Shaw’s, Star Market to shutter six stores
NEW YORK — Shaw’s and Star Market have confirmed that six underperforming stores will close in Massachusetts and Rhode Island.
“We strive to ensure the success of all our stores, however, it is occasionally necessary for us to close those that are not meeting company goals. As a company and as responsible business owners, we need to position ourselves to be profitable. The stores identified have not been profitable for quite some time, and despite the best efforts of the company and our associates, we have not been able to reposition them to better compete in the marketplace and don’t anticipate being able to change this trend,” the company stated.
Four of the stores to close are located in Massachusetts and two are located in Rhode Island. The stores will be closed no later than Aug. 3.
“While the decision to close a store is always difficult—given the impact on associates and customers — it was made only after careful evaluation and was guided by what is best for the company’s ongoing success and future growth,” the company added.
In March, AB Acquisition, which is an affiliate of Cerberus Capital Management, acquired from Supervalu the Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market stores and related Osco and Sav-on in-store pharmacy operations — a move that reunited all Albertsons stores under one operator.
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FDA approves generic Alzheimer’s disease drug
SILVER SPRING, Md. — The Food and Drug Administration has approved a generic drug for treating Alzheimer’s disease, FDA records showed.
The agency announced the approval of Alvogen’s donepezil hydrochloride, a generic version of Aricept, made by Pfizer and Eisai. The generic drug was approved in the 5 mg and 10 mg strengths.
More than 20 other companies also make generic versions of Aricept. The drug is used to treat mild to moderate Alzheimer’s, as well as severe forms of the disease.
FDA gives tentative approval to Mylan’s generic Crestor
SILVER SPRING, Md. — Mylan has received tentative approval for a generic version of a cholesterol drug made by AstraZeneca, according to Food and Drug Administration records.
The FDA gave the tentative approval to Mylan’s rosuvastatin calcium tablets in the 5 mg, 10 mg, 20 mg and 40 mg strengths. The drug is a generic version of AstraZeneca’s Crestor, which had sales of $5.1 billion in 2012, according to IMS Health.
A tentative approval means that the drug meets the FDA’s conditions for approval, but the agency can’t approve it yet because the patent on the branded has not yet expired. AstraZeneca’s patents on Crestor are set to expire between 2016 and 2022, according to FDA records.