Trading Partners

HanesBrands plans to acquire DBApparel of France from Sun Capital Partners, provided consultation with European and French works councils representing DBA employees is completed and customary closing conditions are met.

Tewksbury, Mass. – Following the dismissal of former president and CEO Arthur T. Demoulas, the board of directors of Demoulas Super Markets Inc. has elected retail executives Felicia Thornton as COO and Jim Gooch as chief administrative officer, and the two will serve as co-CEOs. Both Thornton and Gooch had recently been serving as consultants to the company.

Minneapolis – Target Corp. reportedly experienced difficulties in areas including product mix and corporate creativity under ousted CEO Gregg Steinhafel. According to the Wall Street Journal, these difficulties preceded any problems relating to Target’s fall 2013 data breach or expansion into Canada and helped lead to Steinhafel’s essentially forced resignation.

Tewksbury, Mass. – Demoulas Supermarkets Inc. has fired CEO Arthur T. Demoulas. The retailer also fired director of operations Bill Marsden and VP of grocery Joe Rockwell.

Demoulas had been waging a public battle with his cousin Arthur S. Demoulas, a stakeholder and director of the company, about finances. Arthur T. Demoulas has claimed that his cousin seeks to raise prices and lower wages. The cousins have also publicly disagreed about agreements with suppliers and vendors.

Stellarton, Canada – Canadian supermarket chain Sobey’s Inc. has signed a cross-Canada, long-term agreement with loyalty and marketing solutions provider Alliance Data Systems Corp. Under the agreement, Sobeys-owned banners in Atlantic Canada, Quebec, Western Canada, and northwestern Ontario, will remain sponsors in the Alliance Air Miles Reward Program. In addition, other Sobeys-owned banners in western Canada will also issue Air Miles reward miles beginning in fall 2014.

Deerfield Park, Ill. – A 16% year-over-year jump in third quarter profit still missed Wall Street estimates, causing Walgreen Co. to withdraw previously issued fiscal 2016 guidance. During the third quarter of fiscal 2015, Walgreen reported net earnings of $722 million, up 16% from $624 million in the same period the previous fiscal year.

New York -- Annie Young-Scrivner, executive VP of Starbucks Coffee Company and president of its Teavana business, has joined Macy's board of directors.

Plano, Texas -- J. C. Penney Company announced today that it has closed its new $2.35 billion asset-based senior secured credit facility, comprised of a $1.850 billion revolving line of credit and a $500 million term loan.

Morton Salt has invested $1 million in a state-of-the art food lab at its research and development center in Elgin, Illinois, to support the food industry’s growing desire to reduce sodium levels in comestibles.  

By creating a dedicated food lab at its R&D center, Morton Salt is adding new equipment and 1,300 sq. ft. of space for its team of food scientists and technical staff. Morton also plans to focus on new product development, enhanced formulations, application testing and technical support.

The U.S. economy has undergone significant financial and social upheaval over the past five years, with companies seemingly invincible to the vagaries of the financial markets disappearing overnight. Many companies have been forced to contract by closing unprofitable stores, laying off employees, reducing spending, deferring research and development, or have been acquired by more profitable companies. With few exceptions, those companies that have survived have done so by cutting costs to the bone.