Creditors Approve Movie Gallery Plan
Dothan, Ala. In a Monday vote, Movie Gallery creditors overwhelmingly approved a bankruptcy reorganization plan. The approval of the plan serves as a major step toward allowing the retailer to successfully emerge from Chapter 11 protection during the second quarter of this year.
Ninety percent of the 1,500 creditors voted in favor of the plan, which will restructure the finances of Movie Gallery.
A confirmation hearing, to be held in the U.S. Bankruptcy Court in Richmond, Va., is slated for Wednesday.
“Through our ongoing restructuring we have positioned Movie Gallery and Hollywood Video as stronger businesses, better equipped for long-term success,” Movie Gallery CEO Joe Malugen said.
Fred Meyer, QFC to offer $4 generics
PORTLAND, Ore. and BELLEVUE, Wash. In line with their parent company, Kroger, Fred Meyer Stores and QFC announced that they will begin offering pharmacy customers some generic drugs for $4 per prescription. The $4 generic prescriptions will be available at all QFC pharmacies in Washington and Oregon, and at all Fred Meyer pharmacies in Idaho, Oregon and Washington.
The $4 price will apply to more than 300 generic drugs prescribed for 30-day supplies for commonly prescribed dosages. The program will include generic alternatives for some of the most commonly prescribed drugs used to treat conditions such as diabetes, asthma, depression, heart disease, thyroid and other health problems.
The $4 prescriptions are available in Fred Meyer and QFC pharmacies as well as through on-line and telephone orders for customers to pick up in a store.
Wal-Mart supports sustainable cotton farmers
BENTONVILLE, Ark. Wal-Mart is showing its support for organic farmers by featuring t-shirts made from transitional cotton as part of its Earth Month campaign. The retailer purchased more than 12 million pounds of transitional cotton that will arrive in stores for the first time this month under its exclusive Faded Glory brand. Additional product made with transitional cotton will appear on Wal-Mart shelves in the months ahead.
“Wal-Mart’s support of transitional cotton stems from our understanding of the financial implications for farmers who adopt labor-intensive organic farming methods and complements our commitment to eco-friendly products and sustainable supplier practices,” said Kim Brandner, brand manager of sustainable products for Wal-Mart. “By doing so, we are also helping our customers live better by easily being able to include ‘eco-essentials’ on their everyday shopping list.”
Wal-Mart has purchased transitional cotton from approximately 1,000 farmers at the same premium cost of certified organic cotton, without passing along increased costs to consumers. Because this cotton is produced on fields in the process of becoming organic, chemicals may still be apparent in the soil, preventing farmers from certifying crops as organic. Farmers who have adopted organic practices typically harvest transitioning crops for up to three years. Wal-Mart’s transitional cotton commitment for product arriving in the month of April alone has saved more than six tons of synthetic fertilizers, pesticides and herbicides from entering the earth.