FINANCE

CVS Tender for Longs Drug Successful

BY CSA STAFF

Woonsocket, R.I. CVS Caremark Corp. on Monday announced that its tender offer for shares of common stock of Longs Drug Stores Corp. at a price of $71.50 per share has been successful. The offer period expired at 6:00 p.m., New York City time, on Friday, Oct. 17, 2008.

Tom Ryan, chairman, president and CEO of CVS Caremark, commented, “We are very pleased with the strong response to our tender offer. Having now satisfied all closing conditions, we look forward to promptly purchasing the tendered shares and completing our merger with Longs.”

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Fresh & Easy to sell 99-cent reusable bags

BY CSA STAFF

EL SEGUNDO, Calif. Fresh & Easy Neighborhood Market has introduced a reusable canvas shopping bag, which is priced at 99 cents.

The new 99-cent reusable canvas bag is made with 100% unbleached cotton, and carries a simple design of the Fresh & Easy logo. The bag is large and can hold up to 100 pounds.

“We want to make green decisions easier for our customers, and in today’s economy, budgets aren’t stretching as far as they were before,” said Simon Uwins, Fresh & Easy chief marketing officer. “By carrying attractive, affordable reusable bags, we hope to make it even easier for our customers to make more environmentally friendly decisions.”

Fresh & Easy currently carries a 20 cent “bag for life” which will be replaced for free if it is ever torn or damaged. The company plans to introduce two new carrier bags by the end of the year including a wine carrier canvas bag that holds up to 7 bottles for only $1.99 in mid-November and an organic canvas shopping bag for $2.99 in mid-December.

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Kmart updates layaway service

BY CSA STAFF

HOFFMAN ESTATES, Ill. Kmart has updated its layaway program, allowing customers to pay off their purchased items over an eight-week period.

The program enables customers to make bi-weekly payments at their Kmart store. According to the company, as long as payments are made on time, the merchandise will be held for them.

The layaway program does come with some restrictions. For example, seasonal holiday items must be paid in full and picked up on or before Dec. 5, and home electronics merchandise greater than $200 are excluded for Layaway after Nov. 16.

Kmart said no “new” layaways will be accepted between Dec. 12 and Jan. 2, 2009.

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