Jo-Ann Stores Elects New Board Members
Hudson, Ohio The board of directors of Jo-Ann Stores, Inc. announced the election of two new members, Joseph M. DePinto, president and CEO of 7-Eleven, Inc., and David A. Perdue, Jr., former chairman and CEO of Dollar General Corp.
DePinto fills a formerly vacant seat on the board, while Perdue fills a newly added position, increasing the total board size to ten members. Both men will be up for re-election at the company’s annual meeting of shareholders on June 11.
Borders delays 10-K filing
ANN ARBOR, Mich. Borders Group has announced that it is delaying the filing of its Annual Report on Form 10-K for fiscal year 2007, ended Feb. 2. The company said it expects to make the filing on or before April 17 after it has completed its evaluation of financing alternatives and can include finalized transactions in its 10-K filing.
The news that Borders is delaying the filing of its 10-K comes shortly after the company announced that it is looking into the possible sale of the company or certain divisions in order to maximize shareholder value. The company said it has retained J.P. Morgan Securities and Merrill Lynch as financial advisors.
In addition, the company announced that Borders Group has received a financing commitment from Pershing Square Capital Management on behalf of certain of its affiliated investment funds. Under the terms of the commitment, Pershing Square has made a commitment to lend $42.5 million to the company and an offer to purchase, at the company’s discretion, certain of the company’s international businesses pursuant to a $125 million backstop purchase commitment, in each case subject to the satisfaction of customary closing conditions.
Rite Aid comes to aid of allergy sufferers
Camp Hill, Pa. Rite Aid is coming to the aid of allergy sufferers, announcing that it has launched a two-month comprehensive initiative to help seasonal allergy sufferers understand and manage their reactions to allergens and survive the season.
During April and May, all Rite Aid stores will offer a free Allergy Guide that features information on how to avoid and treat allergies as well as a free Allergy Relief Plan, which offers advice on how to manage allergies inside and outside. Rite Aid created the guides in collaboration with the American Academy of Allergy, Asthma & Immunology (AAAAI), the largest professional medical specialty organization in the United States dedicated to advancing the knowledge and practice of allergy, asthma and immunology.
“Rite Aid is committed to offering our patients the programs, resources and support to help them live healthier, happier lives,” said John Learish, senior vp of marketing. “At Rite Aid, our pharmacists are able to give patients recommendations on how to alleviate their allergy symptoms and help them find the best relief possible this allergy season.”