Corporate Governance

Washington, D.C. -- The National Retail Federation on Wednesday welcomed a letter from lawmakers urging the Internal Revenue Service to back off a proposed accounting rule change that could cost many retailers millions of dollars a year.



Springfield, Ill. -- OfficeMax Inc. is asking the state of Illinois for tax breaks to keep the company's headquarters in-state after the office supply chain's merger with Office Depot Inc. is complete.

OfficeMax CEO Ravi Saligram and state Sen. Tom Cullerton made their pitch Tuesday during a hearing on the state's pension crisis. Cullerton is a Villa Park Democrat sponsoring legislation to provide incentives if the company keeps at least 2,000 full-time jobs at its headquarters and other non-retail locations.

Camp Hill, Pa. — Rite Aid is offering to buy back $810 million worth of debt while increasing the amount of a new bond sale announced Tuesday, the retail pharmacy chain said.

Rite Aid said it would buy back all of its $810 million worth of 9.5% senior notes due 2017. The company also said it would increase the $400 million offering of 6.75% senior notes due 2021 by another $410 million, for a total of $810 million, as part of a debt-refinancing plan.

New York -- George Zimmer, the founder and pitchman of Men’s Wearhouse, wasted no time in firing back at the company that fired him as executive chairman on Wednesday morning.  In a statement released to CNBC, Zimmer suggested that disagreements with the company’s board led to his abrupt termination:

Deerfield, Ill. -- Walgreens and solar developer SoCore Energy, Chicago, announced on Wednesday that they will build more than 200 new solar installations at Walgreens stores throughout California, Connecticut, Delaware, Massachusetts, New Jersey and New York.

This latest initiative will bring the number of completed solar installations at Walgreens stores to more than 350, making the company the leading retailer in number of solar powered stores.

New York -- Douglas Elliman’s Retail Group has won exclusive rights to lease a 25,000-sq.-ft., nine-building portfolio in Harlem.

Five of the buildings are on a central transverse at 135th Street, between Adam Clayton Powell and Frederick Douglass Boulevards, one is on Adam Clayton Powell Blvd. and three are on the revitalized Frederick Douglass Blvd. Store sizes range from 500 to 5,000 sq. ft.

Virginia Beach, Va. -- Divaris Real Estate has arranged five retail leases for space in Chesapeake, Norfolk and Virginia Beach.

T-Mobile signed three leases for 4,225 sq. ft. The company will move into 1,600 sq. ft. in Kempsriver Crossing in Virginia Beach, 1,500 sq. ft. in Southern Shopping Center in Norfolk and 1,125 sq. ft. in Indian River Shoppes in Chesapeake.

Original Mattress Factory is relocating to a larger space in Sam’s Circle in Chesapeake. The new space is 2,400 sq. ft.

Los Angeles -- PizzaRev, the fast-casual artisan pizza concept, will build a flagship location in Burbank’s shopping and entertainment district at the intersection of E. Palm Ave. & N. San Fernando Blvd.

The company has announced plans to add two new locations in Oxnard and El Segundo, Calif. this summer and to begin franchising soon. PizzaRev currently operates three locations in Studio City, Woodland Hills and Northridge, Calif.

Irvine, Calif. – European private label fashion brand is entering the U.S. e-commerce arena with the launch of a new office and website in the U.S. The site will offer leather goods, handbags and accessories at up to an 80% discount.

Eastside specializes in having fashion and design professionals analyze the market and then select materials and trends to create private-label goods and accessories.

San Jose, Calif. -- A Wednesday report by Bloomberg said that Orchard Supply Hardware Stores Corp. has been given approval by the bankruptcy court to seek bids from liquidators to run going-out-of-business sales at eight underperforming stores and potentially another 22.