Finance & Capital Management

Global flavorings leader McCormick & Company named Eli Lilly & Company executive Jacques Tapiero to its board.

Tapiero has served as SVP and president of emerging markets for Lilly since 2009 and brings more than 25 years of international business experience to the $3.5 billion spice company. Tapiero currently leads Lilly's business strategy in many of the world's fastest-growing markets, such as China, Russia, Brazil, Mexico, South Korea and Turkey. He is a member of Lilly's executive committee.

CLEVELAND — A greeting cards company announced that its board of directors has received a nonbinding proposal to go private.

American Greetings confirmed that the board received a letter from CEO Zev Weiss, president and COO Jeffrey Weiss, along with certain other members of the Weiss family and related parties, to acquire all of the outstanding class A and class B common shares of American Greetings not currently owned by the them for $17.18 per share.

WASHINGTON — The National Retail Federation estimates that U.S. retailers and their customers are benefiting from savings of up to $18 million every day since the implementation of the debit card swipe fee reform.

Riverside, Calif. -- Vestar, in a joint venture with a fund advised by UBS Global Asset Management, announced that it has acquired Riverside Plaza, a 475,211-sq.-ft. retail center located on 35 acres in Riverside, Calif., for $84,844,000 in an all cash transaction. The acquisition marks one of the largest investment sales transactions in Southern California's Inland Empire region in the past 10 years. Vestar currently manages more than 22 million sq. ft. of retail properties in the West.

Foothill Ranch, Calif. -- The Wet Seal said that two independent proxy advisors, Institutional Shareholder Services and Egan-Jones Proxy Services, recommended that the chain’s shareholders reject efforts by Clinton Group to replace six members of the company’s board of directors.  

Fort Worth, Texas -- RadioShack Corp. said CEO James Gooch has agreed to step down from his position, effective immediately. The company did not specify a reason for his departure. Gooch was appointed CEO in 2011 and has been working to boost stagnant sales.

RadioShack said its board is conducting a search for a successor and would not rule out internal candidates. In the interim, executive VP and CFO Dorvin Lively will serve as the acting CEO.

New York -- A U.S. judge in San Francisco has certified a class-action lawsuit against Costco Wholesale Corp. that involved allegations of gender discrimination in the store's promotion practices.

“Costco offers numerous competing explanations for the observed gender disparity in promotions,” U.S. District Judge Edward Chen said in the ruling, Bloomberg reported. “None of these explanations undermine the companywide nature of the challenged policies and their disparate effects.”

Menomonee Falls, Wis. -- Kohl’s Department Stores announced the grand opening of 12 stores, creating approximately 1,500 jobs nationwide. The company now operates 1,146 stores in 49 states.

The company is celebrating the grand opening of 12 stores in 10 states, including Connecticut, Georgia, Iowa, Kansas, Maryland, Massachusetts, North Carolina, South Carolina, Virginia and Washington. Of the 12 new locations, 11 are small format stores with approximately 64,000 sq. ft. or less of retail space.

WASHINGTON — The air is getting colder and retailers are already gearing up for the Christmas season, but before they do that, they will have to get through Halloween.

FRAMINGHAM, Mass. — Staples plans to improve customer experience, accelerate growth and deliver value to shareholders through a new strategic plan. Under the plan, Staples will integrate its retail and online offering, increase investment in its online businesses, reorganize its operations, implement leadership changes, initiate a multi-year cost savings plan, and restructure its international operations.