Corporate Governance

Staples/Office Depot deal awaits FTC action
Office Depot shareholders approved of the company’s acquisition by Staples in a vote that will prove to be largely symbolic if federal regulators determine a deal involving two direct competitors is not in the best interest of consumers.

Office Depot agreed to be acquired by Staples on Feb. 4 and on June 19 a preliminary vote total showed that 99.5% of shareholders approved of a deal that involves them receiving $7.25 in cash and 0.2188 of Staples stock for each share of Office Depot stock.
NRF urges Senate to pass TPA bill
The National Retail Federation is urging the Senate to quickly consider the stand-alone Trade Promotion Authority bill so that it can move to the president’s desk for his signature.

NRF issued the following statement from Senior Vice President for Government Relations David French:

Head merchant at Aeropostale is out

Aeropostale is losing a key executive and handing over merchandising responsibilities to the company's CEO.
T.J.Maxx seeks budding artistes

T.J.Maxx has come up with a creative way to encourage shoppers to support children in need.

The retailer is launching the "Maxx Kids Art Contest" to support organizations that help children in need reach their full potential, such as Save the Children. Winning artwork will appear on future products sold in T.J.Maxx stores that will benefit children in need. In addition, all winners will receive a $250 savings bond.
Anna's Linens begins liquidation sales

Anna's Linens has hired Hilco Merchant Resources and Gordon Brothers Group to begin going-out-of-business sales at all retail locations.

The joint venture partners were awarded the store closing process by a U.S. bankruptcy court on June 18.
Why Staples and Office Depot need to merge

Amazon.com launched its new Amazon Business marketplace earlier this year and now companies such as cloud-based e-commerce solution provider ChannelAdvisor are making it easy for suppliers to tap into the platform’s potential.

"The combined company will allow us to provide more value to customers and more effectively compete in a rapidly evolving environment,” said Ron Sargent, Staples chairman and CEO.
Q&A with CVS Health’s chief digital officer, Brian Tilzer

Boston -- Brian Tilzer, senior VP and chief digital officer of CVS Health, sat down with Chain Store Age at the opening of the CVS Digital Innovation Lab in Boston to discuss the strategy behind the lab and CVS’ larger goals for transforming health care through digital technology.
Report: Target initiates latest round of job cuts

New York -- Target Corp. has laid off about 140 employees from its Minneapolis headquarters as part of its transformation efforts, and eliminated 50 open positions, the Minneapolis Star Tribune reported.

Including the latest round of cuts, Target has let go about 2,500 workers this year.

Click here for the story.
Rite Aid Q1 profit falls; sees big gain ahead

Camp Hill, Pa. -- Rite Aid's first-quarter earnings plunged 55%, mainly on costs tied to a $2 billion acquisition. The chain also lowered its full-year profit outlook.

The drugstore chain in February announced that it would buy pharmacy benefits manager EnvisionRx. Rite Aid said it expects the deal, expected to close by the beginning of July, to increase its annual revenue by as much as 18.6%.

The retailer earned $18.8 million in the quarter that ended May 30, down from $41.4 million in the year ago period.
Report: Entrance greeters back at some Walmart stores

New York -- Greeters are back on the job welcoming entering shoppers at select Walmart stores, the Wall Street Journal reported.

The chain moved most of its greeters away from the entrance and to other areas of the stores several years ago. But it has returned the associates to the entrances in several hundred stores in a move that is partially designed to stop theft, the report said.
Flying Tiger, New York City

Flying Tiger, the U.S. banner of Danish discounter Tiger, has landed in Manhattan, opening a 5,000-sq.-ft. outpost in the Flatiron district. The store has a modern Scandinavian look, with white walls, light wood flooring and a single aisle that winds through the space. The design focuses all the attention on the quirky, eclectic and very affordable product.
What the CFO Needs to Know About IT

The role of IT has shifted dramatically in retail in the past 10-15 years, from a simple automation tool to an enabler of competitive advantage and business transformation. At the same time, the role of the CFO in IT has shifted quite a bit as well, and some top finance executives may feel a little uncertain about their place in the new retail IT landscape.

Brian Kilcourse and Paula Rosenblum, managing partners at RSR Research who have both previously served as retail CIOs, have some advice for today’s retail CFO.