REAL ESTATE

Metro Buys A&P Canada in $1.48 Billion Deal

BY CSA STAFF

Montvale, N.J., The Great Atlantic & Pacific Tea Co. agreed to sell its Canadian business to Canadian super market chain Metro. The $1.48 billion deal will almost double the size of Metro Inc., which will become a 579-store chain. As part of the deal, A&P will take a 15.8% ownership stake in Metro.

“This is a unique opportunity to transform Metro’s strong regional base into a significantly larger platform with increased scale and geographic diversification. The strategic and geographic fit between our two companies is compelling and I am confident that together, we will continue to innovate, grow and deliver value to our customers and shareholders,” said Pierre H. Lessard, Metro’s president and CEO, in a prepared statement.

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Hundreds of Walgreens Pharmacists Return to Work

BY CSA STAFF

Deerfield, Ill., Hundreds of striking Walgreens pharmacists have returned to work in Chicago-area stores. The actual number of pharmacists that have returned to work varies between reports from Walgreens and the National Pharmacists Association union. According to Walgreens, 409 pharmacists or about 36% have returned to work. The union, however, reports 300 pharmacists or about 25% have returned.

The strike, organized by the union, has entered its second week and was called to address staffing shortages and working conditions. Walgreens reported the return of pharmacists has allowed 64 pharmacies to return to their normal hours, including 25 pharmacies that are open 24 hours.

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Kohl’s Effects Turnaround With New Brands

BY CSA STAFF

Menomonee Falls, Wis., Ayear-long climb on Wall Street, which culminated in a 14.4 % jump in June sales, is due, say analysts, to a host of new clothing lines that have helped drive store traffic and boost sales at Kohl’s.

After 2003-2004 struggles with stagnant fashion sales and excess inventories, Kohl’s made a big investment in brands and rolled out an exclusive string of new apparel names that were more fashion-forward and more popular with shoppers.

Next up for Kohl’s is an expansion of the jewelry and home offerings, as well as a deal to sell clothing under the skateboarder Tony Hawk’s Quicksilver brand and Candie’s brand.

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