FINANCE

Walgreens finalizes USA Drug deal

BY Michael Johnsen

Deerfield, Ill. — Walgreens on Monday announced that it has completed its purchase of 144 stores operating under the USA Drug, Super D Drug, May’s Drug, Med-X and Drug Warehouse banners located in Arkansas, Kansas, Mississippi, Missouri, New Jersey, Oklahoma and Tennessee.

The acquisition also includes corporate offices, a distribution center located in Pine Bluff, Ark., and a wholesale and private brand business, for a total of approximately $438 million subject to adjustment in certain circumstances.

USA Drug recorded sales of $825 million in 2011, Walgreens reported.

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OPERATIONS

Kohl’s to ramp up holiday hiring by 10%

BY Katherine Boccaccio

Menomonee Falls, Wis. — Kohl’s Corp. said Tuesday it plans to hire more than 52,700 associates this holiday season, about a 10% increase over last year’s holiday hiring numbers.

Kohl’s said it anticipates hiring an average of 41 associates per store, a 4% increase over 2011, as well as 5,700 seasonal DC positions and more than 30 seasonal credit operations positions.

Hiring began this month, and most jobs will be filled by mid-November, said the retailer.

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OPERATIONS

Walgreens realigns management roles toward Alliance Boots growth

BY Katherine Boccaccio

Deerfield, Ill. — Walgreens announced Tuesday several senior-management shifts intended to capitalize on its new partnership with Swiss drugstore chain Alliance Boots.

CFO Wade Miquelon is assuming an expanded and global leadership role at Walgreens as executive VP/CFO and president, international, leading a newly named Value Creation Services and International Division.

Current senior VP/chief strategy officer Robert Zimmerman will now lead a new Global Mergers and Acquisitions “synergy team” as senior VP international and international chief administration officer. He will also serve on the Alliance Boots board of directors.

Brad Fluegel has joined Walgreens as senior VP and chief strategy officer, charged with leading the company’s project management office and corporate consulting team, as well as work together with Zimmerman on the company’s venture capital efforts.

“These new roles will allow us to move forward aggressively, working closely together with Alliance Boots, to implement our strategic partnership and realize the extensive synergies from the acquisition,” Walgreens president and CEO Greg Wasson said.

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