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Rite Aid Plans Reverse Stock Split

BY CSA STAFF

New York City Rite Aid plans a reverse stock split after the company’s shares fell below $1, Bloomberg reported Friday. The reverse split will allow Rite Aid to to keep its shares traded on the New York Stock Exchange (NYSE).

The board has yet to determine what ratio the reverse split will take, the drug store chain said Friday in a statement. The split will be completed by December after a special shareholders meeting.

Rite Aid fell 7 cents, or 9%, to 71 cents at 4:15 p.m. in New York Stock Exchange composite trading Friday. Investors will have fewer shares after the reverse split, though the value of their holdings will remain the same.

The NYSE notified Rite Aid Thursday that its stock had traded below $1 for the past 30 sessions, putting the company out of compliance with exchange rules. The company has six months to rectify the situation.

Rite Aid has posted a string of quarterly losses, as the company has struggled to compete with bigger rivals CVS Caremark and Walgreen. In September, Rite Aid increased the estimate of its fiscal-year loss for the second time in three months. The chain cited the weak economy and slowing trends in prescription sales.

Also, Rite Aid has struggled with its $4 billion acquisition of Brooks and Eckerd, which closed more than a year ago.

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R.Jackson says:
Apr-22-2013 06:54 am

Listed companies in stock exchange do not allow less than $1 for remain listed but due to do Rite Aid , company lost their faith brokers and customers.Above article is useful. Thanks for sharing good information. Regards, Penny Stock Picks - PennyStocks.com

Listed companies in stock exchange do not allow less than $1 for remain listed but due to do Rite Aid , company lost their faith brokers and customers.Above article is useful. Thanks for sharing good information. Regards, Penny Stock Picks - PennyStocks.com

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Fresh & Easy to sell 99-cent reusable bags

BY CSA STAFF

EL SEGUNDO, Calif. Fresh & Easy Neighborhood Market has introduced a reusable canvas shopping bag, which is priced at 99 cents.

The new 99-cent reusable canvas bag is made with 100% unbleached cotton, and carries a simple design of the Fresh & Easy logo. The bag is large and can hold up to 100 pounds.

“We want to make green decisions easier for our customers, and in today’s economy, budgets aren’t stretching as far as they were before,” said Simon Uwins, Fresh & Easy chief marketing officer. “By carrying attractive, affordable reusable bags, we hope to make it even easier for our customers to make more environmentally friendly decisions.”

Fresh & Easy currently carries a 20 cent “bag for life” which will be replaced for free if it is ever torn or damaged. The company plans to introduce two new carrier bags by the end of the year including a wine carrier canvas bag that holds up to 7 bottles for only $1.99 in mid-November and an organic canvas shopping bag for $2.99 in mid-December.

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Kmart updates layaway service

BY CSA STAFF

HOFFMAN ESTATES, Ill. Kmart has updated its layaway program, allowing customers to pay off their purchased items over an eight-week period.

The program enables customers to make bi-weekly payments at their Kmart store. According to the company, as long as payments are made on time, the merchandise will be held for them.

The layaway program does come with some restrictions. For example, seasonal holiday items must be paid in full and picked up on or before Dec. 5, and home electronics merchandise greater than $200 are excluded for Layaway after Nov. 16.

Kmart said no “new” layaways will be accepted between Dec. 12 and Jan. 2, 2009.

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