Corporate Governance

MEMPHIS — Fred's on Friday launched a holiday layaway plan featuring no fees and a down payment of only $1.

"Fred’s realizes that the current economy presents difficult challenges to its customers and Fred's wants to offer as much assistance as it can," Fred's SVP sales and marketing Dave Mueller said. "That’s why we came up with a layaway plan that — with just one dollar down and absolutely no fees — is unlike any others and will stretch shoppers’ dollars during a time when it will be most welcome."

RH is the new name for familiar home goods retailer Restoration Hardware.

The company said the switch to the RH acronym positions the brand to curate a lifestyle beyond the four walls of the home which is reflective of the current positioning and future direction of the luxury home goods brand.

Former VF Outdoor CFO Dan Templin has joined Eddie Bauer as COO and CFO.

With the addition of Templin, current Eddie Bauer CFO Marv Toland was named to the newly created role of SVP of direct with responsibility for the brand’s e-commerce and catalog businesses.

Eddie Bauer CEO Mike Egeck characterized Templin as a seasoned outdoor industry executive whose responsibilities at VF Outdoor, with leading brands such as The North Face, Vans, JanSport and Timberland, will benefit Eddie Bauer.

Brad Anderson was named to the board of LightHaus, a provider of shopper insights based on video analytics.

Bentonville, Ark. -- Despite its interest in making a New York City debut in a new Brooklyn neighborhood shopping center, Wal-Mart Stores Inc. said Friday it was unable to agree to economic terms for a new store. Instead, developer Related Cos. struck a deal with ShopRite to open a new grocery store at the 630,000-sq.-ft. Gateway II shopping center planned for Brooklyn.

Foothill Ranch, Colo. -- The Clinton Group Inc., a 7% shareholder in Wet Seal, made a formal request on Monday to replace most of the retailer’s current board of directors.

Bellevue, Wash. -- Eddie Bauer LLC said Monday it has named Daniel E. Templin as COO and CFO of the company.

Templin was previously CFO for VF Outdoor, which includes brands such as The North Face, Vans, JanSport and Timberland.

Eddie Bauer also announced that current CFO Marv Toland will move into the newly created role of senior VP Direct with responsibility for the brand's e-commerce and catalog businesses.

Zug, Switzerland -- Swiss drugstore chain Alliance Boots said Monday it has acquired a 12% stake in Chinese pharmaceutical wholesaler Nanjing Pharmaceutical Co. for $88.5 million.

The deal follows Walgreen Co.’s $7 billion investment in Alliance Boots in a move to expand into China.

Alliance Boots runs the largest drugstore chain in the United Kingdom.

Walgreen’s initial plan is to acquire about 45% of Alliance Boots with an option to buy the rest of the company in three years.

San Francisco -- Gap Inc. said Monday it has named Rebekka Bay as creative director and executive VP for Gap Global Design, effective Oct. 1.

Bay is most noted for conceptualizing, developing and launching the COS brand for Hennes & Mauritz. She spent five years as creative director at COS.

Bay will be responsible for Women’s, Men’s, 1969, Accessories and Body lines worldwide.

Morrisville, N.C. -- Lowe’s Cos. Inc. said Monday it has withdrawn its bid to purchase Canadian home-improvement retailer Rona Inc.

The $1.86 billion unsolicited acquisition proposal had earlier been rejected by Quebec-based Rona, which said the offer was not the best deal for its shareholders. The proposal generated discord among Rona’s dealer companies, many of whom threatened to sever their ties with Rona should Lowe’s succeed in its acquisition attempt.