmacy chains as continued economic difficulties drive the channel's growth, according to a new study released Monday by Colliers International.

December 5, 2011
The many faces of the 2011 holiday season

During Black Friday weekend, people were spending more money during an economy where that nasty word "recession" still is on the back of everyone's tongue. But was foot traffic down during the weekend because of the number of tryptophan-dazed consumers walking the aisles a day early to get the best deals?

WHAT IT MEANS AND WHY IT'S IMPORTANT — During Black Friday weekend, people were spending more money during an economy where that nasty word "recession" still is on the back of everyone's tongue. But was foot traffic down during the weekend because of the number of tryptophan-dazed consumers walking the aisles a day early to get the best deals? Or did consumers forsake the Black Friday shopping madness in exchange for the no lines/free shipping offered on Cyber Monday?

December 5, 2011
Wilkins’ keys to success with Dollar General

To deliver the value of a supercenter with the convenience of a drug store — that is the essence of the Dollar General strategy.


NASHVILLE, Tenn. — To deliver the value of a supercenter with the convenience of a drug store — that is the essence of the Dollar General strategy.


December 2, 2011
Giant Eagle introduces shopping app for its Advantage Card members

Giant Eagle last month launched an app for users of Android devices that's tied to the grocer's loyalty program. So far, the app has been downloaded as many as 5,000 times.

PITTSBURGH — Giant Eagle last month launched an app for users of Android devices that's tied to the grocer's loyalty program. So far, the app has been downloaded as many as 5,000 times.

The app enables shoppers to peruse the weekly ad circular on their mobile phones or computers. The grocer's eOffers (digital coupons) can be added to the customer's Giant Eagle Advantage Card.

November 29, 2011
Walgreens expands Web Pickup service to Indianapolis

Walgreens on Tuesday introduced its new Web Pickup service at locations throughout the Indianapolis area.

DEERFIELD, Ill. — Walgreens on Tuesday introduced its new Web Pickup service at locations throughout the Indianapolis area. Indianapolis is the second full market rollout for Web Pickup, which enables consumers to shop online at Walgreens.com and pick up orders at a Walgreens store in as little as an hour. The service also is currently available throughout Chicago and at a number of stores in San Jose, Calif.

November 28, 2011
Retailers sue Federal Reserve

A coalition of retail organizations, including the National Retail Federation, the Food Marketing Institute and the National Association of Convenience Stores, have filed a lawsuit charging that the Federal Reserve failed to comply with a new law requiring it to reduce fees bank charge retailers when shoppers use credit cards.

NEW YORK — A coalition of retail organizations, including the National Retail Federation, the Food Marketing Institute and the National Association of Convenience Stores, have filed a lawsuit charging that the Federal Reserve failed to comply with a new law requiring it to reduce fees bank charge retailers when shoppers use credit cards.

The law, which went into effect Oct. 1, said that banks could charge a maximum of 21 cents when consumers use a debit card, down from an average of 44 cents per transaction.

November 28, 2011
Rite Aid launches holiday savings programs

Rite Aid is offering two promotional programs to holiday shoppers, the company said Monday.

CAMP HILL, Pa. — Rite Aid is offering two promotional programs to holiday shoppers, the company said Monday.

The first of these is Cyber Week, launched to mark Cyber Monday, an online shopping holiday that is one of the busiest of the year. The chain is offering limited-time deals on items commonly purchased online, such as beauty and personal care items, personalized photo calendars and vitamins, as well as 20% off when customers spend $50 or more. Customers can sign up at RiteAidOnlineStore.com.

November 21, 2011
NRF: Gift card spending to reach $27.8 billion this holiday season

Holiday shoppers are expected to spend $155.43 on average for gift cards this season, while total gift card spending is projected to reach $27.8 billion, according to a survey released Friday by the National Retail Federation.

WASHINGTON — Holiday shoppers are expected to spend $155.43 on average for gift cards this season, while total gift card spending is projected to reach $27.8 billion, according to a survey released Friday by the National Retail Federation.

NRF’s 2011 Holiday Consumer Intentions and Actions survey, conducted by BIGresearch, found that 8-out-of-10 shoppers will give gift cards this year, thanks to e-gifting, instant delivery through Facebook, personalized video and mobile giving options. Average spending is expected to be the highest since 2007.

November 17, 2011
NRF predicts bigger shopper turnout for Black Friday weekend

Up to 152 million people plan to shop Black Friday weekend, compared with the 138 million who planned to do so last year, according to a preliminary Black Friday shopping survey, conducted for the National Retail Federation by BIGresearch.

WASHINGTON — Up to 152 million people plan to shop Black Friday weekend, compared with the 138 million who planned to do so last year, according to a preliminary Black Friday shopping survey, conducted for the National Retail Federation by BIGresearch. According to the survey, 74 million people said they will definitely hit the stores and another 77 million are waiting to see if the bargains are worth the hassle of Black Friday.

November 16, 2011
SoloHealth names former Walgreens SVP to board

SoloHealth, a consumer-driven healthcare technology company, on Wednesday said Stanley Blaylock, former Walgreens SVP and former president of Walgreens Health Services, will join SoloHealth’s board of directors.

ATLANTA — SoloHealth, a consumer-driven healthcare technology company, on Wednesday said Stanley Blaylock, former Walgreens SVP and former president of Walgreens Health Services, will join SoloHealth’s board of directors. The announcement comes as SoloHealth prepares for a nationwide rollout in 2012 of its next-generation, consumer health screening kiosk, the SoloHealth Station.

November 15, 2011
American Express launches Target prepaid card

American Express has announced the launch of the American Express for Target card, a reloadable prepaid card with no monthly or maintenance fees, available exclusively at more than 1,000 U.S. Target stores.

NEW YORK — American Express has announced the launch of the American Express for Target card, a reloadable prepaid card with no monthly or maintenance fees, available exclusively at more than 1,000 U.S. Target stores.

November 15, 2011
Physicians Formula completes subordinated debt refinancing

Beauty company Physicians Formula Holdings has completed the previously announced refinancing of its subordinated debt held by Mill Road Capital, and expects interest expense to be reduced by $1.5 million for the first 12 months, following the refinancing.

AZUSA, Calif. — Beauty company Physicians Formula Holdings has completed the previously announced refinancing of its subordinated debt held by Mill Road Capital, and expects interest expense to be reduced by $1.5 million for the first 12 months, following the refinancing.

November 11, 2011
Legislation aimed at closing tax loophole receives NACDS endorsement

Legislation that would level the playing field for brick-and-mortar retailers, including pharmacies, by closing a loophole that puts them at a disadvantage with online retailers has received praise from the National Association of Chain Drug Stores.

ALEXANDRIA, Va. — Legislation that would level the playing field for brick-and-mortar retailers, including pharmacies, by closing a loophole that puts them at a disadvantage with online retailers has received praise from the National Association of Chain Drug Stores.

Sen. Mike Enzi, R-Wy., is the sponsor of the Marketplace Fairness Act and serves as the ranking Republican member of the Committee on Health, Education, Labor and Pensions.

November 11, 2011
Valeant names CFO

A former Goldman Sachs executive will join Valeant Pharmaceuticals as EVP and CFO.

MISSISSAUGA, Ontario — A former Goldman Sachs executive will join Valeant Pharmaceuticals as EVP and CFO.

Howard Schiller will take over the position from Philip Loberg, who has been serving as Valeant's interim CFO on Dec. 1. Prior to his new role, Schiller was COO for Goldman Sachs' investment banking division until his retirement in January.

November 9, 2011
QS/1, ECRS introduce point-of-sale, pharmacy management interface

QS/1 and ECR Software have released an interface that links the ECRS Catapult point-of-sale system and QS/1's NRx pharmacy management system, the two companies said.

BOONE, N.C. — QS/1 and ECR Software have released an interface that links the ECRS Catapult point-of-sale system and QS/1's NRx pharmacy management system, the two companies said.

The companies said they developed the interface to improve communication between the POS system and the pharmacy management system and merge pharmacy and grocery department business data into a centralized repository. Star Super Market and Discount Pharmacy, a chain that operates four stores in the Huntsville, Ala., area served as the site for a pilot of the product.

November 8, 2011
Express Scripts amends Medco merger agreement; lowers termination fee

In an amendment dated Nov. 7 and filed to the Securities Exchange Commission on Tuesday, Express Scripts reduced its termination fee by 32% to $650 million.

ST. LOUIS — In an amendment dated Nov. 7 and filed to the Securities Exchange Commission on Tuesday, Express Scripts reduced its termination fee by 32% to $650 million. The termination fee is paid to one company when the other terminates the merger agreement.