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Katz sells last of U.S. stores

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Old
01-20-2010, 02:30 PM
  #1
rec28
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Katz sells last of U.S. stores

http://www.edmontonjournal.com/sport...847/story.html

Quote:
Katz sells last of U.S. stores

Edmonton-based drugstore giant divests ailing chains in tough market


The Katz Group is selling its remaining 25 Snyders Drug Stores in Minnesota to Walgreens, ending its 11-year foray into the U.S.

A "significant number" of the stores will be closed, and the rest rebranded as Walgreens.

The Katz Group, under current Edmonton Oilers owner Daryl Katz, bought the Minnetonka-based Snyders in 1999 when it had 1,600 employees and 141 company-owned and independent stores in six Midwest states.

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01-20-2010, 02:41 PM
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laclipper
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But can he rid the oilers of their ailing assets?

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01-20-2010, 02:42 PM
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Reimer
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This is great news.

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01-20-2010, 03:27 PM
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He should use that money and buy out some of our supersized contracts

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01-20-2010, 04:07 PM
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Petro Points
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Quote:
Originally Posted by Reimer View Post
This is great news.
how so? its never a good sign when u see someone selling in bulk like this.
Hopefully he still allows the Oilers to spend to cap.

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01-20-2010, 04:27 PM
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Silver
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Quote:
Originally Posted by Reimer View Post
This is great news.
How exactly?

Remember, we don't know the state of Katz's finances. He could be just as FUBAR as Pocklington, for all we know.

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01-20-2010, 04:35 PM
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jadeddog
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Quote:
Originally Posted by Silver View Post
How exactly?

Remember, we don't know the state of Katz's finances. He could be just as FUBAR as Pocklington, for all we know.
this is simply not true.... pocklington never had anywhere *close* to the financial resources that katz currently has.... he was never anywhere close to a billionaire, let alone a billionaire 2 and half times over... we're talking apples and oranges here

do you realize how uncommon it is for a person worth $2.5 billion (who doesn't live in russia) to go broke?

edit: did some quick research... according to forbes, katz lost about $600 million in his net worth from 2008 to 2009, and he is currently worth about $1.5 billion.... so he lost $600 million in one of the worst years in financial history... something tells me he'll be ok


Last edited by jadeddog: 01-20-2010 at 04:53 PM.
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Old
01-20-2010, 04:40 PM
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Silver
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Originally Posted by jadeddog View Post
this is simply not true.... pocklington never had anywhere *close* to the financial resources that katz currently has.... he was never anywhere close to a billionaire, let alone a billionaire 2 and half times over... we're talking apples and oranges here

do you realize how uncommon it is for a person worth $2.5 billion (who doesn't live in russia) to go broke?
All depends on leverage...

Have you heard of NY Times columnist Tom Freidman? From his wiki page:

Friedman's wife, Ann, is a graduate of Stanford University and the London School of Economics.[3] Her father, Matthew Bucksbaum, was the chairman of the board of General Growth Properties, a real estate development group.[4] As of 2007, Forbes estimated the Bucksbaum family's assets at $4.1 billion, including about 18.6 million square meters of mall space, but the firm's value later plummeted.[5][6] The family's trust declined in value from $3.6 billion to $25 million.[7] On April 16, 2009, the company filed for Chapter 11 bankruptcy, after failing to reach a deal with its creditors.[8] The GGP collapse marked the largest real estate bankruptcy in U.S. history.[9]

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Old
01-20-2010, 04:40 PM
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Ramrod
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Who knows, it may be as simple as Katz flipping the stores/franchise or deciding that breaking even wasn't enough and he wanted to focus his assets in Canada. I wouldn't be surprised to see that Canada sold more drugs per person compared to the US, since most of our prescriptions are highly subsidized by our health plans.

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Old
01-20-2010, 06:07 PM
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CorpseFX
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Walgreens is more ubiquitous around here than McDonalds. you can seriously find one ever 2 miles in any direction. its kind of like Tim Horton's in Ontario except for crap, pharms, crap and more crap. he definitely sold off to the dominant store in the midwest.

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