Finance & Capital Management

Camp Hill, Pa. -- Rite Aid Corp. on Thursday reported better-than-expected profit and sales for the second quarter. But the chain cut its full-year profit outlook, citing lower reimbursement rates and anticipated lower profitability from new generics and generic drugs that recently lost exclusivity.

Rite Aid’s second-quarter profit surged to $129.2 million, up from $32.8 million in the year-earlier period,

Boston -- Gordon Brothers Group, a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors, appointed Kenneth S. Frieze as CEO, effective Oct. 1.

Frieze has over 20 years of leadership experience in restructuring, consulting, brand redevelopment, appraisal and asset disposition. He has held various roles at the firm since 2003, serving most recently as president.  

In a time of evolution and change, when buzz terms like right-sizing and asset management dominate retail real estate conversations, an unwavering focus on the tenant is more important than ever before. Chain Store Age talked with Jeff Kuchman, Principal/Director Tenant Brokerage, Mid-America Real Estate Corp., based in Oakbrook Terrace, Illinois, about the company’s tenant representation business and how it has continued to take center stage.

The Retail Industry Leaders Association (RILA) has appointed Sue Pifer as VP of compliance and Tiffin Shewmake as the director of the Center for Retail Compliance (CRC).

“The experience and skills that Sue and Tiffin possess make them uniquely suited for delivering exceptional value to our member companies on a broad range of compliance issues. We are excited to have them join the RILA team,” said RILA president Sandy Kennedy.

Gordon Brothers Group, a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors, has promoted Kenneth S. Frieze to the role of CEO.

Frieze has more than 20 years of leadership experience in restructuring, consulting, brand redevelopment, appraisal and asset disposition. He has held various roles at the firm since 2003, serving most recently as president. Prior roles included leading the firm's brand, appraisal and business development efforts.

Solid same store sales growth at Rite Aid caused second quarter profits to surge but looming pressure on pharmacy margins prompted the company to reduce its full year outlook.

The WhiteWave Foods Company, a leading consumer packaged food and beverage company in North America and Europe, has agreed to acquire So Delicious Dairy Free from its existing shareholders, led by Wasserstein & Co., for approximately $195 million in cash.

Omnichannel investments are driving solid top line growth at Pier 1 Imports but having the opposite effect on profits as the company transitions to an integrated digital business model.

Family Dollar is staying focused on making a difference in communities where it operates even as it remains the target of takeover battle between Dollar General and Dollar Tree.

The company has made a $458,000 donation to Feeding America, the nation’s leading domestic hunger relief charity. The amount includes donations from Family Dollar and customers at more than 8,200 Family Dollar stores during the retailer’s ‘Feeding Families, Fueling Hope’ campaign. The donation translates to more than 4.5 million meals for children and families in need.

Retail industry veteran Marty Hanaka has joined Highland Consumer Partners as one of the firm’s operating partners.

Hanaka has held senior leadership positions with numerous retailers throughout his lengthy career. Most recently, he served as interim CECO of Guitar Center and from 2007 to 2012 he held the positions of chairman and CEO at Golfsmith. From 1998 to 2004 he served as CEO and chairman of The Sports Authority. Prior to that he spent three years as COO of Staples and also held senior leadership roles during a 20 year career at Sears.