Report: Former Rite Aid vice chairman released from prison
Camp Hill, Pa. — Franklin Brown, the former vice chairman at Rite Aid, was freed from jail on Wednesday, according to the Associated Press.
Brown, who was initially sentenced to 10 years in prison for taking part in a $1.6 billion accounting scandal, was released following a resentencing hearing. He served six years of his sentence. An appeals court overturned Brown’s sentence in May, AP said.
Cree acquires Ruud Lighting
Durham, N.C. — Cree has acquired Ruud Lighting, a supplier of LED outdoor lighting, at an estimated net cost of approximately $525 million. The companies’ shared focus on best-in-class LED-based systems has led to thousands of LED lighting installations over the past several years, Cree said.
Ruud Lighting will continue to be based in Racine, Wis., and will operate as a subsidiary as part of Cree’s lighting business.
A&P selects DemandTec for deal management
San Mateo, Calif. — DemandTec said Wednesday that The Great Atlantic & Pacific Tea Co. has selected DemandTec’s Deal Management software service on the network.
DemandTec’s Deal Management will streamline A&P’s deal and allowance management capabilities by converting the current paper-based approach into a collaborative, digital workflow across multiple divisions, formats and store clusters. A&P will capture vendor-submitted deal information in a secure online setting, negotiate and manage each deal, establish control points for data accuracy, and store information for seven years, providing an electronic trail to help support regulatory compliance.
The software service will be integrated with A&P’s existing systems to leverage current automation for coupon, tag, and sign production as well as automated billing and invoice reconciliation.
“Through A&P’s partnership with DemandTec, we expect to not only gain near-term benefits through a more streamlined, collaborative deal management workflow with our suppliers, but to also support a broader end-to-end promotion planning strategy that maps to our existing systems,” said Tom O’Boyle, executive VP merchandising, marketing and supply chain at A&P.