News

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.

MINNEAPOLIS -- Target Clinic plans to open eight new locations in 2011. The in-store centers offer treatment for minor illnesses and injuries, skin treatments, vaccinations, tests and screenings, which are administered by health care professionals.

The new clinics will open in Target stores in the Twin Cities, Chicago and Ft. Lauderdale-Davie areas by the end of July.

PLEASANTON, Calif. — Safeway on Tuesday said that it expects to earn $1.60 to $1.80 per diluted share during the quarter, after the company's board approved a $1.1 billion dividend from Canada to the United States.

 The dividend, Safeway said during its 2011 investor conference, will be used to pay off $600 million of U.S. debt, and the company will use the remainder of the dividend for share repurchases.

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.

New York -- American Eagle Outfitters Inc. officially announced the retirement of its chief executive officer. The chain, which has seen its seen sales falter of late, also posted a 47% rise in profits for the fourth quarter on cost-cutting.

American Eagle said its CEO James O'Donnell, 70, will stay with the retailer until a successor is chosen and will work through the transition period. O'Donnell started with American Eagle as its COO in 2000. He became co-CEO in 2002 and CEO in 2003. 

Reducing the number of hours truck drivers are allowed to spend behind the wheel sounds like it would be a good idea to improve the nation’s roadways, but nothing could be further from the truth, according the Retail Industry Leaders Association.

The trade group is looking to defeat new rules proposed by the Federal Motor Carrier Safety Administration that includes a provision that would reduce to 10 from 11 the number of hours drivers are allowed to drive before taking a 34-hour break.

New York — Lady Gaga's deal to sell a special edition of her upcoming album at Target is off.

A representative for the flamboyant and outspoken singer said Wednesday the two sides "came to a mutual decision to end their overall exclusive partnership a few weeks ago." Last month, it was announced that Target Corp. would be selling a deluxe edition of the album, to be released May 23, with bonus content.

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.