Linens ’n Things Buy-Out Approved
Clifton, N.J., Linens ’n Things Inc. announced Monday that shareholders approved the offer to be acquired by investment group Apollo Management LP for $1.3 billion.
Pending the completion of the required debt financing, the transaction is expected to close in mid-February.
Linens ’n Things also announced Norman Axelrod, chairman and chief executive, will step down after 18 years with the retailer.
Chico’s FAS Acquires Fitigues
Fort Myers, Fla., Chico’s FAS announced Monday that it has acquired 12 of 14 retail locations of the Arizona-based clothing retailer Fitigues for an undisclosed price. The stores will operate as a new branded division of Chico’s.
“By bringing Fitigues under the Chico’s umbrella, we can provide the necessary capital, back office operations assistance, and leverage needed to successfully expand this brand across America over the next several years,” said Scott A. Edmonds, Chico’s president and chief executive.
Walgreens Sued by Pharmacists
Deerfield, Ill., Alleging they were illegally fired, four Walgreens pharmacists have sued the company. The terminations came after the pharmacists refused to sign a pledge promising to dispense the morning-after birth control pill.
A new Illinois law requires that, for emergency birth control, federally approved contraceptives be filled “without delay” if a pharmacy has the medication in stock. The rule is being challenged in federal court.
An attorney for the plaintiffs said in a statement, “It couldn’t be any clearer. In punishing these pharmacists for asserting a right protected by the Conscience Act, Walgreens broke the law.”
However, Walgreens has countered by saying it is upholding the current statute. “We are required to follow the law,” said company spokesman Michael Polzin. “We don’t have a choice in the matter.”