• In January 2016, we announced the transition of printing of the Toronto Star to Transcontinental Printing which is expected to commence in July 2016. Also in connection with this decision, we have initiated the sale process of the printing facility and land in Vaughan. • During the first quarter of 2016, $22.8 million of restricted cash was released from the Harlequin escrow and we ended the quarter with $51.2 million of cash and cash equivalents and restricted cash. • Our net loss from continuing operations was $53.5 million ($0.66 per share) in the first quarter of 2016. This compares to a net loss of $0.5 million ($0.01 per share) in the first quarter of 2015. The first quarter of 2016 included $27.6 million of additional non-cash amortization and depreciation expense associated with our investment in VerticalScope as well as $22.4 million of restructuring charges and $4.8 million of additional non-cash amortization and depreciation expense of equipment related to the transition of printing of the Toronto Star to Transcontinental Printing.
Rite Aid Corporation (NYSE: RAD) today announced that it has mutually agreed with Albertsons Companies Inc. (“Albertsons”) to terminate their previously announced merger agreement.
“While we believed in the merits of the combination with Albertsons, we have heard the views expressed by our stockholders and are committed to moving forward and executing our strategic plan as a standalone company,” said Rite Aid Chairman and Chief Executive Officer John Standley. “We remain focused on leveraging our network of conveniently located retail pharmacies, our EnvisionRxOptions PBM and our trusted brand of health and wellness offerings. We will continue building momentum for key areas of our business like our innovative Wellness store format, highly successful customer loyalty program and expanded pharmacy service offerings, as we also enhance our omni-channel and own brand offerings to strengthen our competitive position and create long-term value for stockholders.”
As a result, the special meeting of Rite Aid’s stockholders, which was to be held on August 9, 2018, will not take place.
Under the terms of the merger agreement, neither Rite Aid nor Albertsons will be responsible for any payments to the other party as a result of the termination of the merger agreement.