Corporate Governance

The Ferris Wheel in the Toys “R” Us’ Times Square flagship has had its last go round.

The 110,000-sq.-ft., four- level megastore shut its doors forever at 6 p.m., Wednesday, December 30, 2015.

Toys “R” Us Times Square opened in fall 2001, complete with a 60-ft.-tall Ferris wheel, a life-sized Barbie dream house, a giant animatronic T-Rex and other attention-getting attractions.

The retailer, which opted not to renew its pricey Times Square lease, is looking for another location in Manhattan.

Sidecar, an early pioneer in the ridesharing and delivery app space, shut down as of Dec. 31.

Activist investor Carl Icahn has prevailed in his fight to buy the Pep Boys – Manny, Mo & Jack.

Icahn’s Icahn Enterprises will buy the auto parts retailer for $18.50 per share. The all-cash deal is valued at approximately $1.03 billion.

In the coming year, seamless technologies that blend physical and digital channels will have a major impact on e-commerce.

According to Pitney Bowes, five key developments will primarily drive e-commerce in 2016. These are:

1. Internet of Things (IoT) technologies will drive better business outcomes

Retail business industry veteran Lawrence Jackson has been named to the board of directors of cloud-based enterprise retail technology provider Aptos Inc. (formerly Epicor Retail Solutions).

Whole Foods Market has settled a dispute with the city of New York.

The grocer has agreed to pay $500,000 and to conduct regular in-store audits in a resolution of allegations that its stores in New York City were overcharging customers for prepackaged foods. The settlement was announced by the New York City Department of Consumer Affairs (DCA).

The bidding war for Pep Boys continues with activist investor Carl Icahn increasing his bid for the auto parts chain.

Pep Boys – Manny, Mo & Jack on Tuesday said its board has delivered a notice to Bridgestone to terminate the agreement the chain made with the company last week. The action comes on the heels of a bid on Monday by Icahn Enterprises of $18.50 per share, up from its previous offer of $16.50, versus Bridgestone's offer of $17 per share. Icahn’s latest offer values the chain at about $1 billion.

Christmas may have passed, but the holiday shipping surge continues

According to UPS, the holiday peak shipping season will extend well into the first week of the New Year. On Jan. 6, 2016 (National Returns Day) alone, consumers are expected to ship more than a million packages back to retailers. By the end of the first week of January, UPS expects to deliver more than 5 million return packages, an increase of 500,000 from the 2014-15 holiday returns season.