Labor & Employment

Foothills Ranch, Calif. -- The chairman of The Wet Seal and three other directors have stepped down from its board, replaced by four nominees of the Clinton Group. The move follows several attempts by the activist investor group, which holds about 7% of Wet Seal, to take control of the struggling retailer.

As a result of the board changes, Clinton Group has agreed to terminate its effort to get support from shareholders for its nominees, Wet Seal said Friday.

A small group of Walmart employees at a Southern California store staged a one day walk out some have been quick to label as a strike. The New York Times details what happened and Walmart’s response. Click here.　

New York -- Three female employees of Wal-Mart Stores Inc. filed a lawsuit Thursday in federal court in South Florida claiming the company discriminates against women in areas such as wages and promotion opportunities, the Associated Press reported.

The potential class-action lawsuit follows similar lawsuits recently filed in Tennessee, Texas and California. It also follows a 2011 U.S. Supreme Court decision that tossed out a national gender bias lawsuit seeking to represent some 1.6 million female Wal-Mart workers.

FOOTHILL RANCH, Calif. — Teen retailer Wet Seal continues to urge its shareholders to reject efforts by Clinton Group to replace the company’s current experienced directors with Clinton Group’s hand-picked nominees who lack relevant experience.

New York -- The Wet Seal Inc. encouraged its shareholders on Wednesday to reject efforts by its third-largest investor, Clinton Group, to gain control of the board, Reuters reported. The company's board has eight seats, of which one is vacant.

Clinton, which holds approximately 7% of Wet Seal, said retailer earlier in the day backtracked on an offer, made via an investment banker, for four directors to resign in exchange for the activist investor ending its move, according to the report.

Deciding back in January 2011 to spend roughly $1.8 billion to acquire 220 Zellers’ leases was easy compared to the challenge Target has undertaken more recently in Canada.

ST. LOUIS — Ralcorp Holdings has named Keith Meister, the founder and managing partner of Corvex Management LP, to its board of directors, effective immediately.  In addition, Meister will join the strategy and financial oversight committee which is charged by the board of directors with the evaluation of strategic opportunities to drive shareholder value.

3M has announced a realignment of its major business groups to better serve global markets and customers, effective immediately.

The new structure will be comprised of five business groups: Consumer (2011 sales of $4.2 billion), Industrial ($9.6 billion), Health Care ($5.0 billion) and two newly formed business groups: Safety & Graphics ($5.5 billion), and Electronics & Energy ($5.7 billion). Previously, the company operated six segments.