Trading Partners

Plano, Texas – J.C. Penney Co. released its 2013 Sustainability Report, outlining sustainability initiatives pursued during fiscal year 2012 ended Feb. 2013. Highlights of the report included:

• Stores and Operations: Through the company’s energy conservation efforts, J.C. Penney has received Energy Star certification in more than 500 locations and earned the Energy Star Sustained Excellence Award for five consecutive years.

New York -- Eminence Capital, which owns 4.9% of the common stock of Jos. A. Bank Clothiers and has been pushing for a deal between the retailer and rival Men’s Wearhouse, has nominated two industry veterans for election as directors to the board at Jos. A. Bank's annual meeting. The nominees include: Bruce J. Klatsky, former chairman of Phillips-Van Heusen Corporation, a position he held from 1994 until June 2007, and Norman S. Matthews, former president of Federated Department Stores and active and former board member of other retail and consumer companies.

Bentonville, Ark. – Wal-Mart Stores has reportedly registered a new company called “Wal-Mart India Private Ltd.” in India, setting the stage for entering the Indian grocery market with a new local partner. According to the Free Press Journal, an Indian publication, Wal-Mart registered the company on Jan. 15, 2014 with the Indian Ministry of Corporate Affairs.

The Federal Trade Commission has granted Kroger and Harris Teeter Supermarkets early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to the pending merger transaction between the two companies.
 
The early termination of the HSR waiting period satisfies one of the conditions to the closing of the pending merger, which remains subject to other customary closing conditions. Both companies expect the transaction to be completed before the end of January.

Chicago — Jones Lang LaSalle has named Greg O’Brien chief executive officer, Americas. Reporting directly to Colin Dyer, president and CEO of JLL, O’Brien will have overall responsibility for the Americas business. He will be succeeded as CEO, Markets by John Gates. Both appointments are effective immediately.

Currently a member of the firm’s Americas Executive Committee, which sets the strategic direction for the region, O’Brien will now head this group and join the firm’s Global Executive Board.

Hampstead, Md. – The board of directors of Jos. A. Bank Clothiers, Inc. has officially rejected an unsolicited buyout offer from The Men’s Wearhouse. The offer, which expires March 28, 2014, is worth $57.50 per share, or about $1.6 billion.

Jos. A. Bank called the offer “inadequate and opportunistic” in announcing its rejection.

New York -- Mexico's Grupo Gigante expects to raise up to 4.954 billion pesos ($374.14 million) in its initial public offering of Office Depot de Mexico shares, Reuters reported.

The company plans to sell up to 291 million shares, local filings revealed.

The listing is provisionally set to price on Feb. 5, the report said.

In June, Grupo Gigante, acquired the 50% stake in the office supplies chain that it did not already own.
 

The back and forth between Jos. A. Banks and Men’s Wearhouse continues. This time the shoe is on Jos. A. Banks’ foot, as the company’s board of directors officially rejected an unsolicited buyout offer from the Men’s Wearhouse.

Jos. A. Bank called the offer, which expires March 28, 2014, and is worth $57.50 per share, or about $1.6 billion, “inadequate and opportunistic.”