International Business

Home Depot’s CEO Craig Menear will take over as chairman of the board when Frank Blake retires Feb. 2.

Menear, formerly head of Home Depot’s retail operations, was named Blake’s successor as CEO in August, and the company said at the time that Blake would remain as chairman. Menear took over the CEO role at the beginning of November.

Walgreens Boot Alliance will be looking to fill some big shoes, as Thomas Sabatino Jr., executive VP, global chief legal and administrative officer, will be leaving the company to join Hertz Global Holdings effective Feb.9.

Sabatino will join Hertz Global Holdings as senior executive VP, chief administrative officer and general counsel.

Sabatino will remain in his current role with Walgreens Boots Alliance through the end of January to ensure a smooth transition of his current responsibilities.

Leading apparel manufacturer Kellwood has named ex-Barnes & Noble chief financial officer Joseph Lombardi as CEO.

Lombardi joined Kellwood as CFO in 2013, and has three decades of retail experience across a variety of sectors, including apparel.

New York -- Target Corp. has received official approval from the Canadian goverment to shutter its troubled operations in Canada. The retailer said it has obtained an Initial Order from the Ontario Superior Court of Justice for creditor protection under the Companies' Creditors Arrangement Act.

The order allows Target Canada to proceed with a court-supervised wind-down of its business and authorizes the company to provide a debtor-in-possession credit facility of $175 million to finance its operations during the proceedings.

New York -- Staples chairman and CEO Ron Sargent will not accept a $31,000 base pay raise the board of directors had previously approved as the chain comes off a not-so-great year.

The company announced that Sargent would not accept the 2.5% pay increase, along with several noteworthy governance moves, including the appointment of an independent chair when Sargent retires.

In other board moves, current director and former Toys “R” Us CEO Robert Nakasone is relinquishing his seat to make room for a Google executive.

Brian Cornell, CEO and chairman of Target Corp., used the company’s A Bullseye View blog to discuss Target’s decision to shutter its operations in Canada.

Does this decision mean that Target is declaring bankruptcy?

Minneapolis – Target is calling its quits in Canada. The retailer said is closing down its troubled Target Canada business. The chain previously indicated it would review its Canadian subsidiary, which launched with great fanfare in March 2013, after the 2014 holiday season.

Holiday sales in 2014 were strong, and enthusiastic shoppers helped Toys “R” Us and Ikea raise nearly $20 million for children's charities.

The Toys “R” Us annual fundraising campaign to benefit the Marine Toys for Tots Foundation was its most successful to date, raising $6.4 million and collecting more than 220,000 toys.

Overshadowed by Target’s bombshell announcement to exit Canada, the retailer said U.S. sales – and profits – were much better than expected during the holidays.

The favorable combination of increased traffic and stronger than expected digital sales enabled the company to produce a 3% same store sales increase during November and December versus an earlier forecast which called for 2% growth.

Talk about ripping off the Band-Aid. Target Chairman and CEO Brian Cornell moved swiftly and decisively in deciding to exit Canada, however his actions aren’t without precedent.

Big Lots took similar action after it entered Canada and last fall, a month after Cornell took the helm, the prospects of Target’s exist from the market were explored in the third quarter edition of Retailing Today’s Target Supplier News publication. This is that story: