FINANCE

Lillian Vernon Finds Buyer

BY CSA STAFF

New York City Lillian Vernon Corp. will be sold to Current USA Inc., a unit of privately held Taylor Corp.

The purchase price is $15.8 million, excluding adjustments relating to inventory and personal property, according to a sales contract filed with the U.S. bankruptcy court in Wilmington, Del.

Current USA submitted the highest bid for closely held Lillian Vernon at an April 1 auction, another filing with the court showed.

Taylor said Current USA plans to continue operations in Lillian Vernon’s facility in Virginia Beach, Va., following the purchase, which is scheduled to close on April 10.

Lillian Vernon filed for bankruptcy in February.

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Charming Shoppes: Directors should be re-elected

BY CSA STAFF

BENSALEM, Pa. Charming Shoppes announced that it has mailed proxy materials to its shareholders calling for the re-election of its chairman, president and ceo, Dorrit Bern, Alan Rosskamm and Jeannine Strandjord.

Charming Shoppes’ annual meeting of shareholders will take place on Thursday, May 8.

 

Charming Shoppes also urged shareholders to reject the three individuals nominated by a dissident shareholder group led by the Crescendo Partners and Myca Partners hedge funds in opposition to Charming Shoppes’ incumbent directors.

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Rite Aid March comps up 2.6%

BY CSA STAFF

CAMP HILL, Pa. Rite Aid reported that total drug store sales for the four weeks ended March 29 increased 50.7% to $2.04 billion as compared to $1.3 billion for the same period last year. Prescription revenue accounted for 67.6% of drug store sales, and third party prescription revenue represented 96.2% of pharmacy sales.

Same-store sales for the month of March increased 2.6 % over the prior-year period. Pharmacy same-store sales increased 1%, which included an approximate 493 basis points negative impact from new generic introductions. Front-end same-store sales were up 5.7%. March same-store sales were positively affected by a shift to a March Easter this year from an April Easter last year, the company reported.

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