International Business

Framingham, Mass. — Staples Inc. has received clearance from the Ministry of Commerce of the People’s Republic of China for its proposed $6.3 billion acquisition of Office Depot. Staples continues to seek clearance from regulatory agencies in the U.S., the European Union, Canada, and Australia.

The Commerce Commission of New Zealand gave its clearance for the transaction last week.

Toys”R”Us says it is making steady progress with its “TRU Transformation” strategy despite a decline in same store sales in the first quarter.

Same store sales for the first quarter ended May 2 fell 2.3% primarily because of what the company said was "a planned decrease in promotional activity.'' International same store sales rose 1.2%, lifted by increases in the learning and core toy categories. Total sales declined by $154 million to $2.32 billion.

London, U.K. — Gordon Brothers Europe (GBE), a firm specializing in restructurings for the retail, commercial and industrial sectors, has named Heinz Weber as president, overseeing the European subsidiary of Gordon Brothers Group. Weber has more 10 years of leadership experience with GBE, including managing director, head of D-A-CH (Germany, Austria, Switzerland), in a 20-plus-year career.

The name for Whole Foods Market's new "streamlined and value-focused brand" is not exactly streamlined.

Slated to begin opening in 2016, the new stores, called "365 by Whole Foods Market," will offer "convenience and everyday low prices on natural and organic products that meet the company's industry-leading quality standards," the company announced Thursday.

Sidney, Neb. -- Cabela’s Inc. will open a 50,000-sq.-ft. store in Halifax, Nova Scotia. Upon opening, it will become the first Cabela’s location in Nova Scotia and second in Atlantic Canada, joining the Moncton, New Brunswick store opened in May.

The retailer expects construction on the store to begin in 2016, and anticipates a 2017 opening. It will be located in the Dartmouth Crossing development near the intersection of Lakeview Drive and Wright Avenue. North American Development is the developer.
 

Philadelphia - Five Below is entering the Florida market with the opening of nine stores on June 12. These locations, which will bring the fast-growing retailer’s store count to 400, and are part of a total 70 new stores it plans to open in 2015.

“Entering the state of Florida, our 25th state and opening our first stores in Jacksonville, Orlando and Tampa, is very exciting as we continue to grow our footprint across the country," said Joel Anderson, CEO of Five Below.

The CFO of PetSmart Inc. has been appointed to the board of directors for Crocs Inc.

Carrie Teffner, the executive vice president and chief financial officer for PetSmart Inc., joined the board June 9.

Crocs also announced that current director Peter Jacobi is voluntarily retiring from his position.

Franklin, Tenn. – Retailers lose $1.1 trillion worldwide due to inventory distortion. According to new research from IHL Group, by fixing problems such as out-of-stocks and excess inventory from overstocks, retailers could improve their revenues by 7.5%.

The combined cost of poor merchandise planning alone equals $452 billion. Inventory distortion costs retailers nearly $158 for every person on the planet, and $252.2 billion annually in North America. The Asia/Pacific region contributes 39% of all inventory distortion.