Corporate Governance

New York -- A Thursday report by the Minneapolis Star Tribune said that Best Buy Co. founder Richard Schulze is expected to make a fully financed offer of $5 billion to $6 billion by the end of the week to buy the retailer.     

The newspaper cited an unnamed source for the report.

The bid would fall below Schulze’s August offer of up to $10.9 billion including debt.

Best Buy has not yet commented publicly on the report.

New York -- According to multiple reports on Thursday, Wal-Mart Stores Inc.'s India unit has received a notice from a federal government agency regarding alleged violations of the country’s foreign investment rules.
 
A spokesman for Wal-Mart said: “We will be working to provide the authorities with relevant information,” but didn’t elaborate on the contents of the notice.

Bharti Walmart Pvt. Ltd., a joint venture between Wal-Mart and India's Bharti Enterprises Ltd., operates 20 wholesale stores in the country.

Fort Worth, Texas -- Pier 1 Imports reported Thursday that net income for the third quarter rose 3% to $23.7 million, compared with $23 million in the year-ago period. Results matched Wall Street expectations.

Revenue rose 11% to $424.5 million from $382.7 million, beating analysts’ expectations of $422.2 million in revenue. Same-store sales increased 7.9%.

New York -- A Thursday report by the Financial Times said that Wal-Mart Stores Inc. is in discussions with Turkish retailer Migros Ticaret AS to acquire an 80% stake in the company from London-based private equity group BC Partners.

The Times said that Walmart held meetings with Migros managers in recent days in Turkey but it had not placed a bid for the Turkish retailer. Sources have not been identified and Wal-Mart so far has not commented.

Corte Madera, Calif. -- Restoration Hardware Holdings Inc. reported Wednesday net income for the third quarter of $1.7 million, compared with a loss of $4.8 million in the year-ago period.

Revenue rose 22% to $284.2 million and same-store sales surged 29%.

The home furnishings retailer went public in November.

Growth in sales and membership income at Costco helped the company produce earnings per share of 95 cents and beat analysts’ estimates by two cents.

NORWALK, Conn. — LogicSource, a sourcing solutions firm owned by Bain Capital, has appointed Sam Vail to the newly created GM spot for its OneMarket technology division. Vail will be responsible for driving OneMarket’s “Concept-to-Customer” solutions strategy, product marketing and business development.

NEW YORK — All-natural, cane turbinado sugar brand Sugar In The Raw has received the 2012 Bon Appétit Seal of Approval in the category of Finishing Sugar.

The new award from Bon Appétit is a first in its 56-year history. Bon Appétit’s list of must-have ingredients, including Sugar In The Raw, was selected by the editors to celebrate their favorite products. The list appears in their December 2012 issue.

JACKSONVILLE, Fla. — Department store retailer Stein Mart remains in non-compliance with NASDAQ listing requirements for failing to file its most recent quarterly report, but the company appears to be doing fine otherwise.

SAN FRANCISCO — Office Depot, FedEx Office and Go Daddy are anxious to tap into the small office and home office businesses market, which has been enjoying rapid growth and change. To that end, the three have formed a partnership with Planet Soho, a provider of user-friendly online management tools and services for the SOHO market.