International Business

New York -- Richard Schulze, the founder of Best Buy, is recruiting a team of managers to run the company should his attempt to take the company private be successful, according to a report by Bloomberg.

“He is talking to people he trusts. There is a small group he’d like to have with him in righting the ship,” J.D. Wilson, senior VP of enterprise capabilities, said in an interview with Bloomberg.

Wilson said his position is being eliminated as part of Best Buy’s planned cutbacks.

LONDON — Unilever has put its North America frozen meals business on the sales block.

Retired KPMG International chairman Timothy Flynn was named to the Walmart board of directors on Monday amid ongoing investigations into whether the company violated the Foreign Corrupt Practices Act.

MONTREAL — Toy manufacturer Mega Brands reported that net sales in the second quarter increased 13% to $94.5 million compared with $83.9 million in the corresponding 2011 period.

Toy sales increased 14% compared to the second quarter of 2011, driven by higher product shipments in the preschool and boys construction categories. Toy sales have increased year-over-year in ten of the last 11 quarters.

Sales of stationery and ctivities products were up 10%, the fifth consecutive quarter of year-over-year growth in this segment.

HAMILTON, BERMUDA — Specialty retail jeweler, Signet Jewelers, has named a Procter & Gamble executive to its board of directors.

Virginia Drosos, group president global beauty, skin, cosmetics and personal care for Procter & Gamble, who will retire from this position effective Sept. 1, joined the Signet board on July 25.

An “exclusive” report from Reuters this week suggests U.S. authorities are poised to put the retail industry under the microscope as a result of Walmart’s bribery scandal in Mexico.

Chicago -- A Thursday report compiled by Reuters and published in the Chicago Tribune said that U.S. authorities are weighing whether or not to launch a wide-scale investigation of the retail industry for bribery violations.

The news comes after Wal-Mart de Mexico came under scrutiny for potentially violating an anti-foreign bribery law, allegedly orchestrating bribes of $24 million to facilitate its growth in the region.     

Eugene Fife is the newest member of the Office Depot board.

The office products retailer added Fife to the board after James Rubin stepped down. Rubin was required to give up his seat because of a stipulation in an investor rights agreement Office Depot struck with BC Partners in 2009 that gave the firm three board seats after it made a sizable investment. The agreement required BC Partners board members to be employed by the firm and because Rubin recently resigned from BC Partners he was no longer allowed to serve on the Office Depot board.