International Business

Calvin Klein is aggressively expanding its e-commerce capabilities in an effort to directly sell the brand in more than 20 countries by the end of 2016, the company announced.

Los Angeles – Change is occurring at American Apparel Inc., and it may be coming from external as well as internal sources. The board of directors of American Apparel has confirmed that it has received an indication of interest to acquire the struggling company for $1.30 to $1.40 per share.    The identity of the potential buyer has not been disclosed, but in a press release American Apparel said it “takes these matters seriously, and will evaluate this proposal in the ordinary course of business. 

Mexico City - Wal-Mart de Mexico said that that Enrique Ostale, Walmex chairman and Latin America CEO for Wal-Mart Stores, will also take over as CEO of the Mexican company, effective January 1.  

  IRVINE, Calif. - Asics American has opened a 4,000 sq.-ft. store in the heart of New York City’s Times Square. Located on 42nd Street between 6th and 7th Avenue, the Times Square location is the second Asics storefront in New York City as well as the largest in the United States.   

Mexico City, Mexico - Grupo Financiero Inbursa, a banking firm owned by Mexican billionaire Carlos Slim, has reportedly bought the bank division of Wal-Mart de Mexico (Walmex) for $246.94 million, or 1.7 times Walmex’s bank capital.

 

According to Reuters, Walmex has been focusing on selling its non-core assets, such as its restaurant division, in the past year.

Cary, N.C. – Canadian convenience store conglomerate Alimentation Couche-Tard Inc., which operates stores under the Circle K banner in the U.S., has agreed to purchase The Pantry Inc., operator of the Kangaroo Express convenience/fuel chain, for $1.7 billion. Purchase price includes $861 million in cash and about $840 million in assumed debt.  

Kraft Foods Group Inc. says that CEO Tony Vernon plans to retire later this month, and the company has named Chairman John Cahill as his successor.

Vernon will retire on Dec. 27, the last day of the company's fiscal year. He will stay on as a senior adviser through March 31 and as a director until the company's next annual meeting in 2015.

Toronto  - Hudson’s Bay Co. has named Gerald Storch, the former CEO of Toys “R” Us, as its new CEO, effective January 6.  An industry veteran with over 30 years of experience, Storch oversaw the expansion of Toys “R” Us online and international business. Prior to joining the toy giant, he was vice-chairman of  Target Corp., where he founded target.com, and ran the chain’s grocery business.