RadioShack Signs Agreements with Cingular and Sprint
Fort Worth, Texas, RadioShack Corp. signed a 10-year agreement with Cingular Wireless and an 11-year agreement with Sprint PCS. Although the company currently sells Sprint PCS and Verizon Wireless products, the new agreements are expected to provide RadioShack with greater profits in both the short and long term, as well as future growth opportunities. Currently Sprint is in the process of merging with Nextel, so RadioShack will be able to distribute Nextel products and services once that merger is complete.
Nextel products will become available at RadioShack this fall if the merger is approved and Cingular products will be offered in January 2006. The stores will stop selling Verizon Wireless products at the end of 2005.
OfficeMax Names New Board Member
Itasca, Ill., Monte R. Haymon, retired chairman of Sappi Fine Paper North America, has been elected to serve on the OfficeMax board of directors.
Haymon was elected to the class of OfficeMax directors whose terms expire at the 2006 annual meeting. He will serve on the audit and executive compensation committees.
Winn-Dixie Sells Prescription Records
Jacksonville, Fla., Bankrupt Winn-Dixie Stores, Inc. is selling the records of thousands of customers who once filled prescriptions at 139 of its supermarkets that are closing.
In federal bankruptcy court yesterday, the judge approved the sale of prescription records to 10 companies for approximately $16.5 million. The competitors will also receive the inventories of the closing Winn-Dixie pharmacies at cost.
CVS Corp. bought the most, obtaining the records from 62 stores for $6.4 million.