McDonald’s Details Growth Plans
Oak Brooke, Ill. McDonald’s Corp.’s growth plans this year call for $2 billion in capital spending, up slightly from last year’s $1.9 billion, most of which will go overseas as it shaves U.S. investment, according to a Wall Street Journal report.
About half the capital expenditures in 2008 will support the opening of 1,000 or so new restaurants, with the rest financing efforts to improve the images of 1,600 locations, the report said.
McDonald’s added 800 restaurants worldwide last year. Expansion plans call for at least 125 new units in China and between 35 and 40 restaurants in Russia.
McDonald’s convenience push calls for opening more of its U.S. restaurants as early as 5 a.m., the report said.
Kmart Pharmacy lowers flu shot price
HOFFMAN ESTATES, Ill. Kmart is lowering the price on flu shots at its pharmacies, the company announced Tuesday.
Customers can now receive a flu shot for just $10 at most Kmart Pharmacies while supplies last. The price in California, Hawaii, Louisiana, Minnesota, Montana, Pennsylvania, Rhode Island, Tennessee, Wisconsin, and Wyoming may be slightly higher due to state regulations.
“People need to remember that flu season is in full swing, and it can strike at any time, so we are lowering prices to encourage more people to do what they can to protect themselves,” said Mark Doerr, RPh, vp of Kmart Pharmacy. “While the flu season has not been as severe as some recent years, the latest CDC updates report that flu activity is on the rise.”
Crescendo seeks Charming Shoppes representation
BENSALEM, Pa. Charming Shoppes Tuesday confirmed that it has received notice that Crescendo Partners II L.P., Series Q, intends to nominate three individuals, including two hedge fund representatives, for election to Charming Shoppes’ board of directors at the company’s 2008 annual meeting of shareholders.
In a statement issued Tuesday, Charming Shoppes board of directors and management team said that they have begun discussions with Crescendo partners and will continue doing so as long as they are constructive. The company added that it will not be distracted by the threat of a proxy contest from a dissident shareholder group.