International Business

Miami -- Burger King Worldwide agreed to buy Canadian quick-serve chain Tim Hortons for approximately $11.4 billion, creating the world’s third largest quick-serve restaurant company. Under a tax inversion deal, the corporate headquarters of the new company will be in Canada, where the combined company’s biggest market will be.  

Sandy Kennedy, president of the Retail Industry Leaders Association (RILA), has offered her two cents on the standoff surrounding the union negotiations at the West Coast ports.

Kennedy addressed a letter to the heads of the Pacific Maritime Association (PMA) and the International Longshore and Warehouse Union (ILWU), speaking on behalf of retailers who are experiencing uncertainty and instability over the ongoing conflict.

Arlington, Va. -- The president of the Retail Industry Leaders Association, Sandy Kennedy, has sent a letter to the heads of the Pacific Maritime Association (PMA) and the International Longshore and Warehouse Union (ILWU) urging them to remain focused on securing a new, long-term contract in the immediate future to ensure stability at the west coast ports. The letter reflects the growing angst among the retail community over the lack of a new agreement.

New York -- Burger King Worldwide is in discussions to buy Canadian coffee and doughnut chain Tim Hortons. The two companies said in a joint statement on Monday that the new publicly listed entity would be based in Canada. The move comes as the White House is calling on Congress to take steps to prevent U.S. companies from moving outside the country (“tax inversions”).

The two restaurant companies are currently worth a combined total of about $18 billion, according to media reports.

New York – Ann Inc. is being urged to explore options, including a sale, by activist investor Engine Capital and Red Alder. The two firms, who collectively own more than 1% of the outstanding shares of Ann Inc., are publicly urging the company to sell at a substantial premium above current stock price.

New York - Imports to the U.S. were up in July from June, and there was a measurable year-over-year increase. According to a new report from supply chain research firm Panjiva, July 2014 showed levels of imports 2% higher than imports in July 2013.

San Paulo, Brazil -- NCR Corporation announced that Formosa Supermarket, one of the biggest supermarket chains in Brazil, chose an NCR hardware solution to expedite service in its stores.

Formosa Supermarket enjoys some of the highest revenues per store and by checkout in Brazil. Increased store activity, combined with hot and humid weather conditions required Formosa Supermarkets to incorporate a solution that not only handled large volumes but could also stand up to the climate.

New York -- Toms, the footwear company best known for donating a pair of shoes to a child in need for every pair it sells, has sold a 50% stake in its company to private equity giant Bain Capital LLC. The investment will help Toms expand its distribution in Europe, Asia and in the United States, including increasing its store count from its current two locations.

The investment reportedly values Toms at about $625 million, including debt. Blake Mycoskie, who founded Toms in 2006, will retain a 50% stake and remain at the helm.