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Brookstone sale to Chinese buyer approved
Merrimack, N.H. – A bankruptcy court in Wilmington, Delaware, has approved the June 4 sale of Brookstone Inc. to Hong Kong-based Sailing Innovation (US) Inc., a consortium led by Sailing Capital Overseas Investment Fund LP with a financing commitment from GE Capital. Backers of the $174 million acquisition include Chinese conglomerate Sanpower Group and Chinese government-supported Shanghai Investment Group.
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Walgreens’ profits miss Street expectations
Walgreens reported a 16% year-over-year jump in third quarter profit, but was forced to withdraw its previously issued fiscal 2016 guidance because it missed Wall Street estimates.
The company’s net earnings for the quarter were $722 million compared to $624 million in the prior-year period. Net sales increased 6% to $19.4 billion from $18.3 billion, while same-store sales increased 4.8%.