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Target donates funds to Midwest relief

BY Adam Kraemer

MINNEAPOLIS Target today announced that it would be sending $100,000 in cash and supplies to three disaster relief agencies to assist with the flooding in the U.S. Midwest

The first help the company offered was water supply, sending more than 136,000 bottles of water to communities whose drinking water had been jeopardized by the flooding. The company stated that number of bottles will like go up in the next few days. Target is working with the American Red Cross, The Salvation Army and the Federal Emergency Management Agency.

“We extend our thoughts of comfort and hope for the communities suffering from these historic floods,” said Laysha Ward, vice president of Community Relations for Target. “We are grateful for the tremendous work being done by relief agencies and emergency management officials. We will continue to provide assistance as needed.”

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Duane Reade teams up with GMHC to provide HIV testing

BY Adam Kraemer

NEW YORK Duane Reade announced on Monday a partnership with the Gay Men’s Health Crisis to offer free HIV/AIDS testing at select locations.

GMHC’s mobile testing units have been stationed outside select Duane Reade locations since May, offering free, confidential on-the-spot tests and counseling.

“As New York’s leading drug store, we strive to provide affordable and convenient services that aid in improving the health and overall wellbeing of New Yorkers,” said John Lederer, chairman and chief executive officer of Duane Reade. “We are excited about this partnership with GMHC and we look forward to increasing awareness and offering opportunities for HIV testing in communities throughout New York City.”

While appointments are not necessary, CMHC recommends calling their hotline at 800-243-7692 to get a schedule of times and locations.

“We know that fear and the stigma of HIV and AIDS continues to keep people from getting tested and accessing care,” said Marjorie Hill, chief executive officer of Gay Men’s Health Crisis. “Having a trusted family friend like Duane Reade as a partner helps us to break through the barriers associated with HIV testing.”

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Rite Aid to issue new bonds in move to add $300 million in liquidity

BY Michael Johnsen

CAMP HILL, Pa. Rite Aid last week announced plans to issue new debt in an effort to refinance $710 million in existing bonds, a move that should lift any pressure from near-term liquidity concerns and allow the company to focus more readily on long-term earnings objectives, Meredith Adler, Lehman Bros. analyst, noted in a research note released Thursday.

The new debt, though at a higher cost, allows Rite Aid to add approximately $300 million in additional liquidity, Adler wrote.

“We believe the reduced risk exposure to equity holders more than offsets the added cost,” she added. “Today’s [monthly] sales results also reinforce our confidence in the outlook for the business and we expect coming data points to support the stock.”

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