Corporate Governance

Pa. court orders Walmart to pay $151M
Walmart said the Pennsylvania Supreme Court has ordered it to pay about $151 million to settle a class-action lawsuit filed by employees who claim their meal and rest breaks were cut.

Walmart said the ruling, which it may appeal, would reduce its fourth-quarter earnings from continuing operations by about 6 cents per share.

The suit, filed in March 2002, represented about 187,000 Wal-Mart employees who worked in Pennsylvania between 1998 and 2006.
Bob Evans CEO resigns
New Albany, Ohio – Steve Davis has resigned as CEO of Bob Evans Farms Inc. by mutual agreement with the board of directors. The official change will take place immediately, but Davis will remain with the company through the end of the year to assist with the transition process.

Rent the Runway repositions brand with RedScout

New York – Online fashion rental company Rent the Runway has partnered with innovation agency Redscout to help create the brand's new positioning, voice, logo and visual identity. Redscout helped Rent the Runway combine the two main focuses of the business, technology and fashion, into one synergistic and thoughtful vision across its online, mobile and brick-and-mortar platforms.
Staples Canada meets, exceeds Q3 sustainability goals

Toronto – Staples Canada has released its sustainability report for the third quarter of fiscal 2014, and highlights include collecting and recycling 116,000 kg of batteries, surpassing its goal of 100,000 kg. In addition, in October 2014, Staples became the first Canadian retailer to launch an exclusive green energy offering for small businesses, letting customers sign up for Bullfrog Power online.
Report – Google studies color effect on consumers

Mountain View, Calif. – Google Inc. is reportedly studying the effect color has on consumer purchase decisions, among other issues. According to Reuters, the company has found a clear link between color and employee satisfaction with their workspaces, and is still in the early stages of research.
Dunkin’ Donuts opens 6 stores in Miami

Canton, Mass. – Dunkin’ Donuts opened six new restaurants and remodeled one location with existing franchise partners during the last several weeks in the Miami-Fort Lauderdale market. Currently, there are more than 150 Dunkin' Donuts restaurants located throughout the area. In total, there are more than Dunkin’ Donuts 150 restaurants in the Miami-Fort Lauderdale market.
Study – Restaurant revenue drops post-Thanksgiving

San Francisco – In the last several years, restaurant revenue declined 22 to 45% during the post-Thanksgiving holiday period. According to a study across quick-serve, fast casual, and fine dining chains by customer engagement solutions provider Thanx Media Inc., the average restaurant experienced a 27% revenue decline in December, as compared to that year's monthly average.
Study – Retail sector to add 30,000 jobs by end of year

San Leandro, Calif. - The U.S. retail sector will add nearly 30,000 jobs through the end of December as the country heads into a strong holiday shopping season. According to a study from HR services provider TriNet, recent job growth in the U.S. retail sector is built on positive consumer confidence, increasing retail spending, and positive job market outlook.
QVC promotes merchandising exec to QVC Germany CEO

West Chester, Penn. – QVC has named Mathias Bork to the position of CEO of QVC Germany, effective Jan. 1, 2015. Bork will be responsible for overseeing QVC's operations and growth in the Germany market. Bork succeeds Steve Hofmann, CEO of QVC Europe, who has held the role of interim CEO of QVC Germany since the end of 2013. Bork will continue to report to Hofmann.
Phillips Edison names VP of tax

Cincinnati – Retail real estate services provider Phillips Edison & Company has named Thomas L. Drake, CPA to the role of VP of tax. In his new role, Drake will be responsible for leading all aspects of the tax functions for the organization.
Bebe names Wiggett permanent CEO

Brisbane, Calif. – Bebe Stores Inc. has named Jim Wiggett, who has been serving as interim CEO since June 2014, as permanent CEO and member of the board of directors. Wiggett is a 40-year retail and business veteran.
PetSmart agrees to $8.7 billion buyout

Phoenix – PetSmart Inc. has agreed to be purchased for about $8.7 billion by a consortium of buyers led by private equity firm B.C. Partners and also including pension fund manager La Caisse de dépôt et placement du Québec and private equity firm StepStone. The total figure represents an acquisition price of $83 per share, a 39% premium over PetSmart’s closing price on July 2, 2014.