News

Camp Hill, Pa. - Rite Aid Corp. has increased its borrowing capacity to $3 billion as part of a refinancing of an 8% senior secured notes that are now due in January 2020. Borrowing capacity will increase to $3.7 billion when the notes are paid.

Rite Aid expects, at current rates, to save approximately $20 million in annual interest expense, based on a $3 billion facility, and approximately $50 million in annual interest expense, based on a $3.7 billion facility and the redemption of the notes.

Confident consumers stocked up on gifts and other merchandise over the 2014 holiday season, helping boost overall holiday retail sales to their highest level since 2011.

According to the National Retail Federation, December retail sales, which exclude automobiles, gas stations and restaurants, decreased 0.9% seasonally adjusted month-to-month, and 4.6% unadjusted year-over-year. The significant drop in gasoline prices in the month of December brought down much of the month-to-month growth.

Dallas -- Corner Bakery Café has named Salil Bapat as CFO, effective immediately. Bapat previously was CFO for YUM Brands' Latin America and Caribbean region.

By Jim Singer, A.T. Kearney, and Ryan Mathews, Black Monk Consulting

With two Pixar movies hitting theaters this year — Inside Out (June 19) and The Good Dinosaur (November 25) — Disney Consumer Products has a slate of innovative new toys in the works for retailers.

Both movies will have robust toy lines from Japaneses licensee TOMY, whose innovative approach, strength in international markets and ability to reflect Pixar’s unique storytelling in its product lines made them the ideal choice for Pixar Animation Studios’ most exciting year yet, the company said.

New York -- The fast-growing online grocery delivery startup Instacart confirmed it has raised $220 million in a funding round led by the venture capital firm Kleiner Perkins Caufield & Byers. This latest round of funding values the San Francisco-based company, founded in 2012, at a whopping $2 billion, according to various reports.

Whole Foods Market plans to cater to the health-focused community of obstacle racers with a new omnichannel partnership.

The natural and organic foods supermarket will connect with consumers via Spartan Race’s “Food of the Day” platform, beginning in 2015. Spartan Race is an obstacle racing company that facilitated over 130 races in 17 countries last year.

WILLIAMSVILLE, N.Y. — Tops Friendly Markets, a grocer in upstate New York, northern Pennsylvania and western Vermont, is closing pharmacy departments in 27 of its 162 locations this month and transferring pharmacy prescriptions and inventory to five CVS/Pharmacy and 22 Rite Aid locations near each affected store.