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SUBSEQUENT EVENT
6 Months Ended
Aug. 04, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENT

NOTE 13: SUBSEQUENT EVENT

 

On September 7, 2018, the Company entered into an Asset Purchase Agreement (the “WBA Asset Purchase Agreement”) with Walgreen Co., pursuant to which Walgreens has agreed to purchase certain prescription files and related data and records, retail pharmaceutical inventory and other assets from 185 of the Company’s retail pharmacy stores for a cash purchase price of $165 million plus an amount equal to the value of the related pharmacy inventory (the “WBA Transaction”). The consummation of the WBA Transaction is expected to occur in a series of closings, as more fully described in the WBA Asset Purchase Agreement, a copy of which was attached as Exhibit 2.1 to the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on September 10, 2018. The proceeds received in the WBA Transaction will be used to pay down the Company’s existing indebtedness or for general corporate purposes. The closings of the WBA Transaction are subject to conditions customary for transactions of this type, including (i) the expiration or termination of the required waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended , (ii) the absence of certain legal impediments to the WBA Transaction, (iii) the accuracy of the parties’ representations and warranties and (iv) the parties’ compliance with their respective obligations.