Labor & Employment

New York -- Lululemon Athletica Inc.’s founder, Dennis "Chip" Wilson, reached an agreement to sell half his stake in the women's yoga-wear company to Advent International of Boston for $845 million. The deal will give Advent, which owned shares of Lululemon from 2005 to 2009 and was one of the company's early venture capital backers, 20.1 million shares, or 13.9% of the company (Lululemon went public in 2009). It also gives Advent two seats on the board, including Advent's managing partner David Mussafer, who will become co-chairman of the retailer.

The nation’s largest retailer of used cars has turned to the CPG world to hire Jim Lyski as its new chief marketing officer.

Lyski spent the past three years as chief marketing officer at The Scotts Miracle-Gro Company where he led all brand responsibilities, including global innovation, product development, positioning, advertising, packaging, pricing and promotions. Prior to Scotts, Lyski was CMO at Nationwide Mutual Insurance Company. He has also held marketing roles at Cigna Healthcare and FedEx.

A massive new Academy Sports and Outdoors distribution center in Tennessee is expected to fuel the retailer’s growth for years to come when the 1.6 million-sq.-ft. facility opens in 2016.

Tewksbury, Mass. – Delhaize Group, parent company of Maine-based supermarket chain Hannaford Bros. Co., is reportedly making a bid for part or all of the embattled Market Basket grocery chain. Market Basket operates 71 stores in Massachusetts, New Hampshire, and Maine, and has been embroiled in a dispute with employees over management since July.

Memphis, Tenn. – Fred’s Inc. expects to report a net loss of $0.15 to $0.20 per share. The discount chain cited transitional costs associated with implementing its convenience center model, as well as vendor-related cost pressures on pharmacy, as driving the negative profit growth.

However, not all the financial news was bad for Fred’s in the second quarter. Compared to same period a year earlier, Fred’s total sales grew 2% to $490.6 million, from $482.2 million. Same-store sales declined 0.1% for the quarter.

San Antonio, Texas - CST Brands Inc. has entered into definitive agreements to purchase 100% of the membership interests of Lehigh Gas GP LLC, the general partner of Lehigh Gas Partners LP, from Lehigh Gas Corporation.The aggregate consideration will be $17 million in cash and approximately two million CST shares.

Toronto – Canadian Tire Corp. has named Michael Medline, who has served as company president since November 2013, as president and CEO effective Dec. 1. Current CEO Stephen Wetmore has agreed to remain on the board of directors in a new, non-executive position of deputy chairman.

Costs related to the exit of its Rainbow business in the Twin Cities markets, as well as the upcoming closure of a distribution center, helped push Roundy’s to a net loss of $13.5 million in the second quarter of fiscal 2014.

Net income for the quarter was $11.6 million, while net sales from continuing operations for second quarter 2014 were $971.9 million, an increase of 12% from $868.3 million for second quarter 2013. Same-store sales dropped 2.2%.

The retail industry and many of those who work at Walmart are going to get a double shot of Greg Foran next week. The former international executive assumes his new role as CEO of the Walmart U.S. division as the retailer prepares to release second quarter results and host a major U.S. manufacturing summit.

New York -- Target Corp. has added its name to a legal defense of gay marriage. The move comes four years after the company was criticized for supporting a strident opponent of same-sex unions.

Target signed a court brief backing marriage equality in a pending court case and publicly declared its support of gay marriage, joining the likes of Starbucks, Apple and Intel.