Corporate Governance

Toronto -- Canadian retailer Hudson's Bay Co. said Thursday it will shutter most of the remaining 64 Zellers stores that aren’t being converted to Target locations.

The Zellers parent sold the majority of the leases to Target Corp. last year. Many of the remaining 64 stores are expected to close by March 2013. Those that aren’t closed could potentially open under another retail banner, said Hudson’s Bay.
 

New Orleans -- New Orleans has rolled out the red carpet in order to assure the first Costco location in the state.

The city council on Thursday unanimously approved nearly $6 million in financial incentives for a planned Costco in the New Orleans suburb of Carrollton.  
 
The $45 million, 148,000-sq.-ft. Costco marks the warehouse club operator’s state debut, to reportedly be followed by a second in the capital city of Baton Rouge.

The New Orleans store is slated to open late summer 2013.
 

The economic recovery may be on an uneven track, but consumers are still willing to spend money – at Whole Foods Market especially.

Eugene Fife is the newest member of the Office Depot board.

The office products retailer added Fife to the board after James Rubin stepped down. Rubin was required to give up his seat because of a stipulation in an investor rights agreement Office Depot struck with BC Partners in 2009 that gave the firm three board seats after it made a sizable investment. The agreement required BC Partners board members to be employed by the firm and because Rubin recently resigned from BC Partners he was no longer allowed to serve on the Office Depot board.

MALIBU, Calif. — Jakks Pacific has acquired Ohio-based Maui Inc., a manufacturer and distributor of spring and summer activity toys, outdoor sports related toys, impulse toys including the popular Wave Hoop and Sky Ball products under the Maui Toys brand.

Jakks Pacific has acquired all of the shares of stock of Maui, a 24-year-old, privately held company, and its Hong Kong based affiliate A.S. Design Limited. The business is comprised of proprietary non-licensed brands.

SIDNEY, Neb. — Revenues rose 11.6% to $627.3 million at Cabela's during its second quarter, consisting of a 16.9% increase in store revenue, a 0.7% decrease in direct revenue and a 12.8% increase in financial services revenue. Same-store sales rose 4.7%.

Net income for the quarterr increased to $33.9 million compared with $21.7 million and earnings per diluted share were 47 cents compared with 31 cents, each compared with the year ago quarter.

FORT WORTH, Texas — Comparable-store sales were flat at RadioShack for the second quarter, as the company is still waiting for new strategic initiatives to pay off. The one bright spot is the mobile category, which had a 3.3% comps increase at U.S. RadioShack company-operated stores. Total net sales and operating revenue of $953.2 million, an increase of 1.2% versus last year.

Net loss for the quarter was $21 million, or 21 cents per diluted share, compared with net income of $24.9 million, or 24 cents per diluted share, last year.

NEW YORK — Saks Inc. has named Fabiola Arredondo to its board of directors.

MINNEAPOLIS — Target is using the power of social media to help raise money for needy schools. The retailer has launched a campaign via its Facebook page that will enable fans to vote for schools they think deserve a share of Target's $5 million “Give With Target” initiative this fall. The two-part giving campaign provides $2.5 million in grants to in-need schools, as well as up to $2.5 million in Target GiftCards to local schools.

NEW YORK — Volume sales for U.S. consumer packaged goods have fallen since last year due to higher prices, less promotional support and soaring temperatures, according to Nielsen SVP consumer and shopper insights Todd Hale.