International Business

The Marine Stewardship Council received a nearly $11 million cash infusion from a trio of charitable foundations, including the Walton Family Foundation.

The groups said the multi-year investment would support expansion of a seafood certification program and continue development of partnerships with fishermen, industry and retailers.

New York -- Shares of Sears Holdings were under heavy selling pressure Thursday morning, sliding 7% to $53.38 on Standard & Poor's. S&P plans to remove the chain from its S&P 500 Index because the chain’s public float has has been below the index's 50% threshold for an extended period of time.

The Sears' name, in one form or another, has been in the S&P 500 since it was created some 55 years ago. Sears will be removed from the index at the close of trading on Sept. 4. The retailer will be replaced by chemical maker LyondellBasell.

Sears Holdings will lose its spot in the S&P 500 after the close of trading on Sept. 4. It will be replaced by chemical maker LyondellBasell (LYB).

As one of America’s oldest retailers, Sears, Roebuck & Co. was one of the original members of the S&P 500 when the index was created in 1957 (69 of the index’s original components are still in the S&P 500 today, according to S&P’s Howard Silverblatt).

BRUSSELS — Delhaize's U.S. division has a new leader.

The supermarket conglomerate announced that Roland Smith will serve as Delhaize America's president and CEO, as well as EVP of the Delhaize Group, effective Oct. 15. Smith is replacing Ronald Hodge, who will be retiring from his post this year. Hodge will serve in an advisory role to ensure a smooth transition.

Everyone who is anyone will be on hand in New York next week for the nineteenth annual Goldman Sachs Global Retailing Conference so its not surprising that Walmart U.S. president and CEO Bill Simon will be in attendance.

BURLINGTON, Mass. — New Balance is engaging Demandware to power its new e-commerce sites for its New Balance, Warrior, Cobb Hill, Aravon and Dunham brands. New Balance plans to use Demandware to launch additional sites in new international markets and for other brands, including PF Flyers.

Target’s second quarter sales increased 3.5% to $16.5 billion and the company’s profits grew 2.9% to $1.06, five cents better than analysts expected.

The company’s second quarter results were negatively affected by pre-opening expenses related to next year’s entry into Canada. Excluding those expenses, Target said its profits would have increased 4.6% to $1.12 compared to $1.07 last year. Including expenses related to Canada, Target increased its full year profit forecast to a range of $4.20 to $4.40 from an earlier guidance range of $4.10 to $4.30.

Hong Kong -- Taubman Asia confirmed a joint venture agreement between Taubman TCBL and Beijing Wangfujing Department Store (Group) Co., Ltd (Wangfujing), one of China's largest department store chains.
 
The joint venture will own a controlling interest in and manage a shopping center to be located at Xi'an Saigao City Plaza, a large-scale mixed-use development in Xi'an, China, which is developed by Shaanxi Fuli Real Estate Development Co. Ltd. This is the first retail development by Taubman TCBL in China since the company was formed in late 2011.