Meijer introduces price savings program
GRAND RAPIDS, Mich. Meijer has rolled out a new price program to help customers save storewide.
Recently, the chain began implementing a new pricing program storewide that will greatly increase the number of items reduced in price, provide deeper discounts for sale items, and provide assurances to shoppers that they are paying Meijer’s guaranteed lowest price for a particular product.
The retailer introduced a new savings category entitled “everyday best price.” Products that carry this newly created designation have been reduced in price dramatically, thereby guaranteeing Meijer’s lowest price for that particular item. The streamlined system simplifies what is on sale, as the retailer will now have just three different sales categories for shoppers: everyday best price, sale and price drop.
“The bottom line is that it will cost you less to shop at Meijer than it did before,” said J.K. Symancyk, EVP merchandising for the Grand Rapids, Mich.-based retailer. “This sale-pricing program will help further cement our standing as a low-price leader among national and regional grocers and retailers.
“The creation of this new category will not only provide savings to our customers, but also peace of mind for them, as they know that they are getting our lowest possible price,” Symancyk added. “We feel the introduction of ‘everyday best price’ will be a resounding success.”
Rite Aid completes refinancing of securitization facilities
CAMP HILL, Pa. Rite Aid on Monday successfully completed its previously announced plan to refinance its existing first lien accounts receivable securitization facility and second lien accounts receivable securitization facility due September 2010. As a result of the refinancing, Rite Aid has refinanced all of its September 2010 debt maturities.
As of Oct. 23, 2009, there was $475 million outstanding under the securitization facilities. The refinancing consists of an offering of $270 million aggregate principal amount of 10.25% senior secured notes due 2019 (with a yield to maturity of 10.375%, based on an offering price of 99.242% per note), commitments to increase the maximum borrowing capacity under Rite Aid’s existing senior secured revolving credit facility from $1 billion to $1.175 billion, and an increase in borrowings under Rite Aid’s existing $525 million senior secured term loan due June 2015 by $125 million to $650 million.
Former Rite Aid executive becomes Value Drug Co. president
ALTOONA, Pa. Greg Drew last week joined Value Drug Co. as president, the regional pharmacy wholesaler announced.
Drew most recently served as a consultant through his company Pharmacy Expertise. Prior to founding Pharmacy Expertise, Drew served as VP pharmacy health services for Rite Aid and as GM of Rite Aid Health Solutions.
Drew will be responsible for Value Drug’s long term business development as well as all operations and management of the company, reporting to John L. Letizia, Value Drug chairman and CEO.
Value Drug is a cooperative company providing wholesale drug distribution and various other services to its members.