Visit our Filed page for categories. To browse by specific topic, see our Inside page. For a list of companies covered on this site, visit our Companies page.
From Bloomberg | Greg Wasson, the CEO of Walgreen Co., says his company can make up for the loss of business with CVS Caremark Corp. by expanding corporate health-care clinics and adjusting costs in some markets.
Get the full story: businessweek.com.
Reuters | CVS Caremark Corp will remove Walgreen Co from its pharmacy benefits
management network in retaliation for Walgreen’s decision to stop
filling prescriptions for new CVS Caremark business.
The two drugstore rivals’ shares fell Wednesday as both stand to lose
in the dispute. Shares of Walgreen, which gets about 7 percent of its
revenue from the CVS drug plan business, were down 0.9 percent, while
CVS’s shares slipped 0.8 percent.
Associated Press | About 900 General Motors dealerships that the
company had planned to cut loose appear to be getting a reprieve.
GM North America President Mark Reuss has told The Associated Press that
the automaker should wind up with about 5,000 dealers in July, the
deadline for a process that allows dealers to appeal GM’s decision.
From the Chicago Daily Herald | Culligan International Co., a provider of water treatment and filtration systems for more than 70 years, said Monday that it sold its Culligan Store Solutions LLC, to Primo Water Corp., a retail water exchange and retail sales of water dispensers for $105 million.
Get the full story: dailyherald.com.
A CVS store in Boston. (AP Photo/Chitose Suzuki, file)
Associated Press | Drugstore chain Walgreen Co. said Monday that it will end its
relationship with competitor CVS Caremark’s pharmacy benefits management
business because of complaints about prices and policies intended to
bring customers to CVS stores.
The decision does not affect
current Caremark plans, but if Walgreen stands by its decision, it won’t
handle any Caremark-managed prescriptions in about three years.
Walgreen said it will not participate in plans that are awarded to
Caremark or contracts renewed with Caremark starting Monday.
From Bloomberg | Chicago-based mall operator General Growth Properties said Thursday that i has identified 13 “underperforming” retail properties that may be turned over to lenders after the company emerges from bankruptcy. The company has until two days after it exits bankruptcy to decide whether the properties should be deeded to lenders or the loans should be modified.
Get the full story: businessweek.com.
By Jeff Long |
A federal jury in Minnesota this morning convicted a Deerfield couple of defrauding retail giant Best Buy by overcharging the company more than $41 million for computer parts.
Russell Cole once called his extravagant Deerfield home “the house that Best Buy built,” according to documents in the case. In November and December 2008, federal agents seized from the home a Ferrari coupe, Lamborghini convertible and a collection of nine other luxury and high-performance vehicles worth about $2.8 million.
A Walgreens in New York. (AP Photo/Yanina Manolova, file)
By Ameet Sachdev | Walgreens
reported Thursday that it will record an after-tax charge of $44 million, or 5 cent a share, in the third quarter after a tax benefit was repealed in the health-care reform legislation passed in March.
The company said it will no longer receive a tax benefit for a Medicare subsidy for retiree drug benefits. The loss of the tax benefit will increase the company’s annual taxable income by about $13 million.
Associated Press | U.S. retailers are reporting tepid business
in May after cool weather and fresh concerns about the economy had
shoppers cutting spending on clothing and other nonessentials. The
reports follow a lackluster April and underscore how fragile the
economic recovery remains.
Associated Press | It could soon cost California shoppers at the
checkout aisle if they forget to bring their own bags to the store
under what would be the nation’s first statewide plastic bag ban. The
California Assembly on Wednesday passed legislation prohibiting
pharmacies and grocery, liquor and convenience stores from giving out
plastic bags. The bill also calls for customers to be charged for using
store-issued paper bags.
From Traders Huddle | Shares of Ulta Salon, Cosmetics and
Fragrance Inc. are down 7.23 percent on the Nasdaq Wednesday, a day
before the retailer is scheduled to release its quarterly earnings.
Analysts are forecasting a profit of 19 cents a share on $315.18 million
in revenue.
Read the full story: tradershuddle.com
Reuters | Major automakers recorded double-digit U.S. sales gains
in May from depressed year-earlier levels as industry-wide sales ticked
up for a seventh consecutive month with a boost from orders by rental
agencies.
The May auto sales results provide one of the earliest snapshots of
consumer demand for a month marked by financial market volatility and
renewed questions about the strength of the U.S. economic recovery in
the second half of the year.
Associated Press | More than 40 major retailers and apparel
makers have agreed to limit the use of lead in handbags and other
fashion accessories, an environmental group said Wednesday.
The companies will set new industry standards for lead use in their
products as part of a $1.7 million settlement filed Tuesday in Alameda
County Superior Court in California.
Amazon shareholders play with Kindles after the company’s annual meeting. (AP Photo)
Reuters | Target Corp affirmed Wednesday it would begin selling
Amazon.com Inc’s Kindle e-reader in all its stores starting on Sunday,
making it the first brick-and-mortar retailer to carry the top-selling
reading device.
From Advertising Age | Heading into the summer, sales of the 11 largest beer brands are down, an industry report shows. Shipments are down 4 percent, according to the Beer Institute. Stubborn unemployment among men age 21 to 35, a primary market for brewers is considered a major factor.
Read the full story: adage.com
