Corporate Governance

New York -- Richard Schulze, founder of Best Buy Co., may abandon a buyout bid and instead line up investors to take a minority position in the electronics retailer, Reuters reported.
 
Schulze informed the Best Buy board in August that he was interested in partnering with private equity partners to buy the struggling consumer electronics company. But he has been unable to get enough support from banks to finance a deal that would allow him to take it private, the report said.

Austin, Texas -- Whole Foods Market Inc. reported that its first-quarter net income rose 24% to $146 million, exceeding expectations, on stronger revenue. But the grocer narrowed its revenue forecast and said its earnings growth may slow through the remainder of the year amid higher store-opening costs and plans to increase its selection of lower-priced products.

Total sales increased nearly 14% to $3.86 billion for the 16-week period that ended Jan. 20. Same-store sales were up 7.2% for the quarter.

Sidney, Neb. -- Cabela’s Inc. announced plans to open a 42,000-sq.-ft. Cabela’s Outpost store in Waco, Texas.

Construction is scheduled to begin this spring and doors are expected to open this fall. It will be the company’s fourth store in Texas, joining the Fort Worth, Buda and Allen locations.

Tyler, Texas -- Brookshire Grocery Co. recently became one of a select number of grocery retailers nation-wide to join the U.S. Environmental Protection Agency’s GreenChill partnership, which works with supermarkets to reduce refrigerant emissions and decrease their impact on the ozone layer and climate change.

Ridgefield, Conn. -- Schimenti Construction has added new employees to their staff.

“Our recent growth, and our planning for the future, has resulted in the need to expand our team of construction professionals,” stated Matthew Schimenti, company president.
 
The company has hired Edward Sheeran, project manager; Ryan Lumpuy, superintendent; and Kevin Hanley, estimating coordinator.

Irving, Texas -- Michaels Stores has named Chuck Rubin as CEO and a member of the board of directors. Rubin is currently the president and CEO of Ulta Beauty.

Rubin will assume his new roles after a brief period of transition, at which time Michaels will discontinue the “Office of the Chief Executive Officer,” established on an interim basis in May 2012. Charles "Chuck" Sonsteby, a member of the Office of the CEO, will continue as Michaels’ CFO and chief administrative officer.

GREENSBORO, N.C. — The board of directors of VF Corp., a global leader in branded lifestyle apparel and footwear, has elected Matthew Shattock as a director.

Shattock is the president and CEO of Beam Inc., one of the world’s leading premium spirits companies. He has led Beam since 2009, first as an operating unit of Fortune Brands and since October 2011 as a standalone public company. 

CHICAGO — Hilco Trading has named Farla Efros as EVP and COO of its SD Retail Consulting unit. The move is part of the company's strategic efforts to expand the breadth and depth of its senior management team. In her new role, Efros will be responsible for the firm’s merchandising and strategy practice area.

NEW YORK and SEATTLE -- Amazon.com has expanded its content licensing agreement with CBS Corp. to bring classic series and hit TV shows from CBS Television Distribution and Showtime Networks to Amazon’s Prime Instant Video service, extending the already vast catalog of CBS content available for Prime members to instantly stream, and enjoy at no additional cost.

BROOKFIELD, Wis. — Fiserv, a global provider of financial services technology solutions, has partnered with Alliance Data Retail Services, a provider of branded credit card programs, to offer e-bill distribution to cardholders of its more than 100 credit programs. This service is designed to provide consumers with increased control over bill payments, as well as the added convenience of viewing and paying bills electronically via 3,800 financial institutions that are part of the Fiserv bill payment network.