FINANCE

Blockbuster raises $675 million in debt

BY CSA STAFF

Dallas Blockbuster said Friday that it closed a $675 million debt offering due in 2014 and will use the proceeds to repay other outstanding debt.

The company said the senior secured notes carried an interest rate of 11.75% and was issued at 94% of par value.

The company said it will use the funds to repay the remainder of what it owes under a revolving credit facility and other debt instruments. However, letters of credit that were outstanding under the revolving credit facility will remain outstanding.

Blockbuster said it remains on track to cut expenses by $200 million this year, with $166 million also reduced in the first half. It will continue to seek ways to boost efficiency, including divesting of non-core assets outside North America.

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Walgreens celebrates grand opening in Coney Island

BY CSA STAFF

DEERFIELD, Ill. Walgreens is celebrating the grand opening of its 7,000th store nationwide at 2590 Coney Island Ave., in Brooklyn, N.Y. State. Local officials will welcome the retailer to another New York neighborhood during a ribbon-cutting ceremony.

The new store in the Gravesend neighborhood, near iconic Coney Island, is Walgreens 20th in Brooklyn and its 67th across the five boroughs. The company employs more than 1,250 people in the city.

As part of the grand opening, the AARP/Walgreens Wellness Tour is offering free health screenings to all adult attendees and flu shot vouchers to uninsured adults in the store’s parking lot on Oct 1. The appearance by the traveling health-screening bus is part of a nationwide tour of nine vehicles to deliver free health screenings across the country for early detection and prevention of diseases, as well as health education. Screenings test for total cholesterol level, blood pressure, bone density, glucose levels and body mass index.

The grand opening will feature a ribbon cutting ceremony, food, music and entertainment. Guest speakers include Brooklyn Borough President Marty Markowitz and other state and local officials. Walgreens also will donate $7,000 to Lenny’s Lighthouse, a Brooklyn charity that provides support to people with disabilities.

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Toys’R’Us builds a promotion with LEGO

BY CSA STAFF

WAYNE, N.J. Toys”R”Us announced that it has partnered with LEGO Systems to create “Bricktober,” a month-long event at Toys”R”Us stores nationwide and online at Toysrus.com.

During October, Toys”R”Us will be promoting LEGO products with weekly deals, in-store boutiques, special events and exclusive items.

Every week during the month of October, Toys”R”Us stores and Toysrus.com will offer savings on all LEGO products. The deals begin with up to 30% off select LEGO products and with additional specials on more than 230 LEGO construction sets available at Toys”R”Us from Oct. 4 through Oct. 10, while supplies last.

 

Toys”R”Us is giving LEGO products dedicated boutiques in its stores that will feature the largest assortment of LEGO construction sets available. In addition, the retailer is offering exclusive LEGO products.

 

“‘Bricktober’ celebrates the influence that LEGO continues to have in building kids’ imaginations and the value that it offers to parents in terms of quality and longevity of play,” said Richard Barry, VP, divisional merchandise manager for Toys”R”Us, U.S. “With hundreds of sets to choose from, at a wide variety of price points, LEGO products offer affordable fun for the whole family at a wide variety of prices to fit any budget.”

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