International Business

ISSAQUAH, Wash. — First it was Steve Jobs, and now Costco’s legendary co-founder Jim Sinegal is stepping down as CEO.

Boca Raton, Fla. -- Office Depot is expanding into the Caribbean as part of its franchise agreement with Benmore International. The company has opened a store in Santo Domingo, Dominican Republic. It plans to open three additional locations in the Dominican Republic in 2012.

In addition to its operations in various Central American countries and Puerto Rico, Office Depot plans to further expand its business throughout the Caribbean.

London -- Grocery giant Tesco PLC said Wednesday it is pulling out of Japan, which means shuttering 129 small, leasehold-owned stores in the Greater Tokyo area, which employ 4,000 people. The country is the smallest of Tesco’s international retail businesses, and the weakest for sales growth in the 2010-2011 fiscal year.

“Having made considerable efforts in Japan, we have concluded that we cannot build a sufficiently scalable business,” said Philip Clarke, CEO.

South Deerfield, Mass. -- The Yankee Candle Co. has opened its first company-owned retail stores in Canada. Yankee Candle will open five stores in the greater Toronto area before Sept. 16. The first three locations in Pickering, St. Catharine's and Hamilton, Ontario, are now open. In the coming weeks, the company will open stores in Barre and Kitchener, Ontario.

Nashville, Tenn. – Genesco, parent to the Journeys, Lids and Johnston & Murphy banners, reported Wednesday a loss of $392,000 for the quarter ended July 31, compared with a loss of $3.2 million in the year-ago period.

Sales rose 29% to $471 million, from $364 million. Same-store sales surged 14%, with the Lids Sports Group up 12%, the Journeys Group up 15%, the Johnston & Murphy Group up 17%, and the Underground Station Group up 10%.

The company said it is raising its fiscal 2012 guidance, based on the performance.

Bentonville, Ark. -- Walmart U.S. President and CEO Bill Simon addressed attendees at the American Legion's 93rd National Convention on Wednesday, telling fellow Americans, veterans and Legionnaires that Walmart would create jobs in the U.S. by hiring more than 15,000 people to work in about 100 new and expanded Walmart stores by fiscal year's end.

Durham, N.C. -- Cree has acquired Ruud Lighting, a supplier of LED outdoor lighting, at an estimated net cost of approximately $525 million. The companies’ shared focus on best-in-class LED-based systems has led to thousands of LED lighting installations over the past several years, Cree said.

Ruud Lighting will continue to be based in Racine, Wis., and will operate as a subsidiary as part of Cree’s lighting business.
 

New York City -- Japanese fast-fashion giant Uniqlo is set to open its largest global flagship to date, an 89,000-sq.-ft. store on Fifth Avenue in Manhattan. The store, which will also be the larger single retailer on Fifth Avenue, will open on Oct. 14.

One week later, Uniqlo will debut a second flagship in Manhattan, a 64,000-sq.-ft. store 34th St. It will be the chain’s second largest global flagship