Consumer Affairs & Relations

HUDSON, Ohio - Jo-Ann Stores announced that it has entered into a definitive agreement to be acquired by an affiliate of Leonard Green & Partners, L.P., for a total price of approximately $1.6 billion, or $61 per share in cash. The offer price represents a 34% premium to the closing price of Jo-Ann’s shares on Dec. 22.

Less than desirable economic conditions don’t seem to faze Bed Bath & Beyond, which again this week reported another quarter of strong financial results. The company said its earnings per share for the third-quarter period ended Nov. 27 increased 28% to 74 cents, handily exceeding analysts’ consensus estimate of 66 cents. Sales increased roughly 11% to $2.2 billion and same store sales advanced 7% on top of a prior-year comp increase of 7.3%.

Connecting Northwest Arkansas earlier this month published the results of a survey of Walmart suppliers that revealed some interesting insights and this week spawned a few inaccurate headlines from various news organizations. The most notable was a headline on a Bloomberg story, which said Walmart suppliers lacked confidence in company CEO Mike Duke and that senior managers were explaining the company’s strategy. That’s a powerful statement and would be quite an indictment of the company’s chief executive and senior leadership team, if it were true.

TORONTO - Sears Canada announced that it has appointed Sharon Driscoll as SVP and CFO. Driscoll has held her current position with the company as SVP finance, since November of 2008.

Prior to joining Sears in 2008, Driscoll was employed with Loblaw Companies Limited, holding the position of SVP corporate development, and before that SVP finance national merchandising and SVP finance retail Ontario region. 

MOORESVILLE, N.C.  - Lowe’s announced that it is the first national retailer to offer consumers the industry’s first and only Energy Star-rated LED A-Line bulb. 

The GE Energy Smart 9-watt LED light bulb is rated to last more than 22 years, according to Lowe's, and is priced at $34.98.

American consumers had more than holiday shopping on their mind during the third quarter as evidenced by record sales results from CarMax. The nation’s largest seller of used cars with 103 superstores nationwide said its same-store sales increased 16% during then third quarter ended November 30. Total sales increased by 23% to slightly more than $2.1 billion and earnings per share of 36 cents were two cents better than analysts forecast.

BEVERLY HILLS, Calif.  - Raymour & Flanigan announced the arrival of the Kathy Ireland Home brand to its collection of furniture products. The line will be available in the first quarter of 2011.

QUINCY, Mass. - Stop & Shop Supermarket announced that it set a new record in 2010 with its annual Food for Friends campaign. More than $2 million -- a 40% increase from 2009 -- will be donated to more than 300 local food pantries and regional food banks throughout Stop & Shop's operating areas this year, the company reported.

Atlanta - U.S. regulators have sued a former sales executive at Carter’s Inc., claiming that he caused the company to misstate earnings by hiding the cost of discounts given to a retailer. 

According to a Monday report by the Securities and Exchange Commission, Joseph Elles induced Kohl’s Corp. to boost purchases from Carter’s from 2004 to March 2009 by granting unauthorized discounts that he didn’t disclose.