Corporate Governance

Cheshunt, England – British supermarket and general merchandise retailer Tesco plc has reportedly applied to the Indian government for permission to buy a 50% stake in the Indian hypermarket chain Trent Hypermarket Ltd. According to Reuters, Tesco wants to open stores in western India and would become the first foreign retailer to open a supermarket in India.

Fort Myers, Fla. – Chico’s FAS repurchased approximately 6.7 million shares of its common stock, for approximately $125 million, during the fourth quarter of fiscal 2013, completing all but $55 million of its existing share repurchase authorization. The Chico’s board of directors has cancelled the remainder of its March 2013 share repurchase program and approved a new $300 million share repurchase authorization for the company's common stock.

Hoffman Estates, Ill. -- Cesar L. Alvarez, co-chairman of the international law firm of Greenberg Traurig, LLP, has been elected to membership on the Sears Holdings board of directors.

Alvarez joined Greenberg Traurig in 1973. Prior to his appointment as co-chairman, Alvarez served the firm as its executive chairman for more than three years, and as its CEO 13 years. Prior to becoming CEO in 1997, he practiced securities, corporate and international law for more than 25 years.

Minneapolis – Target confirmed that it suffered a major data breach that may have affected as many as 40 million credit and debit card transactions at Target stores between Nov. 27 and Dec. 15. Target said the information included customer name, credit or debit card number, and the card’s expiration date and CVV (the three-digit security code).

Target early Thursday confirmed widespread media reports that it suffered a major data breach that affected as many as 40 million credit and debit card transactions during a period that began the day before Thanksgiving through December 15.

North America’s largest chocolate producer has acquired an 80% ownership interest in the manufacturer of China’s popular Golden Monkey confectionary and snacks brand.

Saks Fifth Avenue, a subsidiary of Hudson's Bay Company, has appointed Mark Briggs as its chief marketing officer, reporting to president Marigay McKee, effective March 2014.

“Mark brings a wealth of experience in luxury brand management with a proven track record of creating retail magic around heritage brands. His passion for retail theater and essential understanding of the customer will be integral to our success,” said McKee. “I am thrilled to welcome Mark to the Saks team, where he will play a key role on the executive committee.”

Rite Aid modestly increased its full year sales forecast following the release of third quarter results and said it will aggressively expand its “Wellness” format as it looks to drive greater growth in 2014.

Brown Shoe Company-brand Sam Edelman, in partnership with leading apparel manufacturer Kellwood Company, has appointed Leslie Singer as president of Sam Edelman Apparel, a new division within Kellwood.

Singer joins Kellwood from NYDJ, where she lead sales and merchandising for women’s sportswear. Her responsibilities spanned all channels of distribution, including department stores, specialty stores and direct business outlets, such as Zappos and Amazon. Under her leadership, the company saw double-digit growth for more than three years.

Sears Holdings has elected law firm executive Cesar Alvarez to its board of directors.

Alvarez is co-chairman of the international law firm Greenburg Traurig, which he joined in 1973. Before his appointment as chairman, he served as executive chairman for more than three years and as its CEO for 13 years, starting in 1997.