Finance & Capital Management

Retailers factor in all kinds of variables when evaluating suppliers and a recent change at sauce and dressing manufacturer Litehouse gives sellers of food and consumables something new to think about.

The 50-year-old family owned Litehouse company based in Sandpoint, Idaho recently became 100% employee owned following the execution of an employee stock ownership plan. Litehouse first formed an ESOP plan in 2006 when it sold 30% of the company as a commitment to employees and their communities.

Irving, Texas – The underwriters of a public offering of 18.8 million shares of The Michaels Companies common stock have priced it at $23.52 per share. In addition, the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 2.82 million shares of common stock.

The selling stockholders will receive all of the net proceeds from this offering. No shares are being sold by the company.
 

Corte Madera, Calif. – Restoration Hardware Holdings Inc. (RH) has named Ali Rowghani to its board of directors. He will also serve on the board’s Nominating and Corporate Governance Committee.

New York -- Women’s footwear designer Vince Camuto, who co-founded Nine West Group and then went on to establish his own successful namesake clothing and footwear business, has passed away at the age of 78. Camuto died Wednesday at his home in Greenwich, Connecticut, after a battle with cancer.

In 1978, Camuto and Jerome Fisher founded Nine West Group, which they grew into a retail powerhouse. In 1999, the company was acquired by Jones Apparel Group for nearly $900 million.

New York -- Bi-Lo Holdings, parent company of Bi-Lo, Harveys and Winn-Dixie grocery stores, has appointed veteran Australian retail executive Ian McLeod as president and CEO, effective March 2. He succeeds Randall Onstead, who will remain in place through March 2.

Bi-Lo Holdings has turned to a veteran Australian retail executive to take over as president and CEO.

The parent company of Bi-Lo, Harveys and Winn-Dixie grocery stores said that Ian McLeod has been appointed president and CEO effective March 2. McLeod succeeds Randall Onstead, who will remain in place through March 2.

Canton, Mass. -- Athletic-shoe maker New Balance has teamed up with private-equity firm Berkshire Partners LLC to acquire The Rockport Company from the Adidas Group for $280 million.

Financial terms were not disclosed.

As part of the deal, New Balance affiliate Drydock Footwear LLC, whose brands include Cobb Hill, Aravon and Dunham, will join with The Rockport Co. to create The Rockport Group.

Fort Worth, Texas - RadioShack Corp. announced that it received a continued listing standards notice from the New York Stock Exchange (NYSE) on Jan. 15. The retailer received the notice because its average market capitalization was less than $50 million during a period of 30 consecutive trading days and stockholders' equity of the company was below $50 million.