Corporate Governance

By Ben Carrasco, litigation associate, Smith, Robertson, Elliott & Douglas, LLP, Austin, Texas,
[email protected]

Reston, Va. -- Despite the backdrop of continued economic uncertainty, 2012 was a strong year for retail e-commerce, according to comScore’s “2013 U.S. Digital Future in Focus” report. Throughout the year, growth rates versus the prior year remained in the mid-teens to outpace growth at brick-and-mortar retail by a factor of approximately four times.

North Bergen, N.J. -- The Vitamin Shoppe announced that it has closed on the previously announced purchase of Super Supplements, a specialty retailer of vitamins, minerals and supplements for approximately $50 million. The acquisition was funded with available cash. 

The transaction was structured as a purchase of Super Supplements' assets by a wholly-owned subsidiary of the Vitamin Shoppe. Super Supplements is headquartered in Seattle, Washington and operates 31 stores in the Pacific Northwest.
 

New York -- Bad feelings about the global economy persist, with more than half of consumers around the world say the world is in an economic recession, according to a new study by Nielsen.

According to the Nielsen Global Survey of Consumer Confidence and Spending Intentions, 71% of North Americans said they were in a recession in the fourth-quarter of 2012, but this represented a drop in 15 percentage points from the fourth quarter 2011, representing the largest drop in negative sentiments about the economy of any area.

Philadelphia -- The Pep Boys – Manny, Moe & Jack named Chris Adams as SVP store operations.

Since 2010, Adams has served as COO of CarGroup Holdings LLC d/b/a Webuyanycar.com, where he was responsible for launching the U.S. operations of the successful U.K.-based car-buying service. Adams began his career at Enterprise Rent-A-Car.

Suffern, N.Y. -- Ascena Retail Group announced it has named Ronnie Robinson to the position of president of Ascena Global Sourcing (AGS).

David Jaffe, president and CEO of the Ascena Retail Group, commented: “Leveraging our sourcing capability across all our brands is an important strategic initiative for Ascena. Ronnie’s experience and accomplishments make him the ideal candidate to lead this effort.”

NEW YORK — Coach announced that Victor Luis has been appointed president and chief commercial officer. Concurrently, he has joined the board of directors. He will become CEO in January 2014. Lew Frankfort will continue as chairman and CE during this interim period and will then become executive chairman.

In the food industry’s largest ever acquisition, the H.J. Heinz Company has agreed to be acquired by an investment consortium of Berkshire Hathaway and 3G Capital.

Heinz shareholders will receive $72.50 a share in cash, a 20% premium to the prior day’s closing price of $60.48, which was at an all time high.

Strong sales of guns at ammunition at Cabela’s contributed to a 12% same store sales increased and enabled the company to report record sales and profits for the fourth quarter and full year.

WASHINGTON -- Retail sales ticked up in January as consumers adjusted their spending in response to the increase in payroll taxes and rise in gasoline and energy prices. According to the National Retail Federation, January retail sales (excluding automobiles, gas stations and restaurants) increased 0.3% seasonally adjusted from December and increased 5.4% unadjusted year-over-year.