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Sears CFO says the company’s outlook not as dire as you think

BY Marianne Wilson
HOFFMAN ESTATES, Ill. — Sears Holding tried to walk back the uproar it caused early Tuesday morning when the struggling retailer included cautionary language about whether it would be able to continue as a "going concern” in its annual 10-K filing. 
 
On Tuesday afternoon, the chain released a detailed statement from CFO Jason Hollar in which he explained the inclusion of the language that caused the uproar was meant to adhere to “regulatory standards.
 
“To clarify, the comments from our Annual Report quoted by the media are in line with regulatory standards that require management to assess and disclose potential risks the company could face within one year from the reported financial statements,” Hollar stated. “As 2016 proved to be another challenging year for most “bricks-and-mortar” retailers, our disclosures reflected these developments.” 
 
He noted that media reports generated by the filing failed to include the actions Sears is taking to mitigate its financial risks and boost its liquidity. These include the recent sale of its Craftsman tool brand, the selling of select real estate assets, and a restructuring program targeted to deliver at least $1 billion in annual cost savings. 
 
“In line with these initiatives, despite the risks outlined we remain confident in our financial position and remain focused on executing our transformation plan,” Hollar stated. 
 
To read Hollar’s full statement, click here.
 

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Report: Shopko Foundation supports local arts

BY DSN STAFF
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CVS Health’s Pharmacists Teach to expand to Pittsburgh schools

BY Brian Berk

WOONSOCKET, R.I. — CVS Health is teaming up with the University of Pittsburgh School of Pharmacy and the Pittsburgh Public Schools that will bring its prescription drug abuse prevention program, Pharmacists Teach, to students in the Pittsburgh Public Schools.

In 2015, CVS Health developed the Pharmacists Teach curriculum, in coordination with the Partnership for Drug-Free Kids, to help curb the growing opioid abuse epidemic. CVS Pharmacists have delivered the program to more than 200,000 students across the country. With the help of University of Pittsburgh student pharmacists, the program will dramatically expand in the Pittsburgh area, reaching thousands of students. 

"CVS Health is committed to addressing and preventing prescription drug abuse in the communities we serve, and we started the Pharmacists Teach program because we know pharmacists can provide a unique and trusted perspective on the dangers of prescription drug abuse," said Larry Merlo, President and CEO of CVS Health. "I'm extremely proud we've been able to partner with the University of Pittsburgh School of Pharmacy to expand the reach of the Pharmacists Teach program to so many public schools in Pittsburgh. I know Pitt's pharmacy students will bring an influential and meaningful voice to this issue for so many local teens."   

Dozens of student pharmacists will be delivering the program to middle and high schools across the Pittsburgh Public Schools, the first large, urban school system to partner with CVS Health across an entire district. Pitt Pharmacy is also CVS Health's first university partner in delivering these presentations.

"This partnership is about people — the dedicated professionals in the Pittsburgh Public Schools, at CVS Health, and at the Pitt School of Pharmacy all working together to improve the health of our young people in our Pittsburgh community,” said University of Pittsburgh School of Pharmacy Dean Patricia Kroboth.

"We are truly thankful to both the University of Pittsburgh School of Pharmacy and CVS Health for this valuable relationship," added Dr. Dara Ware Allen, Assistant Superintendent, Pittsburgh Public Schools. "Through this partnership students will learn the consequences associated with the misuse of prescription drugs, while also gaining insight into the career of pharmacy through the experiences of college students not much older than themselves."   

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