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Bartell joins movement to name Wash. ferry after Seattle icon

BY Alaric DeArment

SEATTLE — Bartell Drugs is joining a grassroots effort in Seattle to name one of the two newest additions to Washington state’s ferry fleet after a famed local personality who died in 1985.

Bartell said it would help distribute petitions at its stores to support an effort to have one of Washington State Ferries’ new vessels named after Ivar Haglund. Haglund was born in 1905 to a family that had purchased land from Seattle pioneer Doc Maynard and is renowned in the city as a folk singer and promoter of regional folk music, radio personality, founder of the city’s first aquarium and of the Ivar’s seafood chain. Washington State Ferries, part of the state Department of Transportation, operates the largest ferry system in the United States and one of the largest in the world. 

"The ‘M.V. Ivar Haglund‘ plying the waters of Puget Sound would be a fitting tribute to this legacy," Bartell’s chairman and CEO George Bartell said. "Ivar brought the color and pioneering spirit of Puget Sound to our doorsteps through his music, restaurants and colorful personality." 

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Rite Aid moves to refinance debt

BY Alaric DeArment

CAMP HILL, Pa. — Rite Aid will refinance part of its debt, the retail pharmacy chain announced.

The company said the refinancing would involve more than $2 billion worth of debt, including its $1.039 billion Tranche 2 Term Loan due 2014 with the proceeds of a new term loan, together with borrowings under an amended credit facility; and cash tender offers for its $410 million aggregate principal amount of 9.750% Senior Secured Notes due 2016, $470 million aggregate principal amount of 10.375% Senior Secured Notes due 2016, and $180.3 million aggregate principal amount of 6.875% Senior Debentures due 2013, with proceeds from new first and second lien term loans, together with borrowings under the amended revolving credit facility and available cash. The company said it hoped to lower interest expense.

Rite Aid said it had not determined the amount of the amended revolving credit facility or new term loans and that it had signed commitments for a $1.5 billion revolving credit facility, but that its results of operations and guidance would likely be affected by fees, expenses and charges related to the refinancing.


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G.ADERS says:
Sep-10-2013 08:09 am

The $2 billion in addition to the $1.039 billion Tranche 2 Term Loan is a huge amount and should not be amendable.

F.SMITH says:
Mar-12-2013 01:35 am

What a nice post to read on.Well,there's a report today that the Customer borrowing was up $16.2 billion in Jan, according to economists surveyed by Bloomberg. This followed a December where revolving and non-revolving consumer credit instances were up by $15.1 billion.

A.Valley says:
Feb-05-2013 01:31 pm

Getting my mother to refinance is like pulling teeth and it drives me crazy. Timing can make a difference like you’ve said and I certainly see cycles in my own job when I’m more willing to go the extra mile and extra cash with online loans no credit check for someone. Tapping into that is a smart tactic!

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Shopko finishes conversion of Pamida stores

BY Alaric DeArment

GREEN BAY, Wis. — Shopko has finished converting the 163 Pamida stores that it bought last year, the mass merchandise retail chain said Thursday.

Green Bay, Wis.-based Shopko announced plans to buy Omaha, Neb.-based Pamida in January 2012, with plans to convert Pamida stores to the Shopko Hometown format. The last 36 Pamida stores to be converted have marked their grand openings as Shopko Hometown stores.

"2012 was a watershed year for Shopko as a result of the merger with Pamida, which significantly increased our store count, employee base and overall revenue," Shopko interim CEO and COO Mike Bettiga said. "Our team did an exceptional job of integrating the two companies into one and staying on an aggressive schedule for the store conversion efforts."

Bettiga said the company would focus on solidifying the Shopko Hometown brand and opening more Hometown stores in new communities. The conversion cost $70 million and brings the total number of Hometown stores to 176, compared with 10 in January 2012; Shopko operates 350 stores in 22 states in total. The Hometown stores combine pharmacy with product offerings in apparel, toys, consumer electronics, seasonal items and lawn and garden products in stores that range from 15,000-35,000 sq. ft.


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