Financial/Banking

Walgreens is ready to shutter up to 1,000 stores, but no one is biting.   In accordance with the closing of its deal to purchase Rite Aid, the Walgreens Boots Alliance must sell or close between 500 and 1,000 of its stores. However, there is a lack of interest among private equity firms, according to an Investopedia article.   Walgreens still expects to move forward with the Rite Aid acquisition, which is slated to close in the second half of this year, the article said.  

Visa and Oracle are partnering to provide merchants with new insights regarding their digital ads.   Visa has introducted Visa Advertising Solutions, a new suite of products available to retailers through the Oracle Data Cloud. It is designed to help merchants understand whether their digital advertising efforts are influencing consumer purchase decisions online and in stores.  

Las Vegas’s first major sports franchise, the National Hockey League’s Black Knights, will build a practice facility in the Summerlin master-plan community west of the Strip.  

Office Depot Inc. has agreed to sell its European business to an investment group.   The office-supplies retailer is selling its European operation to German investment firm Aurelius Group.   Office Depot Europe operates more than 100 stores in Europe, under such banners as Viking.  

Bed Bath & Beyond Inc. reported second quarter earnings below expectations amid lower sales. But it reaffirmed its profit forecast for the year.   The chain earned $167.3 million, or $1.11 a share, in the quarter, compared with $201.7 million, or $1.21 a share, in the year-ago period.   Sales inched down 0.2% $2.98 billion, down from $2.99 billion a year ago. Same-store sales fell 1.2%.  

Century 21 Department Store is getting into the private label credit card game.   The off-price retailer is collaborating with Alliance Data Systems to launch the brand’s first private label credit card. By connecting customized rewards and benefits to the payment card, the retailer expects to drive engagement and brand loyalty.   

As the battle between Walmart Canada and Visa over interchange rates rages on, Walmart Stores is making more strategic moves with Chase.    Walmart will now process credit and debit payments on ChaseNet, the bank's closed-loop network, across its 5,000-plus Walmart and Sam’s Club locations in the U.S., and on the Sam’s Club e-commerce site. Chase already processes payments for Walmart’s e-commerce channel.  

Photo: Paula Schneider    The saga continues at American Apparel.   Paula Schneider plans to step down as CEO of the apparel retailer on Oct. 3, according to yahoo.com, which cited a report by Women’s Wear Daily. Schneider will be replaced by the company’s general counsel and chief administrative officer, Chelsea Grayson.