Michael Kors looks to go public
New York City — Michael Kors Holdings Ltd. is looking to raise as much as $792.3 million in an initial public offering that could value the company at $3.63 billion.
The luxury brand, which has 169 stores in North America and 34 in Europe and Japan, said in a regulatory filing that it is offering 41.7 million shares on behalf of existing shareholders for $17 to $19 each.
For the six month period ending October 1, the company recorded net sales of $520.2 million and profit of $64.7 million. Profits more than doubled from the year-ago-period.
Morgan Stanley, JPMorgan Chase and Goldman Sachs and the lead underwriters on the offering.
CVS Caremark names Randy Falkenrath SVP specialty pharmacy
WOONSOCKET, R.I. — CVS Caremark has announced the appointment of Randy Falkenrath as SVP specialty pharmacy, with responsibility for the ongoing development of clinical programs and product management to support the company’s specialty pharmacy business.
Falkenrath brings more than 26 years of experience in the health plan, pharmaceutical and medical device industries to his new position at CVS Caremark. Over the past nine months, Falkenrath worked within the company’s specialty field operations group. Prior to joining CVS Caremark, Falkenrath was SVP specialty pharmacy and business development for UnitedHealthcare’s commercial pharmacy benefit management business. Previously, Falkenrath was a partner in the life sciences consulting division of Computer Sciences Corporation and also held leadership positions at Baxter International and Searle Pharmaceuticals.
"Specialty pharmacy is an important growth area for CVS Caremark over the next few years, and Randy Falkenrath’s in-depth experience and knowledge of the industry make him uniquely qualified to lead our specialty pharmacy business," stated Jon Roberts, EVP and COO for the CVS Caremark PBM business. "His expertise will enable us to continue to enhance our specialty pharmacy leadership and identify further opportunities for integration across the CVS Caremark enterprise so we can better help patients dealing with complex, debilitating diseases on their path to better health."
Union deal helps A&P get out of bankruptcy
MONTVALE, N.J. — A&P announced that it has reached an agreement with its labor unions that would help the retailer on its path out of bankruptcy.
According to The Star-Ledger, a New Jersey-based paper, the members of more than a dozen local chapters of the United Food and Commercial Workers International Union approved a deal that would cut wages about 3% by a vote of 7,200 to 1,827. Union members would still receive health care without a co-pay charge, the paper reported.
“This agreement with our labor unions marks a significant milestone in our turnaround efforts,” said Sam Martin, A&P’s president and CEO, in a press statement. “I want to thank our associates for their steadfast commitment to serving our customers throughout this process. As we position the Company to emerge from Chapter 11 early next year with a much stronger financial and operating foundation, we intend to continue making operational and service improvements to further enhance the value and in-store experience we provide to our customers.”
A&P agreed to a joint financingcommitment from The Yucaipa Companies, Mount Kellett and investment funds managed by Goldman Sachs Asset Management. The U.S. Bankruptcy Court for the Southern District of New York granted approval of the investment agreement on Nov. 14, contingent upon successful resolution of the company’s negotiations with its labor unions.
A&P and its subsidiaries filed voluntary Chapter 11 petitions on Dec.12, 2010.