Corporate Governance

Boucherville, Quebec - Canadian home improvement retailer Rona Inc. is closing 11 non-profitable stores as part of a broader restructuring plan. Rona will also reduce administrative, marketing, merchandising and distribution expenses and eliminate 125 administrative jobs. In February 2013, Rona cut 200 jobs.

Rona rejected an unsolicited $1.72 billion USD buyout offer from Lowe’s in August 2012.

Pittsburgh – Dick’s Sporting Goods is launching a digital athletic training platform in partnership with sports training provider IMG Academy. The platform, known as “Day One,” operates across PC, mobile and tablet devices and provides comprehensive training information for fall, winter and spring sports including football, soccer, basketball, baseball, lacrosse, golf and tennis.

Fremont, Calif. – George Zimmer, the founder and executive chairman of Men’s Wearhouse who was stripped of his executive chairman title last week and has been engaging in a war of words with the retailer ever since, continued his verbal battle in an open letter released on June 26.

Union, N.J. – Bed, Bath & Beyond Inc. reported positive financial results for the first quarter of fiscal 2013. Although net earnings fell from $206.8 million to $202.5 million, net earnings per diluted share increased roughly 4.5% from $0.89 to $0.93.

Easley, N.C. -- The new 138,000-sq.-ft. Sam’s Club in Easley Town Center Easley, N.C., celebrated its grand opening on June 27. Mayor Bagwell and Chamber of Commerce president Cindy Hopkins attended.

As part of the continuing celebration, University of South Carolina running back George Rogers will sign autographs on June 29.

New York -- The Lam Group has chosen Newmark Grubb Knight Frank (NGKF) Retail and Hospitality Services to lease the 100,000-sq.-ft. retail portion of a mixed-use project in the NoMad neighborhood of New York City.

The 400,000-sq.-ft. project includes two 300-room hotels with meeting spaces, wellness facilities, multiple food and beverage outlets and retail space.

Benicia, Calif. -- Cycle Gear Inc. opened its second Illinois store in Tinley Park, a suburb just south of Chicago.

The motorcycle apparel and accessories chain operates about 100 stores nationwide.

New York – Macy’s will pay $175,000 in civil penalties to the U.S. government in an agreement with the Department of Justice (DOJ) settling claims of mistreatment of immigrant workers. In addition to paying the $175,000 fine, Macy’s will also revise its employment eligibility reverification policies and procedures and to provide training to its human resources personnel across the country on the anti-discrimination provision of the Immigration and Naturalization Act (INA).

Deerfield, Ill. – Walgreen’s is planning to build a new store on the East Baltimore medical campus of Johns Hopkins University. The store will be developed according to the Walgreens Web Experience format and offer the retailer’s first in-store Take Care health clinic in the state of Maryland. Walgreen’s and Johns Hopkins announced a collaboration in May 2011.

John Crossman talks about his induction into the FSU Business Hall of Fame

In April, John Crossman, president of Orlando, Fla.-based real estate firm Crossman & Co., became the youngest inductee into the Florida State University College of Business Hall of Fame.

Established in 2003, FSU's College of Business Hall of Fame honors graduates who have excelled in their careers, earned significant recognition for professional achievements and community service, and made significant contributions to the mission of the College of Business.