Corporate Governance

Wet Seal defaults on $29 million
Foothill Ranch, Calif. – Teen retailer Wet Seal Inc. has defaulted on a total of $28.8 million in senior convertible notes and related costs. In a regulatory filing, the struggling retailer said it received notice of default on $27 million in notes from creditor Hudson Bay Master Fund Ltd., plus costs including attorneys’ fees and disbursements.

Wet Seal has reached a two-week forbearance agreement with the fund, giving it until Jan. 12 to pay off the debt.
Bottom Dollar Food to close all 66 stores
Salisbury, N.C. - Bottom Dollar Food will close its 66 store locations in the greater Philadelphia and greater Pittsburgh markets by Jan. 15 and retire the banner's operations. Upon the closing of stores, Bottom Dollar Food will offer every associate severance, and eligible associates will be offered career transition services.

Starbucks, Walmart, Kroger execs make NRF's 'List of People Shaping Retail's Future'

Washington, D.C. -- Adam Brothman, chief digital officer of Starbucks, Melissa Reiff, president and COO of The Container Store, Rick Caruso, founder and CEO of Caruso Affiliated, and Greg Buzek, co-founder of the Retail Orphan Initiative (RetailROI) and president of IHL Goup are among the 25 individuals recognized by the NRF Foundation on its “The List of People Shaping Retail’s Future.”
Staples extends CommerceHub partnership

Framingham, Mass. - Staples has negotiated a multi-year contract with CommerceHub, extending its decade-long partnership with the virtual inventory platform.

“CommerceHub’s platform and service are reliable and invaluable assets in helping Staples effectively expand inventory, manage suppliers and coordinate fulfillment,” said Peter Scala, senior VP e-commerce. “Our continuing partnership is essential to maintaining successful operations as Staples continues to develop its Staples Exchange marketplace platform.”
CVS offers prescription labels for visually impaired

Woonsocket, R.I. - CVS Health now offers the ScriptAbility prescription accessibility system through its mail service pharmacy to CVS/Caremark members who are blind or visually impaired. The system includes ScripTalk talking prescription labels, as well as braille and large print labels.
Intel invests $25 million in wearable tech vendor

Santa Clara, Calif. - Intel Corp. has made a $24.8 million investment into Vuzix Corp., a provider of wearable display technology video eyewear and smart glasses products in the consumer, commercial and entertainment markets. Vuzix is focused on next-generation optics and displays that have the potential to fit in fashion-based wearable glasses.

Intel's investment will be used for general working capital to accelerate the introduction of Vuzix next generation fashion-based wearable display products into the consumer market.
Survey: Restaurant operators show optimism

Washington, D.C. – Restaurant operators continued to hold a sunny outlook even as the weather turned gray in November. The Restaurant Performance Index (RPI) – a monthly composite index that tracks the health of and outlook for the U.S. restaurant industry – stood at 102.1 in November, down slightly from its October level of 102.8.
Abercrombie & Fitch settlement approved

New York -- A federal judge recommended approval of a revised settlement of a lawsuit that challenged the pay of former Abercrombie & Fitch CEO Michael Jeffries. The action comes three months after a different judge rejected a settlement that appeared to offer few benefits to the company and “broadly released shareholders' claims," Reuters reported.
Rite Aid December same-store sales up 5.3%

Camp Hill, Pa. -- Rite Aid said that its same store sales for the week ended December 27, 2014, increased 5.3% over the prior-year period.

The drugstore chain’s pharmacy same store sales, which included an approximate 123 basis points negative impact from new generic introductions, increased 7.3%. Prescription count at comparable stores increased 5.1% over the prior-year period. Front-end sales were up 1.7%
Report: Brazil’s Track & Field to open 10 U.S. stores in 2015

New York -- Brazilian athletic wear retailer Track & Field has opened its second U.S. store, in Brentwood, California. The retailer operates 122 stores in Brazil and opened its first U.S. store, in New York, approximately four years ago. It plans to open about 10 new stores in the United States in 2015 as part of its next phase of growth, according to Women’s Wear Daily.
Minimum wage increases take effect in 20 states

New York -- The minimum wage rose in 20 U.S. states and in the District of Columbia on Jan. 1.

The increase brings the total number of states with a minimum wage above the federal wage floor to 29, according to the New York Times. The federal minimum wage is $7.25 an hour.

Nine states are increasing their minimum wage levels through automatic adjustments for cost-of-living expenses and other economic factors. Increases in the other states occurred through legislative or ballot changes.
Chick-fil-A investigating possible data breach

Atlanta -- The new year has brought news of a possible new data breach. Chick-fil-A acknowledged on Friday that it has received reports of potential “unusual activity” involving payment cards used at a few of its restaurants and that it was investigating whether a data breach had taken place.

“We take our obligation to protect customer information seriously, and we are working with leading IT security firms, law enforcement and our payment industry contacts to determine all of the facts,” the company said in a statement.