FINANCE

Walgreen approves $1B stock repurchase plan

BY CSA STAFF

Deerfield, Ill. Walgreen Co. said Wednesday that it has approved the repurchase of up to $1 billion in stock through the end of 2012.

The retailer authorized a buyback of up to $2 billion in stock in October 2009. It finished buying those shares in September. The company had 973.2 million shares on the market as of May 31.

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Walmart to sell Apple’s iPad

BY CSA STAFF

Bentonville, Ark. Walmart will start selling Apple’s iPad in some stores by Friday and in a majority of locations by the height of the holiday shopping season.

The chain will sell the iPad at Apple’s suggested retail price, which range from $499 to $829 depending on the model. It will be available online but must be picked up at stores.

Target began selling the iPad earlier this month and Best Buy Co. has carried the computer tablet since it came out in April.

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Dollar Tree moves beyond border

BY CSA STAFF

The acquisition of 85 Dollar Giant stores in Canada by Chesapeake, Va.-based Dollar Tree gives the company its first international exposure and a potential new avenue of growth. Dollar Tree currently operates 3,961 stores in 48 U.S. states.

“I am excited about the opportunity to expand our presence into Canada,” said Bob Sasser, Dollar Tree president and CEO. “Dollar Giant is an excellent fit for us. This acquisition will enable us to further leverage our resources and infrastructure to offer more value to more customers. It provides Dollar Tree with an outstanding platform for significant, profitable growth in the Canadian market.”

Both companies are single price point retailers. Merchandise sold at Dollar Tree is offered for $1 or less while Dollar Giant sells for $1.25 in Canadian dollars.

Dollar Tree said it expects to complete the $52 million acquisition by mid-November.

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