Industry Updates: Drug Stores and HBC Chains – January 2014
Hudson’s Bay Company’s CFO Michael Culhane is reportedly taking a leave of absence from the company. Assuming the CFO role will be Donald Watros, who on Feb. 1 will be stepping into his new role as president of the company.
Former Ulta Beauty CEO Lyn Kirby is reportedly part of a group that acquired Beauty Brands, a cosmetics chain based in Kansas City, MO.
Centura Health and Walgreens announced a clinical collaboration agreement that will provide coordinated and expanded health care services, while improving access to high-quality, convenient and affordable care for patients throughout Colorado’s Front Range.
Rite Aid Corporation and GNC announced an agreement which extends and expands their existing partnership through 2019. The agreement enables Rite Aid to add at least 300 additional GNC LiveWell™ store-within-a-store locations inside its stores over the next five years. Rite Aid and GNC have had an exclusive partnership in the chain drug channel since December 1998.
Mergers and Acquisitions:
CVS Caremark announced that it has completed the acquisition of Coram LLC the specialty infusion services and enteral nutrition business unit of Apria Healthcare Group Inc. Coram is one of the nation’s largest providers of comprehensive infusion services, caring for approximately 165,000 patients annually. Coram has 4,600 employees, including 600 nurses, 350 pharmacists and 250 dietitians, operating primarily through 85 branch locations and six centers of excellence for patient intake.
Walgreens outlined its growth opportunities and strategy for 2013 during its annual shareholder meeting. This includes continued slower pace of new store openings with a focus on increasing its existing store base. Walgreens has expanded the number of stores incorporating its Well Experience concepts from 400 at the start of fiscal 2013 to 600 today.