Strategy

Bob McDonald ran the world’s largest CPG company as CEO of Procter & Gamble and now he is returning to public service as head of the embattled Veteran’s Administration.

Morrisville, N.C. - Charles & Colvard Ltd. has closed a new three-year $10 million asset-backed credit facility with Wells Fargo Bank. The company’s previous credit facility with PNC Bank was terminated.

The new credit facility provides Charles & Colvard working capital for general corporate purposes and to pursue continued growth opportunities and is secured by Charles & Colvard assets. The company currently does not have any other long-term debt and the new credit facility is undrawn.

TreeHouse Foods plans to acquire Flagstone Foods, a leading provider of private-label healthy snacks, one of the fastest growing on-trend categories in the food industry.

TreeHouse has agreed to pay Gryphon Investors and other shareholders $860 million in cash for the business, subject to an adjustment for working capital.

Pittsburgh - American Eagle Outfitters Inc. is entering the U.K. with the opening of three new company-owned stores. The stores will be located in the Bluewater mall in Kent, England, as well as the Westfield Group’s London and Stratford City shopping centers in London, England.

The stores opening in the Westfield centers will include an aerie presence in shop-in-shop form. All of the stores are expected to open during fall 2014.

New York -- Retail chain Hobby Lobby was triumphant In a 5-4 ruling by the Supreme Court on Monday in which the court ruled that the federal government cannot force privately held corporations to provide forms of contraceptive coverage that violate the religious beliefs of their owners. The ruling means that private companies can opt out of the Affordable Health Care Act’s contraception mandate.

New York -- Richard Sharp, the former CEO of Circuit City and driving force behind CarMax, has died due to complications from a rare type of Alzheimer’s disease. He was 67.

The Arts and Crafts retailer went to the mat over its religious convictions, and on Monday the U.S. Supreme Court sided with the privately held company in a rebuke of the Patient Protection and Affordable Care Act of 2010.
 
Hobby Lobby co-founder Barbara Green said her family was overjoyed by the Supreme Court’s decision.
 

Brisbane, Calif. – Bebe Stores Inc. will exit its 2b business by July 5, which is the end of the company’s fiscal 2014. The retailer says this will allow it to increase its focus on the core Bebe brand’s retail and outlet stores, e-commerce and international licensing business.