Corporate Governance

SECAUCUS, N.J. — More than a year after The Children's Place Retail Stores began its search for a new chief financial officer, following the departure of EVP finance and adminstration, Susan Riley, the company has named Steven Baginski as CFO. He will report to Eric Bauer, COO. 

PURCHASE, N.Y. — Stop & Shop has launched two new initiatives to make it easier for customers to live healthier lives.

The company has launched a free, quarterly magazine to help fight childhood obesity and get kids to live healthier lifestyles. Kid Healthy Ideas is a 12-page full-color publication that targets children ages eight to 12 and features health-related educational articles, games and recipes.

The Minnesota Vikings are in need of a new football stadium and Target’s EVP property development John Griffith sees a proposed downtown Minneapolis location as one element of a larger development and revitalization plan. That’s according to the Minneapolis Star Tribune, which reported this week on Griffith’s involvement in the downtown deal-making and track record at Target. Read the article here.

The Minnesota Vikings are in need of a new football stadium and Target’s EVP property development John Griffith sees a proposed downtown Minneapolis location as one element of a larger development and revitalization plan. That’s according to the Minneapolis Star Tribune, which reported this week on Griffith’s involvement in the downtown deal-making and track record at Target. Read the article here.

BENTONVILLE, Ark. — Amidst allegations of involvement in a foreign bribery scandal, Wal-Mart Stores vice chairman Eduardo Castro-Wright has vacated his seat on the board of life insurer MetLife, according to a Tuesday announcement by Wal-Mart.
 
In a letter to MetLife CEO Steve Kandarian, Castro-Wright said that the recent events at Wal-Mart would require his “immediate and personal attention. Accordingly, I now must focus my energy in spending personal time with my family and in protecting my good name and business reputation.”

Following up on last week’s commentary (A dot com disconnect and Canadian e-commerce opportunity revealed), the legislative loophole that has U.S. retailers at a disadvantage to their Canadian counterparts was on display again this week during congressional testimony in Washington, D.C.

San Francisco -- The Gymboree Corp. reported Wednesday that it narrowed its loss in the quarter ended Jan. 28 to $24.9 million, compared with a loss of $47.3 million a year earlier.

Sales for the quarter increased 11.9% to $355.8 million, from $318.0 million last year. Same-store sales rose 6%.

The company announced that it plans to open 105 new stores in fiscal 2012, including 80 Crazy 8 stores.
 

New York -- A Wednesday report by Reuters said that the Mexican federal comptroller’s office has given the go-ahead to open an investigation into allegations that Wal-Mart Mexico bribed officials to expand its business in the country.

"If wrongdoing attributable to federal public officials is detected, the federal government will take action," the office said.
 

Hoffman Estates, Ill. -- Sears Holdings has expanded the availability of its in-store professional apparel shop to 91 Sears and Kmart stores nationwide. The concept, called, "Scrubology," is already open in 39 stores and offers work apparel and uniforms for professionals in industrial, service and healthcare fields.

The concept is a partnership with Work 'N Gear.

By Jason S. Baker