Report: Update on Walgreens-Rite Aid deal
Walgreens Boots Alliance’s acquisition of Rite Aid is moving closer to getting a green light from the Federal Trade Commission.
The FTC is expected to approve the sale in the next two to four weeks, reported the New York Post, citing two sources close to the situation.
The major sticking point was reportedly the number of Rite Aid stores that need to be divested to Fred’s Pharmacy.
The FTC gave “pushback” regarding the initial plan to divest 865 stores to Fred’s, but now that Walgreens and Rite Aid have agreed to divest up to 1,200 stores, as well improved the quality of stores to be divested, the FTC is much more likely to approve the deal.
As for the two-to-four-week timeframe, the Post reported Debbie Feinstein, bureau of competition director for the FTC, wants to get the deal approved before she resigns, expected to be “within weeks.”
Walgreens will pay Rite Aid shareholders between $6.50 and $7 per share once the deal closes, based upon the number of stores that need to be divested.
Fred’s Pharmacy has pledged to purchase all of the divested stores.
Off-pricer retailer sets 2017 expansion
It’s going to be a busy spring for Stein Mart.
The Florida-based chain will open five stores this spring –– the first phase of its 2017 store plan to open a total of 11 new stores. The remainder of the locations will open in the fall.
“These new stores fall within our real estate strategy to grow sales by filling existing markets where we are doing well,” said Hunt Hawkins, CEO of Stein Mart, which operates 290 stores.
The locations and currently scheduled opening dates for Stein Mart’s spring new store group are:
• Auburn, Al.: Auburn Mall – March 23
• Bainbridge Township, Ohio: Marketplace at Four Corners – March 16
• Brentwood, Tenn.: Brentwood Place – March 16
• Cincinnati: 32 East – March 30
• Marietta, Ga.: Parkside at Cobb West – March 9
In addition, Stein Mart is relocating one store from Morrisville, N.C., to a new location at Parkside Town Commons in Cary on March 30. It also is planning to close five under-performing stores during 2017.
Final call for Shoptalk’s new ‘Hosted Retailers & Brands’ program
Shoptalk, the “nextgen commerce event,” is still accepting applications for a new initiative that connects retailers and brands with technology companies — and provides complimentary tickets and travel reimbursement to the event.
Shoptalk will accept applications for its new “Hosted Retailers & Brands Program” until midnight on Friday, Feb. 17. More than 100 retailers and brands have already been accepted into the program. (Shoptalk will be held March 19-22, 2017, at the Aria in Las Vegas.)
Participating retailers and brands in the new initiative receive complimentary tickets to Shoptalk 2017 as well as $750 in travel reimbursement while agreeing to have eight 15-minute meetings with Shoptalk’s exhibiting companies. The meetings are being curated on behalf of participants to ensure they are as useful and productive as possible, Shoptalk stated.
Retailers and brands interested in participating in the “Hosted Retailers & Brands Program,” or learning more, can visit the website and fill out the application. Shoptalk will respond shortly after to confirm acceptance into the program.
Shoptalk 2017’s agenda can be found at Shoptalk.com/agenda.