Labor & Employment

BENTON HARBOR, Mich. -- Whirlpool Corporation announced fourth-quarter net earnings of $171 million, or $2.19 per diluted share, compared with $95 million, or $1.24 per diluted share reported during the same period last year.  Fourth-quarter adjusted diluted earnings per share totaled $2.11 compared with $1.67 in the prior year.  Sales of $5 billion increased 4% from the fourth quarter of 2009.

Fourth-quarter operating profit totaled $202 million compared with $199 million in the prior year.  

New York City -- The City Council of San Diego repealed strict limits on new retail supercenters Tuesday amid concerns over the cost of a ballot measure forced by a Walmart-led petition drive, the Associated Press reported.

The 7-1 vote came less than two months after the council required retailers such as Walmart to study how so-called "big-box" stores would affect the economy and traffic. Opponents of the measure said it amounted to a ban.

New York City -- Walmart has reached a deal in principle with the Building and Construction Trades Council of Greater New York, Crain’s New York Business reported. The agreement guarantees union workers will construct or renovate any stores that the chain opens in the city during the next five years, Crain’s New York reported.

The agreement is a win for Walmart, which has faced tough opposition from unions in New York City.

HOFFMAN ESTATES, Ill. -- Sears Holdings announced that as part of the continuing transformation of the company, Scott Freidheim has been appointed EVP, president Kenmore, Craftsman and DieHard.

"Scott is a strong leader who will heighten our focus on our Kenmore, Craftsman and Diehard brands," said Bruce Johnson, interim CEO and president of Sears Holdings. "I believe he will be a tremendous asset to this business as we drive new ideas forward."    

NEW YORK -- New York & Company announced that it has promoted Gregory Scott, president, to the role of CEO effective Feb. 12. As previously announced, Richard Crystal, current chairman and CEO, will retire from the company and its board of directors effective Feb. 11. Grace Nichols, who has served as a director since March 2008, will assume the role of non-executive chair of the board effective Feb. 12. Scott will remain a director of New York & Company’s board, which will be comprised of ten members.

New York City -- A report released Monday by Bloomberg said that J. Crew Group’s $10 million settlement of an investor lawsuit over the proposed takeover by private-equity firms TPG Capital and Leonard Green & Partners LP has fallen apart.

Citing a lawyer for the shareholders, the report said that J. Crew officials undermined a deal in which the clothier agreed to extend the period to solicit competing offers to the $3 billion buyout bid. The accord also included a $10 million payment to plaintiffs.

New York City -- New York & Co. said Tuesday it has promoted current president Gregory Scott to the role of CEO, effective Feb. 12.

Richard P. Crystal, current chairman and CEO, had previously announced his impending retirement, effective Feb. 11.

Grace Nichols, who has served as a director since March 2008, will assume the role of non-executive chair of the board effective Feb. 12. Scott will remain a director on the company’s board.

By Eric White, Doug Reynolds and Michael Rozin

Retail is an evolving business that must constantly adapt to changing consumer demands, technologies and economic and demographic trends. Retailers are extremely adept at this, and are perpetually reinventing the way they do business, both in terms of interactions with consumers and also how they streamline operations. This is a requirement for successful retailers because, like it or not, everything impacts retail: technology, weather, politics and even terrorism.