Fred’s is selling assets of EntrustRx, its specialty pharmacy unit, to a subsidiary of CVS Health for $40 million plus inventory value costs. The move comes more than two weeks after Fred’s CEO Michael K. Bloom resigned from his position. Joseph Anto, EVP, CFO and Secretary at Fred’s, has filled the Interim CEO role since April 24, 2018. Anto said in a statement that the cash proceeds from the sale will help Fred’s pay down a significant portion of its debt, and indicated that monetizing non-core assets is a top priority for the pharmacy in 2018.

UPDATE:  Walmart officially announced it has acquired an initial stake of roughly 77% in Flipkart for approximately $16 billion. The remainder of the business will be held by existing investors, including Flipkart's co-founder Binny Bansal, Tencent, Tiger Global and Microsoft. In a statement, Walmart said it would support Flipkart's transition into a publicly-listed, majority owned subsidiary in the future. “As Flipkart is expected to generate meaningful losses for at least the next few years, this is clearly an investment for the future,” said Charlie O’Shea, VP and Lead Retail Analyst at Moody’s in commentary provided to Retail TouchPoints. “When viewed in tandem with the recently-announced sale of a majority stake in Asda, is indicative of Walmart’s long-standing strategy of shifting resources into higher growth potential markets and segments when opportune.”   A weeks-long tug of war and speculation as to which U.S. retail giant would win out to acquire Indian e-Commerce company Flipkart appears to have been decided. Flipkart’s Board of Directors has reportedly approved Walmart’s $15 billion bid for a roughly 75% stake in the company, outdoing Amazon’s offer for a 60% stake. The deal makes Walmart’s 2016 $3.3 billion acquisition of Jet.com look tiny in comparison, and it well may be…

Nine months after reportedly putting itself up for sale, Birchbox appears to have found a buyer for a majority stake in its business. Viking Global Investors, a hedge fund and prior investor in Birchbox, has invested $15 million into the subscription box retailer, according to a report from Recode. If accurate, the price would undoubtedly be a massive disappointment for Birchbox, which has raised nearly $90 million in total funding since its launch in September 2010. The retailer had a valuation as high as $485 million after its $60 million Series B funding in April 2014, making it clear that the Birchbox brand has since fallen out of favor in the eyes of potential buyers.

Macy’s has acquired STORY, an innovative pop-up concept store based in New York City. The retailer’s founder and CEO Rachel Shechtman will join Macy’s as Brand Experience Officer and will report directly to Macy’s President Hal Lawton.

Square has entered into a definitive agreement to acquire Weebly, a web site solution provider, for approximately $365 million. Weebly has more than 625,000 paid subscribers for its premium web site design and hosting, online store and marketing tools. These services will be complemented by the managed payments, hardware and software offered by Square.