MEMPHIS, Tenn. — Sales continued to slide at Fred’s Inc., as the discount and pharmacy retailer reported decreases for its fiscal 2016 fourth quarter and full year and January 2017. Fred’s said Thursday that January sales totaled $148.1 million, down 5.6% from $156.9 million a year earlier. Same-store sales for the month fell 4.8%, compared
MEMPHIS, Tenn. — Fred’s Inc. has reaffirmed its $950 million deal to buy 865 Rite Aid stores to be divested for antitrust clearance of Walgreens Boots Alliance’s pending acquisition of Rite Aid Corp. Fred’s said late Monday that “the asset purchase agreement it entered into on Dec. 19, 2016, with Walgreens and Rite Aid remains
DEERFIELD, Ill., CAMP HILL, Pa. — Walgreens Boots Alliance (WBA) Inc. and Rite Aid Corp. have agreed to extend the end date for their merger deal and lower the offer price. The companies said Monday that the deal end date has been moved to July 31 — after the previous extension expired this past Friday
As the clock winds down on today’s deal end date for the Walgreens-Rite Aid merger, a report of a new potential player has emerged. Citing anonymous sources, the New York Post reported Friday that private equity firm Cerberus Capital Management has expressed interest in the 865 Rite Aid stores that Walgreens Boots Alliance and Rite
NEW YORK — Walgreens Boots Alliance (WBA) is still negotiating with the Federal Trade Commission to gain antitrust clearance for its $17 billion deal to acquire Rite Aid Corp., WBA executive vice chairman and chief executive officer Stefano Pessina said at the company’s annual shareholders meeting. “The FTC is doing its job. The process is
Trading of Rite Aid shares was briefly halted on the New York Stock Exchange on Friday when the stock price sank following published reports that the Federal Trade Commission is iffy about antitrust concessions for approval of the Walgreens-Rite Aid merger. Rite Aid shares suspended trading after dropping 18% but resumed minutes later, TheStreet.com reported.
Going into the new year, several key personnel questions await answers, foremost among them the age-old problem of determining who, in 2017, will emerge as the most influential senior staffers at America’s drug chains. The determination is made more difficult by the fact that, as of this writing, Walgreens’ acquisition of Rite Aid remains unresolved.
CAMP HILL, Pa. — The Rite Aid Foundation said 219 new nonprofit groups focused on improving children’s health and wellness have joined its KidCents program. Each of the new charities, selected by Rite Aid associates and representing the communities served by the drug chain, will receive a $5,000 KidCents grant for their efforts and participation
DEERFIELD, Ill. — Walgreens Boots Alliance (WBA) edged past Wall Street’s adjusted earnings per share forecast in its fiscal 2017 first quarter despite declined sales and net income. WBA also reported Thursday that it’s still working to finalize its $17 billion deal to acquire Rite Aid Corp. and continues to expect to complete the transaction
NEW YORK — Walgreens Boots Alliance Inc. (WBA) and Rite Aid Corp. have agreed to sell 865 Rite Aid stores and related assets to Fred’s Inc. for $950 million in cash. The deal is subject to approval by the Federal Trade Commission as well as approval and completion of the pending WBA acquisition of Rite
The agreement struck last month for the sale of 865 Rite Aid Corp. drug stores to Fred’s Inc. is a momentous development for those companies, as well as Walgreens Boots Alliance, which after 14 months is still working to finalize the acquisition of Rite Aid. The $950 million all-cash deal will bring Fred’s stores and
The new year is finally here. On balance, 2016 was a year best forgotten. Very few events of a positive nature will be remembered. On the other hand, many unsettling moments would best be reviewed at another time — if at all. As 2017 dawns, several important questions remain to be resolved, a few of
MEMPHIS, Tenn. — Fred’s Inc. has adopted a shareholder rights plan, also known as a “poison pill,” after a hedge fund recently became the company’s single largest shareholder. Fred’s said Tuesday its board instituted the shareholder rights plan after observing “unusual and substantial activity in the company’s shares.” The discount and pharmacy retailer noted that
Though Fred’s name came up in the buzz surrounding the Walgreens-Rite Aid merger talks with the FTC, the Southeastern retailer’s move to buy 865 Rite Aid stores for $950 million in cash from Walgreens Boots Alliance (WBA) still was surprising. After all, not even two weeks ago, Fred’s reported poor third-quarter results (including a net
