Trading Partners

Minneapolis -- Best Buy Co. said Tuesday that CFO James Muehlbauer has resigned the company. He will continue in an advisory capacity until Feb. 3.

The retailer said it has launched a search for a permanent replacement.

Muehlbauer’s resignation is the latest in a string of executive departures for Best Buy, and comes as founder and former chairman Richard Schulze mulls an offer to buy the company.

Hoffman Estates, Ill. -- Sears Holdings Corp., which in February announced it would spin off its Hometown and Outlet businesses as a separate publicly traded entity, said Tuesday it expects to receive about $446.5 million in gross proceeds from an offering tied to the spinoffs.

The offering of rights to purchase shares of the spinoff debuted on the Nasdaq under the "SHOSR" ticker symbol in September. According to Sears, the rights offering expired on Monday; preliminary results show that more than 95% of the options were exercised.

DEERFIELD, Ill. — Walgreens on Monday announced the launch of the "Taylor Swift Store at Walgreens," which will market a wide array of products from the six-time Grammy winner's branded merchandise line. Walgreens and select Duane Reade locations will provide a comprehensive, in-store selection of Taylor Swift music and merchandise.

The items will be available for purchase chain wide beginning the week of Oct. 8. The Taylor Swift-branded merchandise will incorporate artwork from her soon to be released album, "Red."

New York -- More than half (53%) of middle market executives believe that their companies are on solid ground, according to a survey by CIT Group Inc., a leading provider of financing to small businesses and middle market companies. (In order to be eligible to participate in the survey, respondents had to be in a leadership role at firms with revenues between $25 million and $1 billion, the majority of whose employees were based in the United States.)

Chicago -- Brightstar Corp., a global provider of diversified solutions for the wireless device industry, announced that the company has been selected by Best Buy Co. to manage the retailer's entire inventory of returned mobile devices in the U.S.

CINCINNATI — Kroger has become a member of the U.S. Hispanic Chamber of Commerce Million Dollar Club. The USHCC Million Dollar Club recognizes corporations that are leaders in supplier diversity and integrating Hispanic business enterprises into their strategic sourcing and procurement process. Corporations qualify by spending between $25 million to more than $500 million with Hispanic suppliers in the previous year.

This is Kroger's third consecutive year of qualifying for membership.

New York -- J.C. Penney Co. has partnered with Giggle, a New York-based upscale baby specialty store chain, to debut an exclusive collection of Giggle-branded merchandise next fall, Crain’s New York reported.

The new line is one of the many branded in-store shops that are now in the works at J.C. Penney.

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.

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.

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.