Trading Partners

A Dutch arbitration panel has ordered Tiffany & Co. to pay Swatch damages of about $449.5 million plus interest in a breach of contract case dating back to 2011. The dispute stems from Swatch’s claim that Tiffany failed to honor its obligation to develop and sell Swatch watches under the Tiffany name and split the profits.

The amount is 8.8% of the total damages sought by Swatch. Tiffany will also have to pay about $8.8 million in fees, expenses and other arbitration costs. One arbitrator on the three-arbitrator panel did not rule in favor of Swatch.

New York – A Dutch arbitration panel has ordered Tiffany & Co. to pay Swatch damages of about $449.5 million plus interest in a breach of contract case dating back to 2011. The dispute stems from Swatch’s claim that Tiffany failed to honor its obligation to develop and sell Swatch watches under the Tiffany name and split the profits.

Brentwood, Tenn. – Tractor Supply Company has been added to the Nasdaq -100 Index, effective with the market open on Monday, Dec. 23, 2013. Shares of TSCO will also be included in the Nasdaq-100 Index Tracking Stock (Nasdaq: QQQ).

"We are proud to be joining this elite group of public companies traded on the Nasdaq exchange," said Anthony Crudele, executive VP and CFO. "Being added to the Nasdaq-100 Index is a reflection of Tractor Supply Company's significant growth and its stock performance.”

Phoenix — Jones Lang LaSalle is expanding its retail brokerage platform into Phoenix. Tyson Switzenberg will lead the firm’s new Phoenix practice. Senior Associate John Reva and Associate Trask Switzenberg will join him.

Camp Hill, Pa. – Rite Aid reported a solid 15.5% increase in net income during the third quarter of fiscal 2013, to $71.5 million from $61.9 million in the year ago period.  Lower interest expense and lease termination and impairment charges helped drive Rite Aid’s net income growth.

In addition, revenues grew about 2% to $6.4 billion from $6.2 billion, primarily due to a 3.5% increase in pharmacy same store sales. Same-store sales rose 2.3%.

Fort Myers, Fla. – Chico’s FAS repurchased approximately 6.7 million shares of its common stock, for approximately $125 million, during the fourth quarter of fiscal 2013, completing all but $55 million of its existing share repurchase authorization. The Chico’s board of directors has cancelled the remainder of its March 2013 share repurchase program and approved a new $300 million share repurchase authorization for the company's common stock.

Hoffman Estates, Ill. -- Cesar L. Alvarez, co-chairman of the international law firm of Greenberg Traurig, LLP, has been elected to membership on the Sears Holdings board of directors.

Alvarez joined Greenberg Traurig in 1973. Prior to his appointment as co-chairman, Alvarez served the firm as its executive chairman for more than three years, and as its CEO 13 years. Prior to becoming CEO in 1997, he practiced securities, corporate and international law for more than 25 years.

New York -- Chipotle Mexican Grill announced that it has partnered with restaurateurs Bobby Stuckey and Lachlan Mackinnon-Patterson to launch a fast-casual pizza concept called Pizzeria Locale.

The format debuted in Denver, and is based on a full-service pizzeria by the same name located in Boulder, Colo. The company is exploring options for second and third locations in Denver, according to the Denver Post.