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Walgreens donates $100K to New York, New Jersey hurricane relief funds

BY Antoinette Alexander

DEERFIELD, Ill. — Walgreens on Thursday announced $100,000 in additional donations to Hurricane Sandy relief efforts. The company, which includes Duane Reade in New York and New Jersey, is making two $50,000 contributions, one to the Empire State Relief Fund announced by New York Gov. Andrew Cuomo, and the other to the Hurricane Sandy New Jersey Relief Fund established by Gov. Chris Christie.

The Empire State Relief Fund distributes financial aid in the hardest hit areas across New York state, specifically directed at costs associated with providing long-term housing and rebuilding homes. The Hurricane Sandy New Jersey Relief Fund is providing aid to families who have been affected by the destruction of the storm.

"With this generous donation, Walgreens is continuing their work, alongside dozens of other major businesses and organizations, in supporting communities hit hard by Hurricane Sandy and providing much needed financial support to help with the rebuilding and recovery efforts,” Cuomo stated. “In addition to their financial donations, Walgreens and Duane Reade worked hard in the storm’s aftermath to reopen pharmacies to ensure patients and customers had access to the medicine they needed, and I commend them for their continued support and generosity."

The donations follow Walgreens earlier $250,000 donation to the American Red Cross Disaster Relief Fund. Walgreens and Duane Reade also raised more than $5 million in customer donations for the American Red Cross. In addition, Walgreens donated several semi-trailer truckloads of blankets, bottled water and other goods to people in need immediately after the storm.

“The leadership of Gov. Christie and Gov. Cuomo was extremely valuable as we worked with state and local emergency response authorities. I’m also very proud of our Walgreens and Duane Reade team members who worked so tirelessly to maintain services and provide medicine to patients and customers,” stated Greg Wasson, president and CEO of Walgreens.

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Holiday shoppers plan to spend more this season

BY Alaric DeArment

NEW YORK — More consumers plan to spend more on holiday shopping this year than last, according to a new Nielsen survey.

According to the "Nielsen Holiday Survey," 54% of consumers stated they still haven’t started their holiday shopping. The weekly survey polled 1,100 households starting in September, and the market research company releases results weekly. Respondents said their top destinations for holiday shoppings would be supercenters, departments stores and the Internet.

"While the economic climate still has several major headwinds and uncertainties, improving consumer confidence and labor market, coupled with aggressive marketing by retailers and manufacturers, is reinforcing the potential for a stronger holiday season," Nielsen SVP global consumer insights James Russo said.

Most consumers plan to spend between $250 and $500 this season, but the survey found a five-point increase this week in consumers who said they will spend more, with 22% of consumers saying they will spend more this holiday season than last.

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Kodak sells digital imaging patents

BY Alaric DeArment

ROCHESTER, N.Y. — Kodak is selling its digital imaging patents for $525 million, the bankrupt photography company said.

The sale of the more than 1,100 patents, part of the company’s restructuring efforts as it seeks to emerge from chapter 11 bankruptcy restructuring, involves the sale of the patents to a group of companies organized by Intellectual Ventures and RPX. According to published reports, companies buying the patents include Apple, Research In Motion and Google. Others include Adobe, Samsung, Fujifilm and China-based Huawei Technologies.

"The monetization of patents is another major milestone toward successful emergence," Kodak chairman and CEO Antonio Perez said. "Our progress has accelerated over the past several weeks as we prepare to emerge as a strong, sustainable company. This proposed transaction enables Kodak to repay a substantial amount of our initial DIP loan, satisfy a key condition for our new financing ability and position our commercial imaging business for further growth and success."

The company said the deal would allow it to continue investing in commercial imaging technologies that it said are fundamental to its future.

"Kodak remains a major center of invention and innovation," Perez said.

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Anna90 says:
Feb-04-2013 10:20 am

I really hope that this loan will help Kodak and will bring it back to life. This photography brand was almost a bankrupt but now they have a chance to recover and proceed work. Sometimes borrowing money, taking out loans or pay day loans can be very effective, but in case that the company will have enough money to pay the debt off. So now Kodak has a lot of work, they need to make enough money to eliminate the debt. It’s important to maximally use the chance they’ve just got and get back to financial prosperity.

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