Mergers & Acquisitions

In the Feb. 24 edition of SiteTalk, we asked you about Borders'just-announced Chapter 11 bankruptcy and closures, and to what retailers you thought some of that prime real estate would go. Here is what two of our readers had to say:

"[I think they will go to] regional furniture chains [Value City] and regional electronics such as Hhgregg."
-- Joe Deckop
Columbus Consulting
Columbus, Ohio

DEERFIELD, Ill. — Walgreens on Wednesday sold its pharmacy benefit management business, Walgreens Health Initiatives, to Catalyst Health Solutions in a cash transaction for $525 million, subject to certain adjustments. The transaction is structured as an acquisition of all of the capital stock of WHI.

Deerfield, Ill. -- Walgreen Co. said Wednesday it is leaving the pharmacy benefits management business, selling its Walgreens Health Initiatives operation to Catalyst Health Solutions Inc. for $525 million in cash. The deal will leave Walgreens free to focus on its drug store network, which is the largest in the United States.

Walgreens’ pharmacy benefits management business has never approached the size of Caremark, the pharmacy benefits management business of CVS Caremark Corp.,

Toronto — The Hudson's Bay Co. announced it has earned exclusive Canadian franchise rights for the United Kingdom’s Topshop and its male counterpart, Topman. The agreement includes the rights for both freestanding locations and in-store shops, expected to launch in The Bay in fall 2011.

PARIS — The president of Procter & Gamble's global hair care business is taking on a new role at Sephora.

Effective March 31, Christopher de Lapuente will end his 28-year career at P&G to become the global president and CEO for beauty retailer Sephora, which is owned by luxury group LVMH. All regions worldwide will report to him. For European operations, de Lapuente succeeds Jacques Levy.

In addition to his responsibilities as global president and CEO for Sephora, de Lapuente also will be a member of LVMH's executive committee.

PITTSBURGH – Shortly after reporting a 16% increase in continuing operations for its fourth quarter ended Jan. 29, American Eagle Outfitters, announced that its CEO, James O’Donnell, has informed the board of directors of his intention to retire, and the company has initiated a succession process to be jointly led by O’Donnell and the board. American Eagle said O’Donnell will continue with the company as CEO until a successor is named and through an orderly transition period.

Paris -- LVMH announced the appointment of longtime Procter & Gamble veteran Christopher de Lapuente as global president and CEO of Sephora, effective March 31, 2011.

Lapuente joined P&G in 1983. He spent the whole of his career within the company, and in 2004, he was appointed president, the youngest ever in P&G history.

West Palm Beach, Fla. — Hurricane Grill & Wings announced it has signed seven new domestic development agreements, adding commitments for 233 new restaurants to its 42 existing locations.

The new development agreements will contribute to the company's accelerated growth plan with new locations in 15 states, including California, Illinois, Indiana, Iowa, Kansas, Nebraska, Maryland, Missouri, Ohio, Oregon, Pennsylvania, Texas, Virginia, Washington, Wisconsin and District of Columbia.