Labor & Employment

Starboard Value CEO and chief investment officer Jeffrey Smith has resigned from the Office Depot board, effective immediately. The company’s nominating and governance committee plans to start a search for a replacement.

Washington, D.C. -- Retailers concerned by the lack of a West Coast longshoremen’s contract will continue to bring merchandise into the country at above-average levels this month but volume will drop from the record set in August, according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates.


Fort Worth, Texas – Analyst firm Wedbush Securities is reportedly advising clients that a bankruptcy is “imminent” at RadioShack. According to Barron’s, Wedbush has lowered its target price for RadioShack to $0, citing concerns including inability to secure lender approval for 1,100 proposed store closings and general weakness in the consumer electronics sector.

Long Island City, N.Y. -- The Yankee Candle Company is working with Michael C. Fina on the design and deployment of Yankee Candle’s employee recognition program.

Michael C. Fina is helping Yankee Candle celebrate their employees’ company achievements and milestones, including service anniversaries, with a dedicated recognition program designed to align with Yankee Candle’s corporate goals and unique work culture.

Plano, Texas – J.C. Penney Company Inc. is raising capital by selling $350 million worth of senior notes due in 2019. The proceeds will mostly be used by pay off fees and expenses related to previous senior notes offering coming due in 2015, 2016 and 2017.

Canton, Mass. – Baskin-Robbins is expanding its footprint in Southern California with both existing and new franchisees from San Diego to Bakersfield, California. Existing Baskin-Robbins shops also are available throughout Southern California.

Houston – Shipley Do-Nuts has signed a development agreement with Adkins Development Corp. to accelerate expansion in the Dallas/Fort Worth market. The agreement requires Adkins to open a minimum of 60 stores during a 15-year period.

Duluth, Minn. -- Maurices, a subsidiary of the Ascena Retail Group, announced that Ali Wing has been named chief marketing officer, executive VP of digital commerce. Wing joins Maurices after 10 years as CEO and founder of giggle, a multichannel retailer, wholesaler and licenser of baby products.

As part of its continued long-term profitable growth strategy, Toys“R”Us has appointed a number of executives to key leadership roles.
 

General Mills is in the process of acquiring leading natural and organic food company Annie’s for $46 per share in cash, for a total transaction value of approximately $820 million.  

The transaction consideration represents a 51% premium over Annie’s 30-day average closing price of $30.47 as of Sept. 5. Annie’s will continue to be headquartered in Berkeley, California.