Corporate Governance

MINNEAPOLIS — Target is investing more than $12 million in schools in 2012 through its library makeover program, and said it plans to give more than $1 billion for education by the end of 2015.

As part of its 2012 library makeover program, Target will renovate libraries at 32 elementary schools and revisit each of the 118 schools that previously received a Target School Library Makeover to provide additional reading resources for students and teachers.

BENTONVILLE, Ark. — Amidst allegations of bribery at its Mexican affiliate, Wal-Mart Stores has created a new position. The global FCPA compliance officer will be responsible for ensuring that all Walmart divisions comply with the U.S. Foreign Corrupt Practices Act. This person will also oversee five FCPA compliance directors based in the international markets.

Bentonville, Ark. -- In response to the New York Times article about compliance with the U.S. Foreign Corrupt Practices Act, Wal-Mart VP corporate communications, David Tovar on Tuesday made the following statement:

Toronto -- Sears Canada Inc. said Tuesday it has agreed sell its Cantrex Group operations to Nationwide Marketing Group.

Sears Canada will maintain ownership of appliance brand Corbeil Electrique.

Cantrex was purchased by Sears Canada in 2005 in order to further develop its merchandising, buying, and logistics services in the furniture and appliance sectors. Corbeil became part of the Sears portfolio through this purchase and recently Sears has announced its plans to expand Corbeil's operations to the Greater Toronto Area this year.

Minneapolis -- Target Corp. said it has initiated remodels to expand the fresh food offerings at 90 stores across the nation, with the work expected to be completed on June 24, 2012.

The June stores will be the second of three cycles of remodels for Target this year. Stores scheduled for the June remodel cycle span markets across the country, from Des Moines, Iowa, to El Paso, Texas, and Dayton, Ohio.

By the end of the year, more than 1,100 Target stores will offer the expanded fresh food layout.

New York -- RadioShack Corp. on Tuesday reported a loss for the first quarter of $8 million, hurt by weakness in its Sprint postpaid wireless business and weak demand for prepaid wireless handsets, laptops and home entertainment accessories.

The electronics retailer said its net loss for the quarter ended March 31, 2012, was $8 million compared with net income of $35.1 million a year earlier.

Sales fell 0.9% to $1.01 billion, while analysts had expected $1.06 billion.

Cincinnati -- Macy’s will open a store in Sarasota, Fla., in fall 2014. The two-level, 160,000-sq.-ft. Macy’s will be an anchor of the new Mall at University Town Center, which is due to begin construction later this year.

Macy’s currently operates three stores in the Sarasota-Bradenton market – at Southgate Mall, Sarasota Square and DeSoto Square.
 

Houston -- Stage Stores announced the appointment of Steven Lawrence as chief merchandising officer, effective April 30, 2012. Lawrence will be responsible for all of the merchandising, planning and allocation functions of the company.

Prior to joining Stage Stores, Lawrence spent 11 years with J.C. Penney, where he was most recently co-chief merchant executive VP GMM men’s, kids & home.
 

Matthews, N.C. -- Family Dollar Stores said Monday that Dorlisa K. Flur, vice chair-strategy and chief administrative officer, plans to leave the company to pursue other interests, effective May 2.

Flur joined Family Dollar in 2004 as SVP strategy and business development.

Washington, D.C. -- The National Retail Federation announced that Bill Thorne has been named senior VP communications and public affairs. He will join NRF on June 1 to oversee the organization’s industry and public affairs communications strategy. Thorne currently serves as senior director Community Affairs at Walmart Corp.