FINANCE

CVS fined for sale of meth ingredient

BY CSA STAFF

Woonsocket, R.I. A report released Thursday said that CVS Pharmacy has agreed to pay $75 million in fines for allowing repeated purchases of a key ingredient in the making of methamphetamine.

According to a report by the Associated Press, the violations occurred in at least five states and led to a spike in Southern California drug trafficking.

In agreeing to the fine, CVS will pay what federal prosecutors said was the largest civil penalty ever assessed under the Controlled Substances Act. The company also will forfeit about $2.6 million in profits earned from the sales of pseudoephedrine, which can often be found in cold medicine and is used to make meth.

Authorities said CVS didn’t provide enough safeguards to monitor how much pseudoephedrine someone was buying, and the company violated federal drug regulations in Arizona; Georgia; California; Nevada; South Carolina; and possibly 20 other states.

The company is expected to pay the $75 million fine by Friday. The remaining forfeiture is due within 30 days. By agreeing to pay the fine, it will not face potential criminal charges and the company will implement a compliance and ethics program over the next three years.

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Killing the buzz that interferes with audio devices

BY CSA STAFF

NEW YORK The Buzz Killers has developed an easy-to-use cell phone accessory that eliminates buzzing interference that audio devices pick up and buzz when a mobile device is nearby.

The Buzz Killer card is designed with a proprietary, patent-pending alloy technology that neutralizes cell phone radio interference, the company said. Users simply place their cell phone on the card to eliminate the interference and virtually can be used anywhere.

More information can be found at TheBuzzKillers.com.

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Walmart maintains expansion pace

BY CSA STAFF

Total capital expenditures slightly will increase next year at Walmart to a range of $13.5 billion to $14.5 billion, compared with the estimated $13 billion to $14 billion the company is on track to spend during the current fiscal year, the company announced late Wednesday at the conclusion of its 17th annual meeting for the investment community.

Expenditures for the U.S. operations will hold steady at around $7.5 billion to $8 billion as the company adds about 11 million sq. ft. of selling space while the $1 billion allocated to Sam’s Club also is comparable with the prior year and will result in the addition of about 500,000 sq. ft. The international division, where two international acquisitions currently are pending in the United Kingdom and South Africa, gets a boost of about $500 million as spending there is expected to total between $4 billion and $4.5 billion. Although that amount is about half of what will be spent domestically, forecast international square footage growth of 23 million to 24 million is more than twice that of the U.S.

Looking at the U.S, Walmart plans to add about 155 to 165 new supercenters, two thirds of which will be relocations of existing units in addition to 30 to 40 smaller format stores. Seven to 12 new Sam’s Clubs will be added.

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