Target to use pharmacy franchise model for its stores in Canada
Minneapolis — Target on Monday announced it will seek independent pharmacists to own and operate the pharmacies in its stores in Canada. The chain said it will utilize a pharmacy franchise model for its stores north of the border, the first of which will open in March/April 2013. The strategy is different than in the United States, where Target operates its own in-store pharmacies.
"We have worked hard to understand the Canadian healthcare landscape and believe our unique pharmacy franchise model will greatly appeal to pharmacists while best serving the needs of patients in Canada,” said Tony Fisher, president, Target Canada.
Target said it created a best-in-class pharmacy franchise model specifically for the Canadian marketplace. In addition to meeting patients’ healthcare needs, the model provides pharmacists with a unique opportunity to own and grow a pharmacy business with no entry fees and the support of a national retailer.
Target said it will begin its search for pharmacist franchise owners in March 2012.
Report: Talbots in talks with Sycamore
New York City — The Talbots is in buyout talks with the private-equity firm Sycamore Partners, according to the Boston Herald. The retailer signed a confidentiality agreement on Friday with the New York-based Sycamore, its second largest shareholder with 10% of the company, according to documents filed with the U.S. Securities and Exchange Commission, the report said.
In December, Talbots said that that an unsolicited buyout bid from Sycamore had substantially undervalued the retailer. Talbots called the proposal inadequate, and said it would instead pursue “a full range of strategic alternatives,” which generally includes a possible sale of a company.
“As one of Talbots’ largest shareholders, we are concerned by the company’s rapidly deteriorating performance,” wrote Stefan L. Kaluzny, a Sycamore managing director, in a letter to Talbots in December. “Nonetheless, we believe that Talbots has significant potential and remains a premier, storied brand.”
Sycamore specializes in consumer and retail investments.
Walgreens acquires Rx files/inventory from 33 Kmart locations
Deerfield, Ill. — Walgreens will acquire the prescription files and inventory from 33 Kmart pharmacies in 16 states.
Walgreens will purchase the pharmacy patient files and transfer them to nearby Walgreens pharmacies. Patients whose prescription files are being transferred and who have had a prescription filled within the last two years will be notified by letter once the transaction has been completed later in February.