(Bloomberg)—Walgreens Boots Alliance Inc.’s Co-Chief Operating Officer Alex Gourlay will exit the company and Ornella Barra will assume the role of chief operating officer international, Walgreens said Friday.

Gourlay will leave his post May 17 and serve as a senior adviser to Walgreens’s new chief executive officer Rosalind Brewer until the end of the year. At that point, he will leave the company and return to the U.K., Walgreens said in a regulatory filing.

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Barra will continue to oversee operations of Walgreens’ international businesses, the company said. She will assume that role April 30 and report directly to Brewer.

Gourlay has been in his current role since 2016. He joined Walgreens following its merger with Alliance Boots. He worked with Pessina for years and was considered a possible successor.

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As more people get vaccinated and hospitalizations decline, safely reopening brings the state one step closer to ending the economic disruption caused by the pandemic, which has infected 1.3 million Illinoisans and killed 22,000.

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The city of Chicago is “on course” to move into the bridge phase of its own reopening plan, in conjunction with the state, on May 14, according to an emailed statement from Lightfoot’s office.

“This next step in our cautious and responsible reopening plan will allow for an extensive expansion of capacity limits across industries that broadly align with state regulations,” the statement says, noting that more information will be shared in the coming days to help businesses prepare for the new regulations.

Now that vaccine supply outweighs demand, Pritzker said, the state is working to make vaccinations more convenient for residents by funneling doses to primary care doctors.

“This pandemic is not over, but if we’re going to truly end it, we have to make sure we don’t see another surge in the virus, and the best way to do that is for everyone to get vaccinated,” the governor said today. “We have the vaccine, all we need is the doctors,” he added, noting that more than 1,000 doctors’ offices have signed up to offer the shots as of this afternoon.

There are risks associated with reopening both too fast and too slow, experts say. States that lift mitigations much later than others risk losing public trust, which will be crucial to combat any future virus surge or new variants that might be impervious to existing vaccines. But reopening too quickly—particularly when other states and countries are dealing with outbreaks—could result in a surge, leading states to backpedal and sending shockwaves through the economy. 

“We’re doing better, but this doesn’t mean COVID will go away in the U.S. We need to learn to live and mitigate. It’s not sustainable to keep economies closed,” says Alessandro Rebucci, associate professor at John’s Hopkin’s Carey School of Business.

Under the bridge phase of Illinois’ reopening plan, several industries—including gyms and retailers—will bump up to 60 percent capacity, from 50 percent, while restaurants outside of Chicago can continue to serve parties of 10 or fewer spaced at least six feet apart. 

Illinois has already met one key measurement toward a full reopening: To date, nearly 56 percent of Illinoisans 16 and older have been vaccinated. When other key COVID-19 metrics—like hospital admissions—are stable or declining for a 28-day period, the state intends to lift all capacity limits and resume large gatherings with new safety protocols.

Pritzker’s timeline is in line with other large states making phased reopening decisions guided by vaccine milestones, new case rates and hospital admissions.

In Michigan, rather than identifying a target date, the state’s reopening is based on hitting vaccine milestones. The plan, called “MI Vacc to Normal,” increases capacity at stadiums, conference centers and other facilities each time the percentage of people 16 and older increases 5 percentage points, starting at 55 percent and ending with a full reopening at 70 percent. According to media reports, the Protect Michigan Commission says the state could reopen as soon as July 4.

New York and New Jersey are replacing many capacity limits with a requirement to maintain six-feet of social distancing starting May 19. Several other rules taking effect later this month in New York also are line with Illinois’ bridge phase, including outdoor gathering limits of 500 people and indoor gathering limits of 250. 

Meanwhile, New York City Mayor Bill de Blasio aims to fully reopen July 1, around the same time as Chicago Mayor Lori Lightfoot’s July 4 goal.

Unlike New York’s reopening plan, under which some events will require proof of vaccination or a negative COVID test to negate the requirement of maintaining social distancing, Illinois’ doesn’t factor in a statewide vaccine passport program. The city of Chicago has teased a “Vax Pass” program intended to encourage residents to get a shot by offering preferred seating at certain events.

Meanwhile, Illinois is reopening slower than some other states: Georgia eliminated social distancing and masking requirements on May 1 and Pennsylvania aims to lift all restrictions by Memorial Day.

But easing restrictions is just one factor driving states’ economic recovery. In fact, research shows that economic disruption primarily is driven by consumer fear of the illness, not governmental actions, though the two are inextricably linked.

“States that didn’t put in stay-at-home orders (early in the pandemic) still saw pretty drastic declines in economic activity because people were scared of the virus,” says David Merriman, a senior  scholar at the University of Illinois’ Institute of Government & Public Affairs. “People are going to be reluctant until they’re sure the disease is under control. On the flip side, if people don’t perceive the disease as being dangerous, even with the restrictions, they’re going to be out doing stuff.”

That has been the case for gyms, says Steven Schwartz, chairman of the Illinois Fitness Alliance and CEO of Midtown Athletic Clubs. “People don’t like to work out in a mask,” Schwartz says. “It’s a constant reminder that maybe you should stay away from everybody.” 

But experts say there’s a clear case for a conservative, evidence-based reopening target, since tightening restrictions after businesses have scaled up would be detrimental to economic recovery.

“It would be devastating if we had to scale back again,” says Sam Toia, president and CEO of the Illinois Restaurant Association. “A lot of people are very concerned about coming back to work and going back on unemployment. That would be a gut punch. However, with the vaccines out there—we have enough vaccines now—wearing our masks, doing social distancing, I think we’re seeing light at the end of the tunnel.”

In other reopening news, Pritzker and Lightfoot on May 4 announced the return of the Auto Show, from July 15 to 19 at McCormick Place, marking the first large convention since the pandemic began—and spurring hope for a revival of big events.

“I don’t think we’re ever going to get back 2019 or 2018 sales at restaurants or hotels until we have conventions back because our city—especially the central business district—is built on conventions, tourism, culinary tourism,” Toia says. “It’s all about guests in beds and diners in seats.”

As for people who work in the city of Chicago, it’s unclear whether easing COVID restrictions will precipitate a widespread return to downtown offices among those who have the ability to work remotely. Yesterday BMO Harris Bank, Chicago’s second-largest bank, announced it will ask its business bankers and associated staff to return to the office beginning next month. Along with plans from Citadel and Chase, that would put well over 10,000 workers downtown this summer, at least for portions of the week.

That’s a big unknown “that’s going to have a big economic effect on the businesses that serve those workers,” Merriman says, noting that “if people don’t go back downtown to work, they’ll go someplace else to shop, they’ll go someplace else to eat.”

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Let me begin with casinos.

After a series of false starts, Lightfoot finally is on her way to grabbing a prize that her predecessors had only dreamed of. Unless the city gets too greedy and kills it off, the gambling palace will produce hundreds of millions of dollars to shore up cash-short city fire and police pension funds, with other tax income flowing from adjacent entertainment, hospitality and hotel space that the city would like in the package.

Team Lightfoot has carefully reached out to big Las Vegas players, but suffered a loss a few days ago when MGM pulled out of the city’s Request for Proposal competition, citing high tax rates. Unless someone else pops in, that leaves in the race the Wynn casino operation, Hard Rock and hometown Rush Street Gaming, Chicago billionaire Neil Bluhm’s firm. Some industry buzz has another firm kicking tires here, Malaysian-based Genting Group, but there’s also chatter that Hard Rock is focused elsewhere.

Anyhow, despite denials across the board, some insiders believe Rush Street is the favorite, for two reasons. One, Bluhm’s daughter, Leslie Bluhm, went to law school with Lightfoot and the family raised more than $200,000 for her mayoral campaign. After all, this is Chicago. Two, Rush Street has hooked up in its bid with Related Midwest, developer of The 78 property on vacant land just southwest of the Loop.

Related surely could use a big project for its very promising but somewhat stalled project which arrived at just the wrong time: mid-pandemic. It’s located in the right spot, too, with plenty of space near downtown hotels and good highway access. However, that doesn’t mean it couldn’t be better with a nice entertainment district right next to the casino in the form of a domed NFL football stadium with which it could share parking expenses and perhaps other overhead. I have no reason to believe Related is so pondering, but that doesn’t mean Team Lightfoot couldn’t. Name it Pritzker Stadium, too, to ensure wider buy-in.

Another two-birds-with-one-stone possibility is at Soldier Field itself, located just across the tracks to the east of developer Bob Dunn’s proposed One Central complex.

As in the case of Related, there is no sign Dunn is interested in building a dome. But what about doming (and somewhat) expanding Soldier Field, adding a retractable roof? That was considered in the 1980s when the Bears agreed to their current Soldier Field lease, and rejected because of cost considerations. But construction techniques have changed a lot since then.

Ponder this: Dunn made his name in the development business by becoming involved in constructing or rebuilding football stadia, including MetLife Stadium across the river from Manhattan, Lambeau Field in Green Bay, and U.S. Bank Stadium in Minneapolis. His proposed One Central complex of huge parking lots and hundreds of thousands of square feet  of restaurant and retail space likely could squeeze in some Bears fans a few times a year. Further ponder this: A mayor who’s in at least some re-election trouble—and a Bears fan herself—likely could find a way to get some political credit if she built both a casino and a real home for the Bears, one that could host a Super Bowl or a Final Four tournament.

Think big, folks. Think big. Run some numbers. You never know what might happen.

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Banks are seeking to align with potential buyers to help provide financing that will likely exceed $10 billion, the people said. It’s possible a deal won’t be reached and the company could opt to divest a stake or pursue an initial public offering.

“At this time, we have no details to share about the process,” a representative for Medline said in a statement. “Any future decisions will reflect the intent of the Mills family to continue to lead Medline and be a significant owner of the company.”

Representatives for all the private equity firms declined to comment.

At $30 billion, a deal for Medline could potentially be one of the top-five leveraged buyouts ever, according to data compiled by Bloomberg.

It could also mark the return of club deals, in which several private equity firms team up to acquire a company, something that became rarer after the financial crisis. They lost favor with investors in private equity funds because they don’t like having too much money exposed to the same asset. Several high-profile club deals also ended in bankruptcy, including the $45 billion takeover of the utility TXU Corp., the biggest leveraged buyout on record.

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Based in Northfield, Medline is the biggest private U.S. manufacturer and distributor of medical supplies like medical gloves, gowns and exam tables to hospitals and doctor’s offices.

During the Coronavirus pandemic it expanded manufacturing in North America to produce face masks and hand sanitizer to meet the explosion in demand for medical supplies, according to its website. The company generated $17.5 billion in sales in 2020, according to a representative for the company.

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(Bloomberg) — Stocks climbed as data showing the world’s largest economy is strengthening overshadowed inflation worries, with investors awaiting Friday’s jobs report. The dollar retreated.

The S&P 500 closed near session highs, while the Dow Jones Industrial Average rose to a record. In a very volatile session, tech stocks finished among the biggest gainers. China’s shares traded in New York briefly extended losses after Bloomberg News reported the Biden administration is likely to preserve limits on U.S. investments in certain companies from the Asian nation.

Applications for U.S. state unemployment insurance fell last week to a fresh pandemic low as labor market conditions continued to improve and the economy reopened more broadly. Separate data highlighted a rebound in productivity as the pace of output exceeded a pickup in hours worked. Traders are now awaiting Friday’s employment report, which is expected to show the U.S. added about 1 million jobs in April.

“With jobless claims hitting a pandemic-era low, anticipation for the full jobs picture tomorrow mounts,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “Today’s read is another proof point that we’re one step closer to full economic recovery. As we see some serious momentum building on the jobs front, all eyes will be on how this plays into action taken by the Fed.”

After closing at a fresh high on Wednesday, the Dow Jones Transportation Average — considered a barometer of economy activity — surged 25% above its 200-day moving average. The move could be “perceived as indicative of strength likely to continue in the broader equity market,” said Bloomberg Intelligence’s Gina Martin Adams.

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“Our state revenues are outpacing the estimates and the expectations that experts gave us earlier this year, our state and our economy have shown tremendous resilience,” Pritzker said at a news conference today. “While we have still far too many who are struggling, our collective economic and fiscal outlook is brighter than it was even three months ago.”

As a result, he continued, “I have informed legislative leaders that I am now in a position to propose increasing evidence-based funding for schools by $350 million.”

“Evidence based” is shorthand for the new funding formula adopted by lawmakers several years ago, in which a regular infusion of new funds, roughly $350 million a year, is supposed to go to schools, mostly districts that have a large number of poor students but a relatively small property-tax base to serve them.

Pritzker didn’t include $350 million in this year’s budget, and his proposed budget for the fiscal year beginning July 1 excluded a funding boost. That’s now changed.

Exact figures were not immediately available, but Chicago Public Schools generally gets about one-fifth of any new money.

Pritzker had been holding off on freeing up the funds, pointing to a large cash influx most districts are getting from COVID aid. But top lawmakers have become impatient, with House Speaker Chris Welch saying that full funding is a top priority for him.

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He said popular apps like Robinhood’s exploit game-like features to keep customers trading — an investing strategy that over time can eat into returns. And Gensler raised concerns that a deluge of equity transactions are being routed through Citadel Securities and a few other massive players, which he said threatens “healthy competition.” In remarks prepared for a Thursday House hearing, the SEC chief made clear that such issues will be a focus as the regulator examines whether tougher rules are needed.

The task ahead for the SEC is daunting. Many of its regulations were approved more than a decade ago — long before social media, real-time trading and smartphones transformed the stock market. And because of the stakes involved, the agency is sure to face an onslaught of pressure from Capitol Hill and intense lobbying by Wall Street.

“Many of our regulations were largely written before these recent technologies and communication practices became prevalent,” Gensler said in testimony released Wednesday for his appearance before the House Financial Services Committee. “We need to evaluate our rules, and we may find that we need to freshen up our rule set.”

As a first step, Gensler said he has asked SEC staff to seek public comment on “gamification,” a term describing video game like features that critics have most closely associated with Robinhood. The feedback the regulator receives will inform potential policy changes.

He also said the agency will step up its scrutiny of payment for order flow — the practice in which Citadel Securities, Virtu Financial Inc. and other firms pay brokers for the right to execute customers’ orders. In addition, Gensler said the SEC plans to review whether it should boost investment funds’ disclosures of short sales and swap positions that are linked to stocks, a topic that has drawn attention since the March implosion of Archegos Capital Management.

Financial Industry Regulatory Authority President Robert Cook, who leads the Wall Street-funded watchdog that polices brokerages, and Depository Trust & Clearing Corp. President Michael Bodson will testify alongside Gensler.

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Thursday’s hearing is the third that the House panel is holding on GameStop. Retail investors banded together on social media platforms in January to drive the video game retailer to astronomical levels, badly hurting hedge funds that were betting against the stock in the process. The episode fueled a Main Street conquering Wall Street narrative that became a topic of headlines worldwide.

Much of the trading took place on Robinhood, which enraged customers by temporarily halting them from buying additional GameStop shares because the high volume overwhelmed the brokerage’s required capital buffers. Citadel Securities, which executed many of the orders along with Virtu, was dragged into the controversy, with billionaire founder Ken Griffin having to testify before the House committee in February. The SEC is working on a report about GameStop that it has pledged to release soon.

”We look forward to engaging with the SEC as they consider potential rules in these areas,” said Robinhood spokeswoman Jacqueline Ortiz Ramsay. Virtu spokesman Andrew Smith said the firm is “supportive of changes that enhance the investing experience for retail investors.”

A Citadel Securities spokesman referred to Griffin’s February testimony when he said: “We simply play by the rules of the road.” Griffin added that payment for order flow is approved by the SEC and is customary in the industry. “If they choose to change the rules of the road — we need to drive on the left side versus the right side — that’s fine with us,” he said.

Robinhood, which is planning an initial public offering later this year, relies on payments for order flow for a big chunk of its revenue. Retail brokerages and market makers have aggressively defended the practice, arguing that it allow investors to trade stocks for free. But consumer advocates and financial industry critics say the payments trigger conflicts that could prompt brokerages to focus on profits rather than serving their customers’ interests.

In his prepared remarks, Finra’s Cook said the regulator is “investigating whether its broker-dealer members complied with existing rules” during the wild January trading, and is considering strengthening its standards. The watchdog looks forward to working with the SEC on its review of payment for order flow and is evaluating whether new rules are needed for game-like trading features, he added.

Gensler also discussed Archegos, the family office run by Bill Hwang. The firm collapsed after making undisclosed derivatives bets tied to stocks, with its banking counterparties suffering billions of dollars in losses. Gensler said the SEC has authority to extend its disclosure rules to swaps.

“At the core of that story was Archegos’ use of total return swaps based on underlying stocks, and significant exposure that the prime brokers had to the family office,” he said.

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Though workers deserve what they’ve been promised, she said, “that promise will not be met” unless Springfield lawmakers come to the table with financial aid or other reforms.

“We need to force a solution,” Lightfoot said, adding there needs to be “a reckoning.”

The mayor’s comments came at the city’s annual investors’ conference for bond buyers, financiers and developers and corporate brass who are considering bringing their enterprise to the city.

The bulk of her hour-long presentation was, as such mayoral appearances usually are, peppy, a sort of sales pitch.

Lightfoot talked about how, despite a combined $2 billion in holes, her first two city budgets were balanced without drawing down reserves. And she vowed to stay the course ahead. “That is a hard line” for her, she said. “We are not going to drain our reserves.”

Thirty one companies have moved operations to Chicago in recent months “despite the pandemic,” she said, and the message she’s now getting from corporate officials is that they want to come back downtown as it’s difficult to “create a corporate culture only on video.” She also pointed to her signature Invest South/West program, which has shown some recent success in luring investment to long ignored South and West Side neighborhoods. Lightfoot additionally noted the city was able to bring home broadband services to thousands of school-age children with the help of hundreds of millions of dollars in federal COVID-relief funds.

The mayor shrugged off other areas of concern, saying that “significant progress” has been made on police reform. She also didn’t mention recent property tax hikes and asserted that city schools are performing well, although constant fights with the Chicago Teachers Union are “not helping.”

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JLL is pursuing a potential divestment of its property management business in China, Bloomberg News reported last month. A sale could also coincide with more Chinese developers’ property management units looking to list in Hong Kong, as they aim to capitalize investor enthusiasm for a sector that’s less vulnerable to government policy changes and economic cycles than real estate development itself.

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Deliberations are ongoing and companies might not proceed with any bids for the JLL unit, the people said. Representatives for JLL and Sunac Services declined to comment, while representatives for Country Garden Services and China Resources Mixc didn’t immediately respond to requests for comment.

The Chicago-based real estate services firm operates in more than 80 countries and employs about 91,000 people, according to its 2020 annual report. The firm reported $16.6 billion revenue in 2020, of which 58% came from property and facility management services, according to the report.

JLL generated $3.1 billion in revenue from providing real estate services in Asia Pacific, of which 32% came from the Greater China region, according to the report.

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SCHAUMBURG, Ill., May 6, 2021 /PRNewswire/ — Network Distribution® a leading global distribution solution, is again featured in the annual top private companies list as compiled by Crain’s Chicago Business. The company was ranked 33 out of 366 companies in terms of revenue and joins well-known brands as State Farm, Aldi and Turtle Wax.

“We’re proud to be part of Chicago’s economic engine,” says Alan Tomblin, President and CEO at Network. “Our associates in the Chicago area, and our Member Distributors around the globe, are committed to enabling our customers to be their best.  We’re especially thankful for our team’s adaptable, collaborative approach which helped drive the organization’s double digit growth through the tough business environment of 2020.”  

“We’re especially thankful for our team’s adaptable, collaborative approach…” Alan Tomblin, President and CEO

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Crain’s ranked Chicago’s largest privately-held companies by 2020 revenue. On this list are companies headquartered in the Chicago area including: Cook, DuPage, Kane, Lake (Ill.), Lake (Ind.), McHenry and Will counties. The company rankings based on industry analysis and benchmarks, news reports and a variety of other sources.

About Network Services Company
Network Services Company, with worldwide revenue of $21 billion, is a leading B2B distributor.  The company is designed to deliver supply management solutions to customers in a core set of business segments.  From janitorial supplies to foodservice disposables, and industrial packaging Network provides innovative product solutions supported by the power of local expertise.  With more than 900 distribution centers in more than 52 countries, Network improves lives and creates value by enabling local, regional, and global businesses to be their best.  For more information visit networkdistribution.com

Contact Monica Saviano 224.361.2270
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