New story in Business from Time: Albertsons to Buy Rite Aid in Move to Compete With Amazon

Grocer Albertsons Cos. will buy drugstore chain Rite Aid Corp. in a deal that would accelerate the remaking of the U.S. retail and health-care industries.

The takeover serves several purposes. Rite Aid will get a buyer after a failed merger with another chain last year. Albertsons will add new locations and size amid increasing pressure from online competitors. And the grocer’s private-equity owners will exit their 2013 investment without having to go through an initial public offering in a turbulent market.

The combined companies will have about 4,900 stores, including 4,350 pharmacy locations, in 38 states, they said in a statement. The Albertsons pharmacies will be rebranded under the Rite Aid name.

Retailers have been under growing pressure from online competitors like Amazon.com Inc., and the corner drugstore has been no exception. While the prescription drug businesses at pharmacies has been relatively stable, front-of-the-store sales have been in decline. Giant retailers like Walmart Inc. are also looking to play a bigger role.

The result has been consolidation.

read more

New story in Business from Time: Albertsons to Buy Rite Aid in Move to Compete With Amazon

Grocer Albertsons Cos. will buy drugstore chain Rite Aid Corp. in a deal that would accelerate the remaking of the U.S. retail and health-care industries.

The takeover serves several purposes. Rite Aid will get a buyer after a failed merger with another chain last year. Albertsons will add new locations and size amid increasing pressure from online competitors. And the grocer’s private-equity owners will exit their 2013 investment without having to go through an initial public offering in a turbulent market.

The combined companies will have about 4,900 stores, including 4,350 pharmacy locations, in 38 states, they said in a statement. The Albertsons pharmacies will be rebranded under the Rite Aid name.

Retailers have been under growing pressure from online competitors like Amazon.com Inc., and the corner drugstore has been no exception. While the prescription drug businesses at pharmacies has been relatively stable, front-of-the-store sales have been in decline. Giant retailers like Walmart Inc. are also looking to play a bigger role.

The result has been consolidation.

read more

New story in Business from Time: Albertsons to Buy Rite Aid in Move to Compete With Amazon

Grocer Albertsons Cos. will buy drugstore chain Rite Aid Corp. in a deal that would accelerate the remaking of the U.S. retail and health-care industries.

The takeover serves several purposes. Rite Aid will get a buyer after a failed merger with another chain last year. Albertsons will add new locations and size amid increasing pressure from online competitors. And the grocer’s private-equity owners will exit their 2013 investment without having to go through an initial public offering in a turbulent market.

The combined companies will have about 4,900 stores, including 4,350 pharmacy locations, in 38 states, they said in a statement. The Albertsons pharmacies will be rebranded under the Rite Aid name.

Retailers have been under growing pressure from online competitors like Amazon.com Inc., and the corner drugstore has been no exception. While the prescription drug businesses at pharmacies has been relatively stable, front-of-the-store sales have been in decline. Giant retailers like Walmart Inc. are also looking to play a bigger role.

The result has been consolidation.

read more

New story in Business from Time: British KFC Fans Are Freaking Out Because the Stores Don’t Have Any Chicken

Yum! Brands Inc.’s KFC warned that a supply-chain breakdown that has shut more than half of its 900 U.K. outlets would persist for the rest of the week, continuing to deprive fans of their fried-chicken fix.

KFC said it’s working with new logistical partner Deutsche Post AG to solve a problem that began over the weekend, leaving only 430 British shops with any chicken to cook as of Tuesday. About 80 percent of the brand’s U.K. eateries are franchised.

“We anticipate the number of closures will reduce today and over the coming days,” KFC said in an emailed statement Tuesday. “However, we expect the disruption to some restaurants to continue over the remainder of the week, meaning some will be closed and others operating with a reduced menu or shortened hours.”

KFC overhauled its U.K. chicken supply chain in November by replacing logistics provider Bidvest Group Ltd. with Deutsche Post’s DHL, better known for delivering books and toys to online shoppers’ homes. At the time, the new supplier described the partnership as “groundbreaking” and said it was “committed to setting a new industry benchmark” in service.

KFC Fast Food Restaurants Close After They Run Out Of Chicken
Matt Cardy—Getty Images People pass a branch of KFC that is closed due to problems with the delivery of chicken on February 20, 2018 in Bristol, England.

Stifel analyst read more

New story in Business from Time: A Cryptocurrency Pioneer Just Issued a Huge Word of Caution for Investors

The wild swings in the value of Bitcoin and other cryptocurrencies lately should reinforce the idea that they are not sound long-term investments—and that investors should only buy as much as they can afford to lose.

If this sounds overly cautious, consider the recent insights of someone who you might otherwise assume is a true believer in cryptocurrencies: Vitalik Buterin, the co-founder of the cryptocurrency Ethereum. Over the weekend, Buterin sent out a Tweet reminding everyone that “cryptocurrencies are still a new and hyper-volatile asset class.”

Bitcoin, Ethereum, Ripple, and other cryptocurrencies “could drop to near-zero at any time,” Buterin said. Therefore, “Don’t put in more money than you can afford to lose. If you’re trying to figure out where to store your life savings, traditional assets are still your safest bet.”

Reminder: cryptocurrencies are still a new and hyper-volatile asset class, and could read more

New story in Business from Time: A Cryptocurrency Pioneer Just Issued a Huge Word of Caution for Investors

The wild swings in the value of Bitcoin and other cryptocurrencies lately should reinforce the idea that they are not sound long-term investments—and that investors should only buy as much as they can afford to lose.

If this sounds overly cautious, consider the recent insights of someone who you might otherwise assume is a true believer in cryptocurrencies: Vitalik Buterin, the co-founder of the cryptocurrency Ethereum. Over the weekend, Buterin sent out a Tweet reminding everyone that “cryptocurrencies are still a new and hyper-volatile asset class.”

Bitcoin, Ethereum, Ripple, and other cryptocurrencies “could drop to near-zero at any time,” Buterin said. Therefore, “Don’t put in more money than you can afford to lose. If you’re trying to figure out where to store your life savings, traditional assets are still your safest bet.”

Reminder: cryptocurrencies are still a new and hyper-volatile asset class, and could read more

New story in Business from Time: A Cryptocurrency Pioneer Just Issued a Huge Word of Caution for Investors

The wild swings in the value of Bitcoin and other cryptocurrencies lately should reinforce the idea that they are not sound long-term investments—and that investors should only buy as much as they can afford to lose.

If this sounds overly cautious, consider the recent insights of someone who you might otherwise assume is a true believer in cryptocurrencies: Vitalik Buterin, the co-founder of the cryptocurrency Ethereum. Over the weekend, Buterin sent out a Tweet reminding everyone that “cryptocurrencies are still a new and hyper-volatile asset class.”

Bitcoin, Ethereum, Ripple, and other cryptocurrencies “could drop to near-zero at any time,” Buterin said. Therefore, “Don’t put in more money than you can afford to lose. If you’re trying to figure out where to store your life savings, traditional assets are still your safest bet.”

Reminder: cryptocurrencies are still a new and hyper-volatile asset class, and could read more

New story in Business from Time: A Cryptocurrency Pioneer Just Issued a Huge Word of Caution for Investors

The wild swings in the value of Bitcoin and other cryptocurrencies lately should reinforce the idea that they are not sound long-term investments—and that investors should only buy as much as they can afford to lose.

If this sounds overly cautious, consider the recent insights of someone who you might otherwise assume is a true believer in cryptocurrencies: Vitalik Buterin, the co-founder of the cryptocurrency Ethereum. Over the weekend, Buterin sent out a Tweet reminding everyone that “cryptocurrencies are still a new and hyper-volatile asset class.”

Bitcoin, Ethereum, Ripple, and other cryptocurrencies “could drop to near-zero at any time,” Buterin said. Therefore, “Don’t put in more money than you can afford to lose. If you’re trying to figure out where to store your life savings, traditional assets are still your safest bet.”

Reminder: cryptocurrencies are still a new and hyper-volatile asset class, and could read more

New story in Business from Time: British KFC Fans Are Freaking Out Because the Stores Don’t Have Any Chicken

Yum! Brands Inc.’s KFC warned that a supply-chain breakdown that has shut more than half of its 900 U.K. outlets would persist for the rest of the week, continuing to deprive fans of their fried-chicken fix.

KFC said it’s working with new logistical partner Deutsche Post AG to solve a problem that began over the weekend, leaving only 430 British shops with any chicken to cook as of Tuesday. About 80 percent of the brand’s U.K. eateries are franchised.

“We anticipate the number of closures will reduce today and over the coming days,” KFC said in an emailed statement Tuesday. “However, we expect the disruption to some restaurants to continue over the remainder of the week, meaning some will be closed and others operating with a reduced menu or shortened hours.”

KFC overhauled its U.K. chicken supply chain in November by replacing logistics provider Bidvest Group Ltd. with Deutsche Post’s DHL, better known for delivering books and toys to online shoppers’ homes. At the time, the new supplier described the partnership as “groundbreaking” and said it was “committed to setting a new industry benchmark” in service.

KFC Fast Food Restaurants Close After They Run Out Of Chicken
Matt Cardy—Getty Images People pass a branch of KFC that is closed due to problems with the delivery of chicken on February 20, 2018 in Bristol, England.

Stifel analyst read more

New story in Business from Time: A Cryptocurrency Pioneer Just Issued a Huge Word of Caution for Investors

The wild swings in the value of Bitcoin and other cryptocurrencies lately should reinforce the idea that they are not sound long-term investments—and that investors should only buy as much as they can afford to lose.

If this sounds overly cautious, consider the recent insights of someone who you might otherwise assume is a true believer in cryptocurrencies: Vitalik Buterin, the co-founder of the cryptocurrency Ethereum. Over the weekend, Buterin sent out a Tweet reminding everyone that “cryptocurrencies are still a new and hyper-volatile asset class.”

Bitcoin, Ethereum, Ripple, and other cryptocurrencies “could drop to near-zero at any time,” Buterin said. Therefore, “Don’t put in more money than you can afford to lose. If you’re trying to figure out where to store your life savings, traditional assets are still your safest bet.”

Reminder: cryptocurrencies are still a new and hyper-volatile asset class, and could read more