News

New York City -- Months after a voter initiative to abolish North Dakota's strict restrictions on pharmacy ownership foundered, the long-running debate resumed Tuesday in the state’s legislature, the Associated Press reported.

North Dakota is the only state in the nation that requires pharmacists to have majority ownership of most pharmacies. The law prevents major retailers, such as Wal-Mart Stores, from operating pharmacies in their own stores.

New York City -- Borders Group filed for Chapter 11 bankruptcy on Wednesday. The troubled bookseller plans to close 30%, or about 200, of its most underperforming stores during the next few weeks. The long-expected filing will allow Borders to access new capital and reorganize its operations, Borders Group president Mike Edwards said in a statement.

The nation’s leading auto parts and accessories retailer is offering a new delivery program through an affiliation with ShopRunner. According AutoZone, the agreement will ShopRunner will allow it to provided an enhanced online shopping experience because ShopRunner members are able to receive free and unlimited two-day shipping and returns from retail partners.

Minneapolis -- Another Target store is coming to downtown Chicago as the retailer disclosed it would open a small-format store under the new CityTarget banner in the Sullivan Center development at South State Street and Madison.

New York City -- Family Dollar Stores received a buyout offer on Tuesday from a New York hedge fund at $55 to $60 per share, a 36% premium over yesterday’s closing price. The offer, which values the company at up to $7.6 billion, was made by Trian Group, which is headed by activist investor Nelson Peltz.

Trian Group has been accumulating shares of the discount retailer in recent months, and Peltz has met with management to discuss ways to boost its performance.

New Albany, Ohio -- Abercrombie & Fitch Co.'s fiscal fourth-quarter net income nearly doubled on strong sales overseas and better U.S. results. The retailer reported net income of $92.6 million, up from $47.5 million a year ago.

Revenue for the period ended Jan. 29 rose 23% to $1.15 billion, from $936 million. Domestic revenue rose 13%, while international revenue jumped 61%.

Same-store sales rose 13%.

New York City -- Only 7% of executives believe their companies are extremely or very prepared to comply with new lease accounting standards proposed by the Financial Accounting Standards Board (FASB), according to a recent Deloitte survey.

CINCINNATI — Kroger said it is kicking off a year-long initiative to raise funds for armed forces members in partnership with the USO, the leading organization for morale-boosting programs and services for American troops and their families.

Kroger said the campaign will include in-store and online promotions and a text-to-give campaign that encourages Kroger customers to text "USO" to 27722 during the race to donate $10 to USO programs.