Health Net sells Medicare unit to CVS
New York City — Managed care company Health Net Inc. announced it will sell its Medicare Part D stand-alone prescription drug business to CVS Caremark for $160 million.
The business has about 400,000 members in 49 states and Washington, D.C., with annual revenue of approximately $490 million.
The deal is scheduled to close during the second quarter, pending approval from antitrust regulators.
GameStop holiday sales nearly flat
Grapevine, Texas — GameStop Corp. on Monday reported nearly flat sales for the nine-week holiday period that ended on Dec. 31. Total sales were $3.02 million, or about the same as last year. Same-store sales slipped 0.3%.
The company backed its fourth-quarter and full-year earnings guidance.
Video game software sales were up nearly 10% to $1.47 billion, but sales of game consoles and other hardware fell.
Paul Raines, CEO, commented, "During the holiday, our solid sales performance of new high-def console software was offset by weak Wii software sales and hardware sales due to the lack of new hardware offerings versus the 2010 period. We were pleased with the performance of our buy-sell-trade business, digital offerings and mobile initiatives. GameStop also retired the remainder of its long-term debt establishing a debt-free balance sheet as we go into 2012."
Lululemon founder stepping back
New York City — Lululemon Athletica said on Friday that Dennis J. Wilson, its founder and former CEO, would step down from his current position as chief innovation and branding officer of the yogawear company at the end of January.
Wilson will remain as chairman.