Mergers & Acquisitions

Amazon.com is famous for launching new services and solutions at a dizzying rate, but the online retail giant is quietly preparing to close one down.

In an announcement posted on the Amazon Local daily deals site, the retailer says it will stop deals on the site and app as of Dec. 18. Amazon Local will continue business as normal until that date. Amazon Local purchase vouchers will remain valid for five years from purchase date as required by law in all 50 states.

Despite concern from smaller pharmacies, Walgreens’ plan to acquire Rite Aid is likely to be approved by the FTC, according to a report by International Business Times. “The location strategies of these two companies have been historically quite different,” said Howard Davidowitz, a New York-based retail consultant.

Mobile payment keeps getting more popular, at least on the provider side.

According to Re/Code, Amazon.com is launching a mobile “Pay with Amazon” button that will let consumers automatically use their Amazon payment information to make purchases on other retailer’s e-commerce apps. While not exactly a mobile wallet app, the Pay With Amazon button is definitely an attempt to obtain a piece of the mobile payment market which Apple, Samsung, Google, and several other entities are trying to take an early lead in.

For the second time in less than a month, Costco has elected a veteran of the telecommunications industry to serve on the retailer's board of directors.

Costco announced that John W. Stanton, chairman of Trilogy International Partners, Inc., and Trilogy Equity Partners, has been elected to Costco's board. Stanton founded and served as chairman and CEO of Western Wireless Corporation, a wireless telecommunications company, from 1992 until shortly after its acquisition by ALLTEL Corporation in 2005.

For the third quarter ended Sept. 30, CVS Health reported $38.6 billion in net revenues, representing an increase of 10.3%. Revenues across the Pharmacy Services Segment increased 13.3% to $25.5 billion, primarily driven by growth in specialty pharmacy and pharmacy network claims.

“We delivered solid revenue and operating profit growth across our businesses, and we continue to expect significant growth in the fourth quarter, rounding out another terrific year for our company,” Larry Merlo, CVS Health president and CEO, said.

The pharmacy services segment helped CVS Health post a $10.3% increase in net revenue in the third quarter.

In the wake of the news that Walgreens Boots Alliance would be acquiring Rite Aid, Walgreens CEO Stefano Pessina told the New York Times that he is open to opportunities that would expand the company’s footprint around the globe.“Due to my age, I won’t have a possibility to make many more acquisitions,” Pessina told the Times. “And unfortunately, I cannot amuse myself dealing directly with small acquisitions, and dealing directly with owners and so on. ...

Virginia Beach, Va. -- Wheeler Real Estate Investment Trust announced the sale of three non-core properties, Harps, Jenks Reasor's, and Bixby Commons located in Tulsa and Delaware Counties, Oklahoma, for $28.2 million. The three free-standing properties total approximately 187,705 sq. ft. were sold under separate contracts.

Rite Aid is making some key executive moves even as the company is on the verge of merging with Walgreens in a $17.2 billion deal.

Rite Aid announced that Darren Karst has been promoted to the combined role of senior executive VP and CFO and chief administrative officer, effective immediately. He will continue to report to Rite Aid chairman and CEO John T. Standley.

Sporting goods retailer Gander Mountain has installed a new president to lead the company through its next phase of growth.

The company announced that Derek Siddons, executive VP and COO, will assume the role of president on the retirement of current president Michael J. Owens on Oct. 31.