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Labor & Employment

  • Judge recommends Wal-Mart face shareholder suit

    Bentonville, Ark. – U.S. Magistrate Judge Erin Setser has recommended that Wal-Mart Stores Inc. and former Wal-Mart CEO Mike Duke face a shareholder lawsuit alleging they concealed corrupt activities at Wal-Mart’s Mexican operation.

    The suit, filed by a Michigan pension fund, claims Wal-Mart knew of bribery allegations involving its Wal-Mart de Mexico business in 2005 and conducted an internal investigation in 2005 and 2006, but never notified shareholders.

  • McCormick taps new president of U.S. consumer

    McCormick & Company has named Brendan Foley as president of U.S. consumer effective June 2. Foley will lead the largest business unit for McCormick and will report directly to president of global consumer and CAO Lawrence Kurzius.

  • Wendy’s net income soars in Q1; to open 60 stores

    Dublin, Ohio – The Wendy’s Co. reported soaring net income in the first quarter of fiscal 2014 on lower costs and a sharp decline in interest expenses. The company also said it plans to open 60 new corporate and franchised stores, as well as remodel up to 400 corporate and franchised stores.

    Wendy’s net income skyrocketed from $2.1 million to $46.2 million, aided by a $15 million year-over-year reduction in interest expense as a result of the company's 2013 debt restructuring.

  • Sears planning to close more stores going forward

    New York -- There are more store closings in Sears’ future. In an address at Sears Holding Corp.’s annual shareholders meeting, chairman and CEO Edward Lampert said the company would close stores and look for ways to leverage its real estate as it continues to focus on integrated omnichannel retail and its Shop Your Way rewards program.

    "Closing stores is going to be part of our future," Lampert said. "I'd rather do (fewer closures) rather than more, but the world has shifted."

  • Supervalu to acquire Rainbow Stores in the Twin Cities

    Supervalu, the owner of Cub Foods, along with four Twin Cities-based independent grocery retailers, have each entered into definitive agreements to acquire select Rainbow Foods grocery stores. In total, they agreed to acquire 18 Rainbow grocery stores, including 13 Rainbow pharmacies and three Rainbow liquor stores in Minnesota.

  • Present Value Properties names new executive VP

    Tustin, Calif. — Present Value Properties, a real estate brokerage and consultant, has appointed real estate veteran Bradley O. Whitaker executive VP. His responsibilities include expanding investment acquisitions and sales, develop partners and look for opportunities. In addition, he will open the firm’s first Utah office.

  • Whole Foods’ record revenue increase not enough for Street

    Despite the Easter holiday shift, Whole Foods reported second-quarter revenue of $3.32 billion, a record increase of 10% from the prior-year quarter. But the record was not enough for Wall Street, which expected $3.34 billion.

    The company’s earnings per share of 38 cents for the quarter also came in below expectations of 41 cents per share.

  • Ross Stores names chief merchandising officer Barbara Rentler as new CEO

    Dublin, Calif. -- Ross Stores’ board approved a succession plan that elevates Barbara Rentler from president and chief merchant to CEO, effective June 1, replacing Michael Balmuth who will transition to executive chairman.

    Current president and COO Michael O’Sullivan will continue in his present position.

    Other promotions effective June 1 include: Lisa Panattoni to president, merchandising; and Bernard Brautigan to group executive VP merchandising.

     

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