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Axios
2 days ago
- Business
- Axios
Cub Foods closing Midway St. Paul store
Cub Foods will close its Midway St. Paul store on Aug. 2 and could lay off all 96 workers, parent company UNFI Inc. informed state and city leaders today in a required mass layoff notice. Why it matters: The pending loss of Cub means Midway is losing a second large discount grocer in six years, as Walmart closed it neighborhood store in 2019. Between the lines: The writing has been on the wall for a few years. The store has stopped stocking hand baskets, frequently ran out of shopping carts (citing theft), shut down self-checkout lanes and was often short staffed at registers, according the Pioneer Press. Yes, but: Cub Foods has struggled in recent years, executives at Rhode Island-based UNFI have told investors. Promises to resuscitate the brand have not produced the desired results. Sales in the company's retail division, which is 70% Twin Cities Cub stores, have declined 2.1% over the last three fiscal quarters, according to an SEC filing. UNFI also abruptly closed its Uptown Minneapolis store in June and has not said when it will re-open. What they're saying: "Like any food retailer, we're constantly working to optimize our footprint, which includes investing in stores — like our newly remodeled Cub in Burnsville... as well as closing underperforming stores where necessary so we can operate as efficiently and effectively as possible," UNFI said in a statement. Zoom in: With nearby Target and Aldi stores still open, the closure won't make Midway a food desert. But interim Ward 4 City Councilmember Matt Privratsky said it's unfortunate Cub didn't stick it out to benefit from the new hotel, offices and restaurants that are part of the latest phases of the new United Village development at that corner. Privratsky said he'd love to see a retailer like Mississippi Market open in the Cub space, because the neighborhood would like to shop at a grocer with union workers. UFCW Local 1189, which represents 84 of the store employees, said the majority if its members have layoffs protection and will be working to get them placed in other UNFI facilities.
09-07-2025
- Business
Allen G. Hassenfeld, former CEO of Hasbro, dies at 76
AP Business Writer -- Alan G. Hassenfeld, a renowned philanthropist and former CEO of iconic toy company Hasbro Inc., the maker of G.I. Joe and Play-Doh, has died. He was 76, according to the toy company. Hasbro, the nation's second largest toy company behind Mattel, declined to offer more details. Hassenfeld's family foundation, Hassenfeld Family Initiatives, wasn't immediately available to comment. Hassenfeld was born in Providence, Rhode Island and graduated from Deerfield Academy in Massachusetts. He received an undergraduate arts degree from the University of Pennsylvania in 1970. Upon graduation, he joined the Pawtucket, Rhode Island-based family business in 1970. Hasbro was founded in 1923, by Hassenfeld's grandfather, Henry. Known initially as Hassenfeld Brothers, it sold textile remnants but expanded into school supplies and later toy manufacturing under the Hasbro name in the 1940s, according to Hasbro's website. It went public in 1968. Hassenfeld rose quickly in the family business serving as special assistant to the president and worked his way up the rank s. He became one of the key architects of Hasbro's international operations and spent extensive time traveling overseas. He was named executive vice president in 1980 and became president in September 1984. Hassenfeld labored for years in the shadow of his older brother Stephen. His brother's death of pneumonia in June 1989 at age 47, however, moved Hassenfeld into the position of chairman and chief executive officer. Hassenfeld stepped down as CEO in 2003 and in August 2005, he retired from his chairman position and became emeritus chairman. He stepped away from that role last year. Hassenfeld was the last family member to sit on the board, according to Hasbro. 'All of us who have ever had any connection to Hasbro today are mourning the profound loss of Alan Hassenfeld, our beloved former Chairman & CEO, mentor, and dear friend, ' Hasbro CEO Chris Cocks in an e-mailed statement to The Associated Press. 'Alan's enormous heart was, and will remain, the guiding force behind Hasbro — compassionate, imaginative, and dedicated to bringing a smile to the face of every child around the world. His tireless advocacy for philanthropy, children's welfare, and the toy industry created a legacy that will inspire us always.' Hassenfeld was involved in many charitable and social causes both nationally and locally in Rhode Island. His concerns ranged from childhood hunger to issues involving refugee settlement in the state. As chairman of the Hassenfeld Family Initiatives, he oversaw the foundation's mission of globalizing safety and human rights within the area of children's products; empowering women in developing countries; and enhancing the economy, education and business opportunities in Rhode Island. Hassenfeld was also founding benefactor of Hasbro Children's Hospital in Providence, and his family's contributions helped to establish the Hassenfeld Child Health Innovation Institute at Brown University.
Winnipeg Free Press
09-07-2025
- Business
- Winnipeg Free Press
Allen G. Hassenfeld, former CEO of Hasbro and whose family founded the iconic toy maker, dies at 76
NEW YORK (AP) — Alan G. Hassenfeld, a renowned philanthropist and former CEO of iconic toy company Hasbro Inc., the maker of G.I. Joe and Play-Doh, has died. He was 76, according to the toy company. Hasbro, the nation's second largest toy company behind Mattel, declined to offer more details. Hassenfeld's family foundation, Hassenfeld Family Initiatives, wasn't immediately available to comment. Hassenfeld was born in Providence, Rhode Island and graduated from Deerfield Academy in Massachusetts. He received an undergraduate arts degree from the University of Pennsylvania in 1970. Upon graduation, he joined the Pawtucket, Rhode Island-based family business in 1970. Hasbro was founded in 1923, by Hassenfeld's grandfather, Henry. Known initially as Hassenfeld Brothers, it sold textile remnants but expanded into school supplies and later toy manufacturing under the Hasbro name in the 1940s, according to Hasbro's website. It went public in 1968. Hassenfeld rose quickly in the family business serving as special assistant to the president and worked his way up the rank s. He became one of the key architects of Hasbro's international operations and spent extensive time traveling overseas. He was named executive vice president in 1980 and became president in September 1984. Hassenfeld labored for years in the shadow of his older brother Stephen. His brother's death of pneumonia in June 1989 at age 47, however, moved Hassenfeld into the position of chairman and chief executive officer. Hassenfeld stepped down as CEO in 2003 and in August 2005, he retired from his chairman position and became emeritus chairman. He stepped away from that role last year. Hassenfeld was the last family member to sit on the board, according to Hasbro. 'All of us who have ever had any connection to Hasbro today are mourning the profound loss of Alan Hassenfeld, our beloved former Chairman & CEO, mentor, and dear friend, ' Hasbro CEO Chris Cocks in an e-mailed statement to The Associated Press. 'Alan's enormous heart was, and will remain, the guiding force behind Hasbro — compassionate, imaginative, and dedicated to bringing a smile to the face of every child around the world. His tireless advocacy for philanthropy, children's welfare, and the toy industry created a legacy that will inspire us always.' Hassenfeld was involved in many charitable and social causes both nationally and locally in Rhode Island. His concerns ranged from childhood hunger to issues involving refugee settlement in the state. As chairman of the Hassenfeld Family Initiatives, he oversaw the foundation's mission of globalizing safety and human rights within the area of children's products; empowering women in developing countries; and enhancing the economy, education and business opportunities in Rhode Island. Hassenfeld was also founding benefactor of Hasbro Children's Hospital in Providence, and his family's contributions helped to establish the Hassenfeld Child Health Innovation Institute at Brown University.
The Hill
09-07-2025
- Business
- The Hill
Allen G. Hassenfeld, former CEO of Hasbro and whose family founded the iconic toy maker, dies at 76
AP Business Writer (AP) — Alan G. Hassenfeld, a renowned philanthropist and former CEO of iconic toy company Hasbro Inc., the maker of G.I. Joe and Play-Doh, has died. He was 76, according to the toy company. Hasbro, the nation's second largest toy company behind Mattel, declined to offer more details. Hassenfeld's family foundation, Hassenfeld Family Initiatives, wasn't immediately available to comment. Hassenfeld was born in Providence, Rhode Island and graduated from Deerfield Academy in Massachusetts. He received an undergraduate arts degree from the University of Pennsylvania in 1970. Upon graduation, he joined the Pawtucket, Rhode Island-based family business in 1970. Hasbro was founded in 1923, by Hassenfeld's grandfather, Henry. Known initially as Hassenfeld Brothers, it sold textile remnants but expanded into school supplies and later toy manufacturing under the Hasbro name in the 1940s, according to Hasbro's website. It went public in 1968. Hassenfeld rose quickly in the family business serving as special assistant to the president and worked his way up the rank s. He became one of the key architects of Hasbro's international operations and spent extensive time traveling overseas. He was named executive vice president in 1980 and became president in September 1984. Hassenfeld labored for years in the shadow of his older brother Stephen. His brother's death of pneumonia in June 1989 at age 47, however, moved Hassenfeld into the position of chairman and chief executive officer. Hassenfeld stepped down as CEO in 2003 and in August 2005, he retired from his chairman position and became emeritus chairman. He stepped away from that role last year. Hassenfeld was the last family member to sit on the board, according to Hasbro. 'All of us who have ever had any connection to Hasbro today are mourning the profound loss of Alan Hassenfeld, our beloved former Chairman & CEO, mentor, and dear friend, ' Hasbro CEO Chris Cocks in an e-mailed statement to The Associated Press. 'Alan's enormous heart was, and will remain, the guiding force behind Hasbro — compassionate, imaginative, and dedicated to bringing a smile to the face of every child around the world. His tireless advocacy for philanthropy, children's welfare, and the toy industry created a legacy that will inspire us always.' Hassenfeld was involved in many charitable and social causes both nationally and locally in Rhode Island. His concerns ranged from childhood hunger to issues involving refugee settlement in the state. As chairman of the Hassenfeld Family Initiatives, he oversaw the foundation's mission of globalizing safety and human rights within the area of children's products; empowering women in developing countries; and enhancing the economy, education and business opportunities in Rhode Island. Hassenfeld was also founding benefactor of Hasbro Children's Hospital in Providence, and his family's contributions helped to establish the Hassenfeld Child Health Innovation Institute at Brown University.
Reuters
08-07-2025
- Health
- Reuters
Judge orders CVS' Omnicare unit to pay $949 million over invalid prescriptions
NEW YORK, July 8 (Reuters) - A federal judge ordered CVS Health's (CVS.N), opens new tab Omnicare unit to pay $948.8 million in penalties and damages, in a whistleblower lawsuit claiming it fraudulently billed the U.S. government for invalid drug prescriptions. In a Monday evening order, U.S. District Judge Colleen McMahon in Manhattan imposed a $542-million penalty for filing 3,342,032 false claims between 2010 and 2018. McMahon also awarded $406.8 million of damages, representing three times the $135.6 million that a jury awarded on April 29. The tripling was required under the federal False Claims Act, which lets whistleblowers sue on behalf of the federal government and share in recoveries. CVS plans to appeal the judgment. The Woonsocket, Rhode Island-based drugstore chain and pharmacy benefits manager bought Omnicare in 2015. Omnicare has asked McMahon to throw out the case or grant a new trial. "This lawsuit centered on a highly technical prescription dispensing recordkeeping issue that was allowed by law in many states," CVS said in a statement on Tuesday. "There was no claim in this case that any patient paid for a medication they shouldn't have or that any patient was harmed." The lawsuit was filed in 2015 by Uri Bassan, a former Omnicare pharmacist in Albuquerque, New Mexico, and joined by the federal government in 2019. They said Omnicare improperly billed Medicare, Medicaid, and Tricare, which serves military personnel, for prescriptions for tens of thousands of patients in assisted-living facilities, group homes for people with special needs, and other long-term care facilities. Omnicare allegedly assigned new prescription numbers without necessary paperwork and pharmacist approvals, after the original prescriptions expired or ran out of refills. McMahon rejected CVS' argument that a $948.8-million award violated the U.S. Constitution's prohibition against excessive fines under the Eighth Amendment. "This was a very big fraud on the government, one that lasted over almost a decade, and one that Omnicare was aware of but avoided taking steps to correct," the judge wrote. McMahon found CVS jointly liable with Omnicare for $164.8 million of the penalties, after jurors found it failed to stop Omnicare from submitting 30% of the false claims after buying that company. CVS itself did not submit any claims. The case is U.S. ex rel Bassan v. Omnicare Inc, U.S. District Court, Southern District of New York, No. 15-04179.
