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NEWS
August 29, 2009
ALEX GRASS, 82 Founder of Rite Aid Rite Aid Corp. founder Alex Grass died Thursday night in Harrisburg, Pa., after a 10-year battle with lung cancer, saaid his daughter, Elizabeth Weese. She, along with her husband Brian D. Weese, were the owners of four Bibelot bookstores in Baltimore (in Timonium, Woodholme, Cross Keys and Canton) from April 1995 until they declared bankruptcy in March 2001. Mr. Grass helped build Rite Aid into one of the nation's largest drugstore chains and was a philanthropist who gave to civic, health and educational organizations.
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NEWS
August 29, 2009
ALEX GRASS, 82 Founder of Rite Aid Rite Aid Corp. founder Alex Grass died Thursday night in Harrisburg, Pa., after a 10-year battle with lung cancer, saaid his daughter, Elizabeth Weese. She, along with her husband Brian D. Weese, were the owners of four Bibelot bookstores in Baltimore (in Timonium, Woodholme, Cross Keys and Canton) from April 1995 until they declared bankruptcy in March 2001. Mr. Grass helped build Rite Aid into one of the nation's largest drugstore chains and was a philanthropist who gave to civic, health and educational organizations.
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BUSINESS
By Jay Hancock and Jay Hancock,Sun Staff Writer | May 16, 1995
Drugstore operator Rite Aid Corp. sold its ADAP Inc. auto-parts chain to an investment group led by Falcon Capital Inc., the companies said yesterday.The price, $66 million in cash and a note, was substantially lower than what ADAP stood to fetch in a deal that fell apart last year.In that agreement, a group including outgoing Rite Aid Chairman Alex Grass agreed to buy ADAP for $75 million.Mr. Grass' group, GL Capital, withdrew its offer after ADAP's two top managers resigned in October.GL Capital said the departure of the two executives represented a "material adverse change" in the business.
NEWS
By Kristine Henry and Kristine Henry,SUN STAFF | October 28, 1999
Picking up the pieces after a tumultuous week that saw the resignation of its chairman and the disclosure that earnings had been inflated by half a billion dollars, Rite Aid Corp. said yesterday that it has worked out a deal that gives it an extra year to pay off $1.3 billion that otherwise would have been due tomorrow.It was a piece of good news in a year marred by disappointing earnings and damaging revelations about company dealings.The No. 3 drugstore chain's chairman and chief executive, Martin L. Grass, resigned last week as the company announced that it had misstated earnings by at least $500 million for the past three years, half of its profit for the period.
BUSINESS
By Jay Hancock and Jay Hancock,Sun Staff Writer | April 22, 1994
Alex Grass, who built Rite Aid Corp. from a small soap and medicine wholesaler into the country's biggest drugstore chain, will step aside from day-to-day operations next year but continue as chairman, the company said yesterday.Mr. Grass will resign as chief executive officer in March 1995, assuming "a less intense schedule," Rite Aid said. The CEO job will pass to his son, Martin, who lives in Baltimore County and has been groomed for years to succeed his father.The announcement wasn't a surprise.
BUSINESS
By BLOOMBERG NEWS | June 5, 1999
WASHINGTON -- Rite Aid Corp. Chairman and chief executive Martin Grass, for the first time since taking the company's top job in 1995, got no bonus during the fiscal year that ended in February.Rite Aid, the third-largest U.S. drugstore chain, failed to meet earnings targets under the company's bonus plan, the Camp Hill, Pa., company said in a proxy statement filed yesterday with the Securities and Exchange Commission. Grass had received a bonus of $898,000 a year earlier.Grass' total compensation package was estimated at $12.9 million for the company's fiscal 1999, more than six times the amount he earned during the previous year.
BUSINESS
By Alec Matthew Klein and Alec Matthew Klein,Sun Staff Writer | June 29, 1995
Rite Aid Corp. yesterday continued the wheeling and dealing it began six months ago, announcing the sale of most of its Florida stores to Eckerd Corp. for $75 million in cash.With the sale of 109 stores, Camp Hill, Pa.-based Rite Aid will also close its distribution center in Melbourne, Fla., but will continue operating 24 stores in northern Florida.The deal is expected to be a financial wash for Rite Aid, the largest national drug retailer with more than 2,800 discount stores in 23 states and Washington, D.C. Cash from the sale will be offset by the cost of closing the distribution center and maintaining the leases on Florida properties not being acquired by Eckerd.
NEWS
By Kristine Henry and Kristine Henry,SUN STAFF | October 28, 1999
Picking up the pieces after a tumultuous week that saw the resignation of its chairman and the disclosure that earnings had been inflated by half a billion dollars, Rite Aid Corp. said yesterday that it has worked out a deal that gives it an extra year to pay off $1.3 billion that otherwise would have been due tomorrow.It was a piece of good news in a year marred by disappointing earnings and damaging revelations about company dealings.The No. 3 drugstore chain's chairman and chief executive, Martin L. Grass, resigned last week as the company announced that it had misstated earnings by at least $500 million for the past three years, half of its profit for the period.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | May 28, 2004
HARRISBURG, Pa. - Martin L. Grass inherited a kingdom. The son of the founder of Rite Aid Corp. presided over the boom years of one of America's top drugstore chains, earning $1 million a year. He lived on a 10-acre estate in Greenspring Valley, hobnobbed with Baltimore's elite in arts and health circles and was featured as a rising star executive in Fortune magazine. Yesterday, Grass' world of wealth and privilege shattered as a federal judge sentenced the former Rite Aid chief executive to eight years in prison for orchestrating a $1.6 billion accounting fraud and covering it up. The scandal erased nearly 90 percent of shareholder value and almost tipped the retailer into bankruptcy.
NEWS
By Lorraine Mirabella, Kristine Henry and William Patalon III and Lorraine Mirabella, Kristine Henry and William Patalon III,SUN STAFF | October 24, 1999
Martin L. Grass seemed to have it all: He led one of America's top drugstore chains, lived among the horsy set on a 10-acre estate in the posh Green Spring Valley, earned $1 million a year, and was chauffeured back and forth to work each day in a $3 million helicopter.His wealth earned him prominence in arts and health circles, as he gave generously to numerous charities. He was featured in Business Week and Fortune magazines, praising his stewardship of Rite Aid Corp. and enhancing his standing on Wall Street.
BUSINESS
By BLOOMBERG NEWS | June 5, 1999
WASHINGTON -- Rite Aid Corp. Chairman and chief executive Martin Grass, for the first time since taking the company's top job in 1995, got no bonus during the fiscal year that ended in February.Rite Aid, the third-largest U.S. drugstore chain, failed to meet earnings targets under the company's bonus plan, the Camp Hill, Pa., company said in a proxy statement filed yesterday with the Securities and Exchange Commission. Grass had received a bonus of $898,000 a year earlier.Grass' total compensation package was estimated at $12.9 million for the company's fiscal 1999, more than six times the amount he earned during the previous year.
BUSINESS
By Alec Matthew Klein and Alec Matthew Klein,Sun Staff Writer | June 29, 1995
Rite Aid Corp. yesterday continued the wheeling and dealing it began six months ago, announcing the sale of most of its Florida stores to Eckerd Corp. for $75 million in cash.With the sale of 109 stores, Camp Hill, Pa.-based Rite Aid will also close its distribution center in Melbourne, Fla., but will continue operating 24 stores in northern Florida.The deal is expected to be a financial wash for Rite Aid, the largest national drug retailer with more than 2,800 discount stores in 23 states and Washington, D.C. Cash from the sale will be offset by the cost of closing the distribution center and maintaining the leases on Florida properties not being acquired by Eckerd.
BUSINESS
By Jay Hancock and Jay Hancock,Sun Staff Writer | May 16, 1995
Drugstore operator Rite Aid Corp. sold its ADAP Inc. auto-parts chain to an investment group led by Falcon Capital Inc., the companies said yesterday.The price, $66 million in cash and a note, was substantially lower than what ADAP stood to fetch in a deal that fell apart last year.In that agreement, a group including outgoing Rite Aid Chairman Alex Grass agreed to buy ADAP for $75 million.Mr. Grass' group, GL Capital, withdrew its offer after ADAP's two top managers resigned in October.GL Capital said the departure of the two executives represented a "material adverse change" in the business.
BUSINESS
By Jay Hancock and Jay Hancock,Sun Staff Writer | April 22, 1994
Alex Grass, who built Rite Aid Corp. from a small soap and medicine wholesaler into the country's biggest drugstore chain, will step aside from day-to-day operations next year but continue as chairman, the company said yesterday.Mr. Grass will resign as chief executive officer in March 1995, assuming "a less intense schedule," Rite Aid said. The CEO job will pass to his son, Martin, who lives in Baltimore County and has been groomed for years to succeed his father.The announcement wasn't a surprise.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | March 1, 2003
Brian D. and Elizabeth G. Weese, former owners of the now-defunct, Baltimore-area Bibelot bookstore chain, have reached a $13 million settlement with creditors who had accused the couple of fraudulently transferring nearly $20 million to an offshore trust fund. The settlement puts an end to several lawsuits against the couple in which creditors were seeking to recover at least $17.5 million owed after the once-popular bookseller filed for bankruptcy in March 2001. Bank of America NA, the Weeses' largest creditor, gets $10 million of its more than $15 million claim, the trustee overseeing couple's personal bankruptcy case said yesterday.
NEWS
By Eric Siegel and Eric Siegel,Sun Staff Writer | February 20, 1995
It has become all too common for business executives who want to expand in urban areas to ask not what they can do for cities, but what cities can do for them.Not Martin Grass.When his Rite Aid Corp. wanted a larger location on Howard Street, he didn't ask anyone for anything. No tax breaks or subsidies. He just bought the long-vacant Hecht Co. building, kindling hope for the long-awaited rejuvenation of the commercial corridor."We've always had a corporate attitude that if we're going to do something, just go out and do it," says Mr. Grass, 41, a Baltimore County resident who heads the nation's largest drugstore chain.
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