Corporate Governance

Seattle -- TC Global (dba Tully’s Coffee Shops) has announced the completion of the sale of substantially all of its assets to Global Baristas, an investment group led by Patrick Dempsey. Global Baristas bought the assets in an auction in bankruptcy court last January. The company plans to continue to operate Tully’s Coffee Shops and to retain all of the employees.

Chattanooga, Tenn. -- CBL & Associates Properties has announced the acquisition of two Sears locations, one at CBL’s Fayette Mall in Lexington, Ky., and the other at CoolSprings Galleria in Nashville. Sears will continue to operate in both locations until closing dates have been finalized.

“We have plans to redevelop and expand both buildings to create space for new high-end specialty stores and restaurants,” said Stephen Lebovitz, CBL’s president and CEO.
 

James Petty has joined private equity owned Vestis Retail Group as CEO, effective July 8, to drive new growth opportunities.

Petty joins Vestis, parent company of Bob’s Stores and Eastern Mountain Sports, after serving since 2007 as president of retail stores for Carter’s Inc. Petty left Carter’s last December after a restructuring resulted in Carter’s relocating its retail group to its Atlanta headquarters from Connectticut. Prior to Carter’s, Petty held senior roles at Limited Too and Gap, Inc.

CORTE MADERA, Calif. — Restoration Hardware is a company one tends to associate with high-end home furnishings, but the company is expanding into new territory. RH recently launched Hierarchy — an apparel, accessories and footwear brand — and has edited its executive leadership team as a result.

MISSISSAUGA, Ontario — For the second year in a row, Walmart Canada is holding its Great Big Toy Testing Event, which not only gets parents and their children into stores, but also showcases toys for the 2013 holiday season in a real-world holiday wish list catalog setting. 

Longtime financial executive and former Walmart U.S. CFO Michael Fung is helping discounter 99 Cents Only modernize inventory systems that have resulted in a series of accounting issues.

Fung, 62, retired from Walmart in early 2012, but was called back into service this past January by the private equity owners of 99 Cents Only. Fung was named interim chief administrative officer at the company to oversee finance, information technology and real estate. In addition, 99 Cents Only board member and former Food Lion president and CEO Richard Anicetti was named interim CEO.

NAPERVILLE, Ill. — OfficeMax is taking its new Business Solutions Center store concept to Chicago’s business-rich Streeterville neighborhood later this summer. The retailer opened its first center in Milwaukee back in April to test the pilot concept. 

The currently unoccupied street-level location at 550 St. Clair St. will give the retailer 3,900-sq.-ft. of retail space where it will be able to showcase business services, solutions and products to help local entrepreneurs grow their businesses. 

Brand Keys, a customer engagement and research consultancy, has identified the 25 brands consumers regard as the most patriotic.

Topping the list were Jeep, Hershey and Coca-Cola with Walmart the only retail brand to make the list at number 15.

DEERFIELD, Ill. — Walgreens reported June sales of $5.8 billion, an increase of 2.5% from the same month in fiscal 2012.

June pharmacy sales increased by 2.9%, while comparable store pharmacy sales increased 3.3% and increased by a calendar day-shift adjusted 560 basis points. This year's June had one additional Sunday and one fewer Friday compared with June 2012, Walgreens reported. Calendar day-shift adjusted comparable store pharmacy sales were negatively impacted by 280 basis points due to generic drug introductions in the last 12 months. 

MINNEAPOLIS — Target Corp. has appointed former senator and secretary of the interior Kenneth Salazar to its board of directors. He replaces Mary Dillon, who resigned from the board last month after being named CEO of Ulta Beauty.

Salazar, who recently began working for the law firm WilmerHale, served as a Democratic member of the Senate from Colorado from 2005 to 2009 and as interior secretary under the Obama administration from 2009 until earlier this year, when he was replaced by Sally Jewell.