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BIG LOTS CLOSES SALE TO GORDON BROTHERS RETAIL PARTNERS

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COLUMBUS, Ohio /PRNewswire/ — Big Lots, Inc. (the “Company”) today announced that it has successfully closed its previously announced sale agreement with Gordon Brothers Retail Partners, LLC (“Gordon Brothers”) that will enable Variety Wholesalers, Inc. (“Variety Wholesalers”) to acquire between 200 and 400 Big Lots stores, which it plans to operate under the Big Lots brand, and up to two distribution centers. In addition, Variety Wholesalers may employ Big Lots associates at the acquired stores and distribution centers, as well as certain corporate associates needed to support Big Lots’ go-forward footprint.

Bruce Thorn, Big Lots’ President and Chief Executive Officer, said, “We are pleased to close this strategic transaction, which provides a framework to preserve thousands of jobs, maximize value, and maintain the Big Lots brand. We are working closely with the Gordon Brothers and Variety Wholesalers teams on this transition. We are grateful for the continued hard work and dedication of Big Lots associates across the Company.”

Kyle Shonak, Gordon Brothers’ Chief Transaction Officer, said, “We were proud to support Big Lots through the restructuring process to enable the Company’s continued operation, and look forward to working with Variety Wholesalers to support Big Lots’ go-forward footprint.”

Lisa Seigies, Variety Wholesalers’ President and CEO, said, “Variety is thrilled to officially welcome the Big Lots brand and looks forward to operating hundreds of Big Lots store locations. This strategic acquisition allows us to serve additional customers and communities. We plan to combine the best of Variety with the best of Big Lots and are excited about the possibilities ahead.”

Court filings and other information related to the proceedings, including how to file a proof of claim, are available on a separate website administrated by the Company’s claims agent, Kroll Restructuring Administration LLC, at https://cases.ra.kroll.com/biglots, by calling toll-free at (844) 217-1398 (or +1 (646) 809-2073 for calls originating outside of the U.S. or Canada), or by sending an email to [email protected].

Advisors

Davis Polk & Wardwell LLP is serving as legal counsel, Guggenheim Securities, LLC is serving as financial advisor, AlixPartners LLP is serving as restructuring advisor, and A&G Real Estate Partners is serving as real estate advisor to the Company.

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Riemer & Braunstein LLP acted as counsel and M3 Partners LP acted as financial advisor to Gordon Brothers. Gordon Brothers’ Real Estate Services team will handle real estate matters for Gordon Brothers as well as Variety Wholesalers. For real estate inquiries, please contact Gordon Brothers’ Real Estate Services team at [email protected].

Cozen O’Connor is serving as legal counsel to Variety Wholesalers.

About Big Lots, Inc. 

Big Lots is one of the nation’s largest closeout retailers focused on extreme value. The Company is dedicated to being the big difference for a better life by delivering bargains to brag about on everything for the home, including furniture, décor, pantry and more. It fulfills its mission to help customers “Live BIG and Save LOTS” with sourcing strategies to grow extreme bargains through closeouts, liquidations, overstocks, private labels, and value-engineered products. The Big Lots Foundation, together with the Company’s customers, associates, and vendors, has delivered more than $176 million of philanthropic support to critical needs in hunger, housing, healthcare, and education. For more information, to shop online, or to find a store near you, please visit biglots.com.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and such statements are intended to qualify for the protection of the safe harbor provided by the Act. The words “anticipate, “estimate,” “continue,” “could,” “approximate,” “expect,” “objective,” “goal,” “project,” “intend,” “plan,” “believe,” “will,” “should,” “may,” “target,” “forecast,” “guidance,” “outlook” and similar expressions generally identify forward-looking statements. Similarly, descriptions of our objectives, strategies, plans, goals or targets are also forward-looking statements. Forward-looking statements relate to the expectations of management as to future occurrences and trends, including statements expressing optimism or pessimism about future operating results or events and projected sales, earnings, capital expenditures and business strategy. Forward-looking statements are based upon a number of assumptions concerning future conditions that may ultimately prove to be inaccurate. Forward-looking statements are and will be based upon management’s then-current views and assumptions regarding future events and operating performance and are applicable only as of the dates of such statements. Although we believe the expectations expressed in forward-looking statements are based on reasonable assumptions within the bounds of our knowledge, forward-looking statements, by their nature, involve risks, uncertainties and other factors, any one or a combination of which could materially affect business, financial condition, results of operations or liquidity.

Forward-looking statements that we make herein and in other reports and releases are not guarantees of future performance and actual results may differ materially from those discussed in such forward-looking statements as a result of various factors, including, but not limited to, the current economic and credit conditions, inflation, the cost of goods, our inability to successfully execute strategic initiatives, competitive pressures, economic pressures on our customers and us, the availability of brand name closeout merchandise, trade restrictions, freight costs, the risks discussed in the Risk Factors section of our most recent Annual Report on Form 10-K, and other factors discussed from time to time in other filings with the SEC, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. This release should be read in conjunction with such filings, and you should consider all of these risks, uncertainties and other factors carefully in evaluating forward-looking statements.

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You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our public announcements and SEC filings.

SOURCE Big Lots, Inc.


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Why community pharmacies are closing – and what to do if your neighborhood location shutters

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close up photo of medicinal drugs
Photo by Pixabay on Pexels.com

Lucas A. Berenbrok, University of Pittsburgh; Michael Murphy, The Ohio State University, and Sophia Herbert, University of Pittsburgh

Neighborhood pharmacies are rapidly shuttering.

Not long ago, Walgreens, one of the nation’s biggest pharmacy chains, announced plans to close 1,200 stores over the next three years. That’s part of a larger trend that has seen nearly 7,000 pharmacy locations close since 2019, with more expected in the coming years.

Many community pharmacies are struggling to stay open due to an overburdened workforce, shrinking reimbursement rates for prescription drugs and limited opportunities to bill insurers for services beyond dispensing medications.

As trained pharmacists who advocate for and take care of patients in community settings, we’ve witnessed this decline firsthand. The loss of local pharmacies threatens individual and community access to medications, pharmacist expertise and essential public health resources.

The changing role of pharmacies

Community pharmacies – which include independently owned, corporate-chain and other retail pharmacies in neighborhood settings – have changed a lot over the past decades. What once were simple medication pickup points have evolved into hubs for health and wellness. Beyond dispensing prescriptions, pharmacists today provide vaccinations, testing and treatment for infectious diseases, access to hormonal birth control and other clinical services they’re empowered to provide by federal and state laws.

Given their importance, then, why have so many community pharmacies been closing?

There are many reasons, but the most important is reduced reimbursement for prescription drugs. Most community pharmacies operate under a business model centered on dispensing medications that relies on insurer reimbursements and cash payments from patients. Minor revenue comes from front-end sales of over-the-counter products and other items.

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However, pharmacy benefit managers – companies that manage prescription drug benefits for insurers and employers – have aggressively cut reimbursement rates in an effort to lower drug costs in recent years. As a result, pharmacists often have to dispense prescription drugs at very low margins or even at a loss. In some cases, pharmacists are forced to transfer prescriptions to other pharmacies willing to absorb the financial hit. Other times, pharmacists choose not to stock these drugs at all.

And it’s not just mom-and-pop operations feeling the pinch. Over the past four years, the three largest pharmacy chains have announced plans to close hundreds of stores nationwide. CVS kicked off the trend in 2021 by announcing plans to close 900 pharmacy locations. In late 2023, Rite Aid said that thousands of its stores would be at risk for closure due to bankruptcy. And late in 2024, Walgreens announced its plans to close 1,200 stores over the next three years.

To make matters worse, pharmacists, like many other health care providers, have been facing burnout due to high stress and the lasting effects of the COVID-19 pandemic. At the same time, pharmacy school enrollment has declined, worsening the workforce shortage just as an impending shortfall of primary care physicians looms.

Why pharmacy accessibility matters

The increasing closure of community pharmacies has far-reaching consequences for millions of Americans. That’s because neighborhood pharmacies are one of the most accessible health care locations in the country, with an estimated 90% of Americans living within 5 miles of one.

However, research shows that “pharmacy deserts” are more common in marginalized communities, where people need accessible health care the most. For example, people who live in pharmacy deserts are also more likely to have a disability that makes it hard or impossible to walk. Many of these areas are also classified as medically underserved areas or health professional shortage areas. As pharmacy closures accelerate, America’s health disparities could get even worse.

So if your neighborhood pharmacy closes, what should you do?

While convenience and location matter, you might want to consider other factors that can help you meet your health care needs. For example, some pharmacies have staff who speak your native language, independent pharmacy business owners may be active in your community, and many locations offer over-the-counter products like hormonal contraception, the overdose-reversal drug naloxone and hearing aids.

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You may also consider locations – especially corporate-owned pharmacies – that also offer urgent care or primary care services. In addition, most pharmacies offer vaccinations, and some offer test-and-treat services for infectious diseases, diabetes education and help with quitting smoking.

What to ask if your pharmacy closes

If your preferred pharmacy closes and you need to find another one, keep the following questions in mind:

What will happen to your old prescriptions? When a pharmacy closes, another pharmacy may buy its prescriptions. Ask your pharmacist if your prescriptions will be automatically transferred to a nearby pharmacy, and when this will occur.

What’s the staffing situation like at other pharmacies? This is an important factor in choosing a new pharmacy. What are the wait times? Can the team accommodate special situations like emergency refills or early refills before vacations? Does the pharmacist have a relationship with your primary care physician and your other prescribers?

Which pharmacies accept your insurance? A simple call to your insurer can help you understand where your prescriptions are covered at the lowest cost. And if you take a medication that’s not covered by insurance, or if you’re uninsured, you should ask if the pharmacy can help you by offering member pricing or manufacturer coupons and discounts.

What are your accessibility needs? Pharmacies often offer services to make your care more accessible and convenient. These may include medication packaging services, drive-thru windows and home delivery. And if you’re considering switching to a mail-order pharmacy, you should ask if it has a pharmacist to answer questions by phone or during telehealth visits.

Remember that it’s best to have all your prescriptions filled at the same pharmacy chain or location so that your pharmacist can perform a safety check with your complete medication list. Drug interactions can be dangerous.

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Community pharmacies have been staples of neighborhoods for more than a century. Unfortunately, current trends in pharmacy closures pose real threats to public health. We hope lawmakers address the underlying systemic issues so more Americans don’t lose access to their medications, health services and pharmacists.

Lucas A. Berenbrok, Associate Professor of Pharmacy and Therapeutics, University of Pittsburgh; Michael Murphy, Assistant Professor of Pharmacy Practice and Science, The Ohio State University, and Sophia Herbert, Assistant Professor of Pharmacy, University of Pittsburgh

This article is republished from The Conversation under a Creative Commons license. Read the original article.

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Black communities are using mapping to document and restore a sense of place

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file 20240202 25 m9rzc0.jpg?ixlib=rb 4.1
Five Black young men, dressed in suits, sit atop a white car with an Illinois number plate.

These highways displaced many Black communities. Some Black activists are using mapping to do the opposite: highlight hidden parts of history. Library of Congress, Geography and Map Division

Joshua F.J. Inwood, Penn State and Derek H. Alderman, University of Tennessee

When historian Carter Woodson created “Negro History Week” in 1926, which became “Black History Month” in 1976, he sought not to just celebrate prominent Black historical figures but to transform how white America saw and valued all African Americans.

However, many issues in the history of Black Americans can get lost in a focus on well-known historical figures or other important events.

Our research looks at how African American communities struggling for freedom have long used maps to protest and survive racism while affirming the value of Black life.

We have been working on the “Living Black Atlas,” an educational initiative that highlights the neglected history of Black mapmaking in America. It shows the creative ways in which Black people have historically used mapping to document their stories. Today, communities are using “restorative mapping” as a way to tell stories of Black Americans.

Maps as a visual storytelling technique

While most people think of maps as a useful tool to get from point A to point B, or use maps to look up places or plan trips, the reality is all maps tell stories. Traditionally, most maps did not accurately reflect the stories of Black people and places: Interstate highway maps, for example, do not reflect the realities that in most U.S. cities the building of major roads was accompanied by the displacement of thousands of Black people from cities.

Like many marginalized groups, Black people have used maps as a visual story-telling technique for “talking back” against their oppression. They have also used maps for enlivening and giving dignity to Black experiences and histories.

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An example of this is the NAACP’s campaign to lobby for anti-lynching federal legislation in the early 20th century. The NAACP mapped the location and frequency of lynching to show how widespread racial terror was to the American public.

Another example is the Student Nonviolent Coordinating Committee’s efforts to document racism in the American South in the 1960s. The SNCC research department’s maps and research on racism played a pivotal role in planning civil rights protests. SNCC produced conventional-looking county-level maps of income and education inequalities, which were issued to activists in the field. The organization also developed creative “network maps,” which exposed how power structures and institutions supported racial discrimination in economic and political ways. These maps and reports could then identify urgent areas of protest.

More recently, artist-activist Tonika Lewis Johnson created the “Folded Map Project,” in which she brought together corresponding addresses on racially separated sides of the same street, to show how racism remade the city of Chicago. She photographed the “map twins” and interviewed individuals living at paired addresses to show the disparities. The project brought residents from north and south sides of Chicago to meet and talk to each other.

Maps for restorative justice

Restorative mapping is an important part of the Living Black Atlas: It helps bring visibility to Black experiences that have been marginalized or forgotten.

An important example of restorative mapping work comes from the Honey Pot Performance, a collective of Black feminists who helped create the Chicago Black Social Culture Map, or the CBSCM. This digital map traces Black Chicagoans’ experiences from the Great Migration to the rise of electronic dance music in the city. The map includes historical records and music posters as well as descriptions of important people and venues for that music. Millions of African Americans migrated from the Deep South to the industrial North between 1942 and 1970. In this photo, Black youngsters are dressed for Easter on the South Side of Chicago, April 13, 1941. AP Photo/Library of Congress/FSA/Russell Lee

While engaging Black Americans in the effort, the CBSCM map tells the story of Chicago through a series of artistic movements that highlight African Americans’ connection with the city.

After years of gentrification and urban renewal programs that displaced Black people from the city, this project is helping remember those neighborhoods digitally. It is also inviting a broader discussion about the history of Black Chicago.

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Restoring a sense of place

An important idea behind restorative mapping is the act of returning something to a former owner or condition. This connects with the broader restorative justice movement that seeks to address historic wrongs by documenting past and present injustices through perspectives that are often ignored or forgotten.

The CBSCM map is not a conventional paper map. While it includes many things you would find in such a map, such as road networks and political boundaries, the map also includes links to fiction writing and the Chicago Renaissance, art and music, as well as expressions of food, family life, education and politics that document a hidden history of Black life in the city. The map provides links to specific historic documents, socially meaningful sites, and to the lives of people that tell the story of Black Chicago.

Thus, the map helps highlight how this geography is still present in Chicago in archives and people’s memories. Through this digital representation of Black Chicagoans’ deep cultural roots in the city, the mapping aims to restore a sense of place. Such work embodies what Black History Month is about.

Joshua F.J. Inwood, Professor of Geography and Senior Research Associate in the Rock Ethics Institute, Penn State and Derek H. Alderman, Professor of Geography, University of Tennessee

This article is republished from The Conversation under a Creative Commons license. Read the original article.

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Water is the other US-Mexico border crisis, and the supply crunch is getting worse

The U.S.-Mexico border is facing a severe water crisis exacerbated by climate change, increased demand, and pollution. Collaborative governance is essential to address these growing challenges effectively.

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View of the Rio Grande flowing through Ciudad Juarez, Mexico, photographed from the Paso Del Norte International Bridge. Paul Rarje/AFP via Getty Images

Gabriel Eckstein, Texas A&M University and Rosario Sanchez, Texas A&M University

Immigration and border security will be the likely focus of U.S.-Mexico relations under the new Trump administration. But there also is a growing water crisis along the U.S.–Mexico border that affects tens of millions of people on both sides, and it can only be managed if the two governments work together.

Climate change is shrinking surface and groundwater supplies in the southwestern U.S. Higher air temperatures are increasing evaporation rates from rivers and streams and intensifying drought. Mexico is also experiencing multiyear droughts and heat waves.

Growing water use is already overtaxing limited supplies from nearly all of the region’s cross-border rivers, streams and aquifers. Many of these sources are contaminated with agricultural pollutants, untreated waste and other substances, further reducing the usability of available water.

As Texas-based scholars who study the legal and scientific aspects of water policy, we know that communities, farms and businesses in both countries rely on these scarce water supplies. In our view, water conditions on the border have changed so much that the current legal framework for managing them is inadequate.

Unless both nations recognize this fact, we believe that water problems in the region are likely to worsen, and supplies may never recover to levels seen as recently as the 1950s. Although the U.S. and Mexico have moved to address these concerns by updating the 1944 water treaty, these steps are not long-term solutions.

Map of the Rio Grande and its drainage area through Colorado, New Mexico, Texas and Mexico.
The Rio Grande flows south from Colorado and forms the 1,250-mile (2,000-kilometer) Texas-Mexico border. Kmusser/Wikimedia, CC BY-SA

Growing demand, shrinking supply

The U.S.-Mexico border region is mostly arid, with water coming from a few rivers and an unknown amount of groundwater. The main rivers that cross the border are the Colorado and the Rio Grande – two of the most water-stressed systems in the world.

The Colorado River provides water to more than 44 million people, including seven U.S. and two Mexican states, 29 Indian tribes and 5.5 million acres of farmland. Only about 10% of its total flow reaches Mexico. The river once emptied into the Gulf of California, but now so much water is withdrawn along its course that since the 1960s it typically peters out in the desert.

The Rio Grande supplies water to roughly 15 million people, including 22 Indian tribes, three U.S. and four Mexican states and 2.8 million irrigated acres. It forms the 1,250-mile (2,000-kilometer) Texas-Mexico border, winding from El Paso in the west to the Gulf of Mexico in the east.

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Map of Colorado river and its drainage basin.
The Colorado River flows through seven U.S. states and crosses into Mexico at the Arizona-California border. USGS

Other rivers that cross the border include the Tijuana, San Pedro, Santa Cruz, New and Gila. These are all significantly smaller and have less economic impact than the Colorado and the Rio Grande.

At least 28 aquifers – underground rock formations that contain water – also traverse the border. With a few exceptions, very little information on these shared resources exists. One thing that is known is that many of them are severely overtapped and contaminated.

Nonetheless, reliance on aquifers is growing as surface water supplies dwindle. Some 80% of groundwater used in the border region goes to agriculture. The rest is used by farmers and industries, such as automotive and appliance manufacturers.

Over 10 million people in 30 cities and communities throughout the border region rely on groundwater for domestic use. Many communities, including Ciudad Juarez; the sister cities of Nogales in both Arizona and Sonora; and the sister cities of Columbus in New Mexico and Puerto Palomas in Chihuahua, get all or most of their fresh water from these aquifers.

A booming region

About 30 million people live within 100 miles (160 kilometers) of the border on both sides. Over the next 30 years, that figure is expected to double.

Municipal and industrial water use throughout the region is also expected to increase. In Texas’ lower Rio Grande Valley, municipal use alone could more than double by 2040.

At the same time, as climate change continues to worsen, scientists project that snowmelt will decrease and evaporation rates will increase. The Colorado River’s baseflow – the portion of its volume that comes from groundwater, rather than from rain and snow – may decline by nearly 30% in the next 30 years.

Precipitation patterns across the region are projected to be uncertain and erratic for the foreseeable future. This trend will fuel more extreme weather events, such as droughts and floods, which could cause widespread harm to crops, industrial activity, human health and the environment.

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Further stress comes from growth and development. Both the Colorado River and Rio Grande are tainted by pollutants from agricultural, municipal and industrial sources. Cities on both sides of the border, especially on the Mexican side, have a long history of dumping untreated sewage into the Rio Grande. Of the 55 water treatment plants located along the border, 80% reported ongoing maintenance, capacity and operating problems as of 2019.

Drought across the border region is already stoking domestic and bilateral tensions. Competing water users are struggling to meet their needs, and the U.S. and Mexico are straining to comply with treaty obligations for sharing water.

Cross-border water politics

Mexico and the United States manage water allocations in the border region mainly under two treaties: a 1906 agreement focused on the Upper Rio Grande Basin and a 1944 treaty covering the Colorado River and Lower Rio Grande.

Under the 1906 treaty, the U.S. is obligated to deliver 60,000 acre-feet of water to Mexico where the Rio Grande reaches the border. This target may be reduced during droughts, which have occurred frequently in recent decades. An acre-foot is enough water to flood an acre of land 1 foot deep – about 325,000 gallons (1.2 million liters).

Allocations under the 1944 treaty are more complicated. The U.S. is required to deliver 1.5 million acre-feet of Colorado River water to Mexico at the border – but as with the 1906 treaty, reductions are allowed in cases of extraordinary drought.

Until the mid-2010s, the U.S. met its full obligation each year. Since then, however, regional drought and climate change have severely reduced the Colorado River’s flow, requiring substantial allocation reductions for both the U.S. and Mexico.

In 2025, states in the U.S. section of the lower Colorado River basin will see a reduction of over 1 million acre-feet from prior years. Mexico’s allocation will decline by approximately 280,500 acre-feet under the 1944 treaty.

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This agreement provides each nation with designated fractions of flows from the Lower Rio Grande and specific tributaries. Regardless of water availability or climatic conditions, Mexico also is required to deliver to the U.S. a minimum of 1,750,000 acre-feet of water from six named tributaries, averaged over five-year cycles. If Mexico falls short in one cycle, it can make up the deficit in the next five-year cycle, but cannot delay repayment further. https://www.youtube.com/embed/IgWSMgg9TmE?wmode=transparent&start=0 The U.S. and Mexico are struggling to share a shrinking water supply in the border region.

Since the 1990s, extraordinary droughts have caused Mexico to miss its delivery obligations three times. Although Mexico repaid its water debts in subsequent cycles, these shortfalls raised diplomatic tensions that led to last-minute negotiations and large-scale water transfers from Mexico to the U.S.

Mexican farmers in Lower Rio Grande irrigation districts who had to shoulder these cuts felt betrayed. In 2020, they protested, confronting federal soldiers and temporarily seizing control of a dam.

U.S. President Donald Trump and Mexican President Claudia Scheinbaum clearly appreciate the political and economic importance of the border region. But if water scarcity worsens, it could supplant other border priorities.

In our view, the best way to prevent this would be for the two countries to recognize that conditions are deteriorating and update the existing cross-border governance regime so that it reflects today’s new water realities.

Gabriel Eckstein, Professor of Law, Texas A&M University and Rosario Sanchez, Senior Research Scientist, Texas Water Resources Institute, Texas A&M University

This article is republished from The Conversation under a Creative Commons license. Read the original article.

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