International Business

Camp Hill, Pa. – Rite Aid will remove François J. Coutu from the board of directors effective as of Oct. 31. 24/7 Wall Street reports that a recent share sale by The Jean Coutu Group, which has held a seat on the board since 2007, brings its ownership of the company under the 5% threshold for board membership.

According to 24/7 Wall Street, The Jean Coutu Group has been selling Rite Aid shares at less than purchase price for some time.

LAKEVILLE-MIDDLEBORO, Mass. — Ocean Spray Cranberries has appointed Thano Chaltas to the newly created role of global CMO. He will report directly to Ken Romanzi, SVP and COO of Ocean Spray Brands.

Chaltas will be responsible for global brand development, and a part of the grower-owned cooperative’s leadership team. 

Seattle -- Starbucks Coffee Company is entering the yogurt business. The company announced it has entered into a strategic agreement with the makers of Dannon to offer a jointly created and developed selection of specialty yogurt products in participating Starbucks stores and in grocery channels.

UPS reported second quarter results that were below the company's expectations as a result of disappointing performance in freight forwarding and a "slight miss" in International package.

New York -- A buyout of Saks could further downgrade the retailer’s already low credit rating. According to a report in the Wall Street Journal, credit rating provider S&P has placed Saks’ already non-investment-grade rating on watch for potential downgrade because any buyout would likely be leveraged with a large amount of debt. S&P currently gives Saks a credit rating of BB, the second-highest “junk bond” rating, which affects Saks’ loan interest rates.

DALLAS — Kimberly-Clark Corporation’s net sales for the second quarter ended June 30 were flat at $5.27 billion compared to the year-ago period. 

Sales adjusted to exclude the impact of changes in foreign currency exchange rates and lost sales as a result of European strategic changes and pulp and tissue restructuring actions rose 3.

Pittsburgh -- GNC Holdings Inc. on Monday opens its first freestanding store in China. The store, located in the Raffles City complex in Shanghai, is the first of about 25 standalone stores GNC plans to open in China during the next 12 months.

PAWTUCKET, R.I. — Hasbro reported net revenues of $766.3 million for the second quarter ended June 30, a 6% decline compared to $811.5 million in 2012. Despite seeing growth across its girls, games and preschool categories, it was not enough to offset a decline in the company’s boys category.