Blockbuster wins another extension for filing Chapter 11 plan
New York City — After filing for Chapter 11 reorganization bankruptcy in September, then winning an extension until Feb. 4 to file its restructuring plan to emerge from bankruptcy, Blockbuster now has until March 21 to file the plan and until May 20 to round up enough votes among its creditors for approval.
Judge Burton R. Lifland of U.S. Bankruptcy Court in Manhattan granted the extension Wednesday.
Blockbuster, which hopes to cut its debts in court to about $100 million from almost $1 billion, is also actively searching for a new CEO to lead a turnaround effort.
“Fortune” shines on Wegmans once again
ROCHESTER, N.Y. — Fortune on Thursday released its “100 Best Companies to Work For” list, ranking Wegmans Food Markets No. 3 and making the New York-based grocer the highest-ranked retailer. Only the software firm SAS and consulting organization Boston Consulting Group ranked higher. Wegmans has appeared on the Fortune list for 14 consecutive years, every year since the list was first published in 1998.
Wegmans’ employee wellness program is part of what placed the supermarket chain so high on the list. “This customer-friendly supermarket chain cares about the well-being of its workers, too,” Fortune wrote. “This year, 11,000 employees took part in a challenge to eat five cups of fruit and vegetables a day and walk up to 10,000 steps a day for eight weeks. Another 8,000 took advantage of health screenings that included a flu shot and H1N1 vaccine — all covered by Wegmans.”
"There is nothing more important to us than being a great place to work,” stated Wegmans CEO Danny Wegman. “When our people feel valued and cared about, they, in turn, make our customers feel the same.”
Also on the list are Whole Foods Market (No. 24) — which received extra kudos for paying 100% of its employees’ healthcare premiums — Novo Nordisk (No. 47), General Mills (No. 58), Publix Super Markets (No. 67) and S.C. Johnson (No. 70).
CVS scraps plans to hire Mullany
WOONSOCKET, R.I. — CVS Caremark has pulled the plug on its plan to hire former Walmart exec Hank Mullany, and is handing the keys to its retail business on an interim basis to Mike Bloom, EVP merchandising and supply chain, and Scott Baker, EVP internal operations and real estate, who will assume management for the company’s 7,100-plus stores.
Bloom and Baker, who will report to Larry Merlo, president and COO of CVS Caremark, are assuming these duties on an interim basis, pending the completion of the company’s search for a new president of CVS/pharmacy.
CVS Caremark had hired former Walmart executive Hank Mullany as president of CVS/pharmacy. Walmart then sued CVS Caremark, alleging that Mullany’s contract forbids him from working for a company that competes with Walmart. In December, a Delaware judge granted Walmart’s request for a preliminary injunction, blocking CVS Caremark from hiring Mullany.
CVS Caremark stated on Tuesday that it has made the decision to resume its search for a new president of CVS/pharmacy.
"As the company’s succession planning process moves forward and I have assumed more enterprise-wide responsibilities, we made the decision to delegate the day-to-day operations of our retail business to two of our most senior retail executives," Merlo stated. "What has remained clear throughout our search for a new president of CVS/pharmacy is that we are very fortunate to have a strong, stable group of senior leaders supporting our business. This team of individuals has helped shape our direction and deliver industry-leading results and has consistently demonstrated the highest levels of leadership and teamwork. I expect this success to continue into the future as Mike and Scott lead the retail organization."
Bloom has more than 30 years of retail experience, 20 of those years with CVS/pharmacy. As the senior CVS/pharmacy executive with direct oversight over merchandising and supply chain activities, Bloom leads an integrated end-to-end network managing store layout, as well as the selection, purchasing, inventory and supply of product throughout the company’s retail locations, plus managing the company’s visual merchandising and pricing departments. In addition to his current role, Bloom will now assume responsibility for advertising and marketing.
Baker, whose tenure with CVS/pharmacy spans more than 25 years, has held a variety of senior roles, including SVP retail operations and head of the company’s East retail field operations. Baker, a pharmacist by training, will now assume responsibility for all of the company¹s retail field organizations and pharmacy operations.