Walgreens to Buy Familymed
Farmington, Conn., Familymeds announced that it began selling its pharmacy assets to Walgreens pursuant to the purchase agreement dated Feb. 14. Familymeds’ shareholders approved the asset sale to Walgreens at its special shareholder meeting held last week at the company’s Farmington, Mass. offices.
The purchase agreement is for the sale of up to 53 Familymeds locations, operating under the Familymeds and Arrow Pharmacy and Nutrition Center brands to Walgreens. Walgreens will pay approximately $60 million for pharmacy assets, customer accounts receivable and inventories for these locations, subject to adjustment based on closing physical inventory counts.
The majority of the locations sold will remain open and continue to operate in place; the remainder will have files and business transferred to a nearby Walgreens location. The company expects to complete the sale to Walgreens during the second quarter of 2007.
Christopher & Banks Reports Flat Sales
Minneapolis, Christopher & Banks Corp. announced Thursday its comp-store sales were flat for March, but better than the company expected. Total sales at stores open at least a year for the women’s apparel retailer were to $41.7 million, up 15% from $36.4 million in the same period a year ago. That’s an improvement from February, when comp-store sales dropped 13% from the prior-year period.
Grand Opening for Dick’s Sporting Goods
Commerce City, Colo., Saturday will mark the official grand opening of the latest corporate-endorsed sports arenas with the inauguration of Dick’s Sporting Goods Park. The 18,000-seat outdoor professional soccer stadium and field park, whose name hails from the 294-unit Dick’s Sporting Goods chain, will host the opening of the 2007 MLS season this Saturday between the Colorado Rapids and D.C. United.