Saks Fifth Avenue President, COO Goes to Woolworths
AUGUST 29, 2006 -- Andrew Jennings, the president and COO
of New York-based Saks Fifth Avenue Enterprises, has been appointed
group managing director of Woolworths, Capetown, South Africa,
according to Dnrnews.com. Jennings, who announced that he would
be leaving Saks last week, will stay with the company until
the end of September. In December, Jennings will join Woolworths,
the publicly held $2.5 billion retail chain.
Rite Aid Acquires Brooks Eckerd
AUGUST 29, 2006 -- The Jean Coutu Group Inc., Longueuil, Quebec,
Canada, has entered into an agreement to merge its U.S. subsidiary
into Rite Aid Corp., Camp Hill, Pa. This move strengthens Rite
Aid's position as the third-largest national drugstore chain
in the country, and makes it the largest on the East Coast.
The Jean Coutu Group USA subsidiary includes six distribution
centers, 337 Brooks stores and 1,521 Eckerd stores, all of
which will be re-branded as Rite Aid. Under the transaction,
The Jean Coutu Group will receive $1.45 billion in cash and
250 shares of Rite Aid common stock, giving it a 32 percent
common equity interest and 30.2 percent voting power. Rite
Aid also intends to assume $850 million of The Jean Coutu Group's
long-term debt. After the transaction, which is valued at $3.4
billion, Rite Aid will operate 5,000 stores.
Federated Elects SVP Property Development
AUGUST 29, 2006 -- The board of directors for Cincinnati-based
Federated Department Stores Inc. has elected Mark S. Cosby
to the new position of senior vice president of property development.
Cosby, 47, will be based in Cincinnati and will report to vice
chair Tom Cole. He will oversee a range of corporate-level
functions, including store design and construction, energy
services, real estate and licensed operations. Most recently,
Cosby served as president of full-line stores for Sears Roebuck & Co.,
where his responsibilities included merchandising, store operations
and supply chain management. Cosby also has served as COO of
KFC and chief development officer of Yum Brands.