Finance & Capital Management

Washington, D.C. -- A report released Thursday by the U.S. Labor Department showed that jobless claims in the United States rose by 26,000 for the week ended March 5, to 397,000.

Economists expected claims would climb to 376,000, according to a Bloomberg News survey. The total number of people receiving benefits in the prior week fell to the lowest since October 2008.

Washington, D.C. -- A Wednesday report by Bloomberg said that Wal-Mart Watch, a union-funded group that advocates for Wal-Mart Stores workers, said Justice Antonin Scalia should disqualify himself when the U.S. Supreme Court considers the company’s bid to derail a gender-bias suit on behalf of potentially one million employees.

London -- Wm. Morrison Supermarkets PLC said Thursday that it has acquired a 10% stake in U.S. online grocer FreshDirect, based in New York City.

According to Morrison, the U.K. fourth-largest supermarket chain, the acquisition marks its debut in the online food market.

Morrison has also announced plans to test a c-store format and to expand its grocery store counts in order to increase its presence in the U.K grocery market.

In the Feb. 24 edition of SiteTalk, we asked you about Borders'just-announced Chapter 11 bankruptcy and closures, and to what retailers you thought some of that prime real estate would go. Here is what two of our readers had to say:

"[I think they will go to] regional furniture chains [Value City] and regional electronics such as Hhgregg."
-- Joe Deckop
Columbus Consulting
Columbus, Ohio

PITTSBURGH – Shortly after reporting a 16% increase in continuing operations for its fourth quarter ended Jan. 29, American Eagle Outfitters, announced that its CEO, James O’Donnell, has informed the board of directors of his intention to retire, and the company has initiated a succession process to be jointly led by O’Donnell and the board. American Eagle said O’Donnell will continue with the company as CEO until a successor is named and through an orderly transition period.

MENOMONEE FALLS, Wis. -- Kohl’s Department Stores announced the grand opening of nine new stores across seven states, which the company said will create more than 1,200 jobs.

The new stores were opened Illinois, New York, South Dakota, Texas, Virginia, Washington and Wisconsin. In addition, Kohl's plans to open a total of approximately 40 new stores in 2011. The company said it also plans to remodel approximately 100 stores in 2011, an 18% increase from 2010.

PLEASANTON, Calif. — Safeway on Tuesday said that it expects to earn $1.60 to $1.80 per diluted share during the quarter, after the company's board approved a $1.1 billion dividend from Canada to the United States.

 The dividend, Safeway said during its 2011 investor conference, will be used to pay off $600 million of U.S. debt, and the company will use the remainder of the dividend for share repurchases.

DEERFIELD, Ill. — Walgreens on Wednesday sold its pharmacy benefit management business, Walgreens Health Initiatives, to Catalyst Health Solutions in a cash transaction for $525 million, subject to certain adjustments. The transaction is structured as an acquisition of all of the capital stock of WHI.

BOCA RATON, Fla. -- The South Florida Business Journal  reported Tuesday that Office Depot has dismissed David Grove, SVP contract sales for the company. 

According to the report, Grove's termination was unrelated to company operations, citing an Office Depot statement. Grove joined the company just 14 months ago.

Before joining Office Depot, Grove served in various roles in the office products field including president business interiors at Corporate Express and director of business development at United Stationers.

Reducing the number of hours truck drivers are allowed to spend behind the wheel sounds like it would be a good idea to improve the nation’s roadways, but nothing could be further from the truth, according the Retail Industry Leaders Association.

The trade group is looking to defeat new rules proposed by the Federal Motor Carrier Safety Administration that includes a provision that would reduce to 10 from 11 the number of hours drivers are allowed to drive before taking a 34-hour break.