Corporate Governance

Fort Worth, Texas – RadioShack Corp. has received bankruptcy court approval to sell more than 1,100 stores it plans to close by the end of this month. According to Reuters, U.S. Bankruptcy Judge Brendan Shannon in Wilmington, Delaware, has officially approved the closing and auctioning of the stores.

Washington, D.C. – Regional pizza chain &pizza may not have the recognition or reach of its larger competitors, bur the company is taking a step in that direction with a $10 million investment for growth and expansion. The company plans to leverage the investment, along with the investors' experience in branded consumer retail, for expansion of its stores in key markets.  

Currently, &pizza operates nine locations in the Washington, D.C., metropolitan area, with six more slated to open in the first half of 2015.

Denver - The Finish Line’s Running Specialty Group (RSG) division, which operates 70 stores, is adding the two-store, Utah-based Striders running company to its national network.

RSG operates in 16 states and the District of Columbia under a variety of banners.

Striders was founded in 2004 by John and Kristin Wojciechowski, who will now join RSG in senior advisory roles and will focus on developing community initiatives to enhance the customer experience.

New York -- On Thursday, in a move that could shape the minimum wage debate, Walmart announced it was raising the minimum wage of its employees to $10 per house, which is significantly higher than the Federal minimum wage. The news has met with a mixed reaction.  

Here's a sampling:
 
CNBC reports that Wall Street gives Walmart a big thumbs down for the news.

Washington, D.C. -- The National Retail Federation called for President Obama to become involved in the ongoing contract negotiations between the International Longshore and Warehouse Union (ILWU) and Pacific Maritime Association (PMA) if a deal is not reached.

“It has been nearly a week since President Obama dispatched Labor Secretary Perez to the West Coast to help settle the protracted contract dispute between the ILWU and PMA,” Jonathan Gold, VP for supply chain and customs policy, NRF, wrote in a statement issued Friday.

Seattle -- Nordstrom Inc.’s fourth-quarter net income fell a lower-than-expected 4.9% to $255 million, down from $268 million a year earlier, even as its same-store sales topped expectations. The profit decline came amid higher costs, including those related to tech upgrades and its acquisition of Trunk Club, and increased promotions at Nordstrom Rack.  

New York – Ann Inc., parent of Ann Taylor and Loft. is reportedly working with financial firm JPMorgan Chase & Co. on a potential sale. According to Bloomberg, the $1.6 billion Ann Inc. has spoken with other retail chains and at least two buyout firms and a private equity firm.

Seattle - Starbucks has launched its Evenings Program in the U.K., offering a range of meals and shareable hot and cold snacks with premium wines and beers. The newly renovated Stansted Airport store in London, operated in partnership with SSP UK, is the first location to offer Starbucks Evenings, with plans to expand the program to additional stores.

Montreal - Dollarama Inc. has named Elisa D. Garcia, executive VP and chief legal officer of Office Depot Inc., as an independent director and member of the Nominating and Governance Committee. Garcia’s appointment expands the corporation’s board of directors to 10 directors, seven of whom are independent.

Are you one of America's Top Developers, Acquirers or Third-Party Managers? Chain Store Age will release the results of the 26th Annual Top Developers and Fastest-Growing Acquirers and 3P Managers in the May 2015 issue distributed at the RECon show in Las Vegas.

The three surveys measure retail and shopping center space developed, acquired and contracted for management/leasing during the 2014 calendar year.  The top five or six companies in each category (by square footage) will be ranked in the May issue. In short: