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Albertsons is buying most of Rite Aid — the remaining 2,000 stores are in the process of being sold to Walgreens. The portion Albertsons is buying will create a combined company worth around $24B.
JC Penney will eliminate about 480 jobs and close at least eight stores this year, after shutting 140 stores in 2017. The retailer is turning to the beauty and hair care industry and plans to hire 6,500 hair stylists.
Congress is mulling ways to reduce speculative trading and investing of cryptocurrencies, Reuters reports. Lawmakers are pushing for cryptocurrencies to be regulated like securities, to subject the digital assets to SEC rules that would protect investors.
“We know that scale matters. We continue to grow to compete with all competitors.” - Bob Miller, Albertsons chief executive.
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