Labor & Employment

Hampstead, Md. -- Preparing for a potential fight against Men’s Wearhouse’s unsolicited acquisition bid, Jos. A. Bank Clothiers is ramping up its "poison pill" defense.  

Jos. A. Bank said Friday that it is lowering its ownership threshold to 10% from 20%, which is the same ownership threshold as Men's Wearhouse's shareholder rights plan.

Such a plan typically allows existing shareholders to acquire more stock at a discounted rate to ward off the investor collecting a big stake.

Raj Jain, the former head of a joint venture between Walmart and Bharti Enterprises, has joined Bharti Retail as CEO.

Jain spent six years with the joint venture, Bharti Walmart, most recently serving as president of Walmart India. He left the joint venture in June 2013, four months before Walmart and Bharti announced they would independently pursue retail opportunities in India.

Joining Jain at Bharti Retail is his former joint venture colleague Panka Madan who will serve as CFO. Madan also served as CFO of Bharti Walmart but left the joint venture in 2012.

Archer Daniels Midland Company (ADM) has appointed Ben Bard as VP and global chief compliance officer, effective Jan. 20.

Bard will be responsible for ADM’s Office of Compliance and will oversee the company’s compliance policies and programs, including the code of conduct, ethics helpline, global anti-corruption program, trade compliance, antitrust and competition law, data protection, privacy and conflict of interest policies.

Wilmington, Del. — Law firm Rigrodsky & Long, P.A is investigating potential legal claims against the board of directors of Arden Group, Inc. regarding possible breaches of fiduciary duties and other violations of law related to the company’s entry into an agreement to be acquired by global private investment firm TPG, in a transaction valued at approximately $394 million.

Altoona, Pa. — David Woodley, VP of sales and marketing for convenience store chain Sheetz, has moved into the executive VP spot vacated by Louie Sheetz.

The new year is off to a solid start with an upturn in consumer confidence. After two months of decline in the wake of the partial government shutdown, the Conference Board has found that consumer confidence has bounced back to its highest level since September.

December's index came in at 78.1, up from an upwardly revised figure of 72.0 in November and 72.4 in October.

Private equity firm Bain Capital concluded 2013 with the acquisition of Bob’s Discount Furniture, an operator of 47 stores in the Northeast that is intent on expansion.

Bain acquired a majority ownership position in the Manchester, Conn.-based company and said senior management will continue to own a significant stake. Current CEO Ted English will continue to lead the company whose first order of business for 2014 is entry into the Philadelphia market.

New York -- U.S. consumer confidence, which decreased in November 2013, rebounded the following month, according to The Conference Board Consumer Confidence Index, which now stands at 78.1 (1985=100), up from 72 in November.