Boscov’s Looks to Expand
Reading, Pa., Boscov’s could benefit from Federated Department Stores Inc.’s takeover of May Department Stores Co. Federated is planning to sell some stores in malls that already have a Macy’s. Boscov’s is planning on buying Strawbridge’s locations in malls where Macy’s already exists.
Currently, Boscov’s has stores in New Jersey, Pennsylvania, New York, Delaware and Maryland, and one under construction in Virginia. Adding some of the eight Strawbridge’s locations would help the company grow more quickly. According to John Hlis, senior VP for real estate and development, Boscov’s has not yet begun negotiations with Federated. Hlis said, however, “We will aggressively pursue this.”
OfficeMax Names New Board Member
Itasca, Ill., Monte R. Haymon, retired chairman of Sappi Fine Paper North America, has been elected to serve on the OfficeMax board of directors.
Haymon was elected to the class of OfficeMax directors whose terms expire at the 2006 annual meeting. He will serve on the audit and executive compensation committees.
Winn-Dixie Sells Prescription Records
Jacksonville, Fla., Bankrupt Winn-Dixie Stores, Inc. is selling the records of thousands of customers who once filled prescriptions at 139 of its supermarkets that are closing.
In federal bankruptcy court yesterday, the judge approved the sale of prescription records to 10 companies for approximately $16.5 million. The competitors will also receive the inventories of the closing Winn-Dixie pharmacies at cost.
CVS Corp. bought the most, obtaining the records from 62 stores for $6.4 million.