Corporate Governance

Lowe’s has announced an agreement to sell $500 million of 1.625% notes due 2017, $750 million of 3.12% notes due 2022 and $750 million of 4.65% notes due 2042. Estimated net proceeds from this offering will be approximately $1.982 billion, after deducting offering expenses and underwriters' discounts.

Bentonville, Ark. -- Wal-Mart Stores Inc. said Tuesday it will hire 100 additional developers in India as part of its @WalmartLabs unit, which is focused on growing the retailer’s social media and mobile presence globally.

In November, WalmartLabs, under the retailer’s global e-commerce group, will build an operation in India to use social media and digital technology to attract shoppers.
 

Eden Prairie, Minn. -- Supervalu is moving ahead with its sustainability efforts by increasing the number of stores that will divert 90% or more of their waste from local landfills by the end of the current fiscal year.

Arlington, Va. -- The Retail Industry Leaders Association on Tuesday expressed support of this week's announcement by President Barack Obama and U.S. Trade Representative Ron Kirk that the U.S.-Colombia Trade Promotion Agreement will enter into force on May 15.

Hong Kong -- Esprit Holdings Ltd. announced Tuesday that it has hired Thomas Tang, former CFO of blue chip property firm Sino Land Co. Ltd., as its new group CFO.
 
Tang, who has over 30 years of experience in accounting and finance, left Sino Land in late March.

Esprit is in the throes of a major restructuring after its previous CFO resigned. Tang begins his post in May.
 

Toronto -- Sears Canada chief Calvin McDonald told attendees of the retailer’s annual meeting in Toronto on Tuesday that the focus will be on its strongest categories to more quickly effect a turnaround.

Hard goods such as appliances and tools will be a major focus in the company’s three-year turnaround plan, said McDonald. Sears Canada is majority-owned by Sears Holdings Corp.

Bentonville, Ark. -- A report by the Associated Press on Monday said that Wal-Mart Stores Inc. CEO Mike Duke was compensated with an $18.1 million pay package in 2011, down 3% from the prior year.

According to AP, the pay decline is attributed to a smaller performance-based cash bonus for the year.

Irvine, Calif. -- Toshiba Tec Corp., an arm of Toshiba Corp., announced plans on Tuesday to acquire IBM Corp.’s point-of-sale terminal business for $850 million.

The transaction is expected to be completed mid-summer.

Toshiba Tec, which is 50% owned by Toshiba Corp., will become the world’s largest supplier of POS terminals once the acquisition is finalized.
 

Morrisville, N.C. -- Lowe’s Cos. said Monday it will sell $2 billion in notes, with net proceeds, estimated at $1.982 billion, to be used for general corporate purposes.

Closing is expected to occur on April 23. Lowe's plans to sell $500 million of 1.625% notes due 2017, $750 million of 3.12% notes due 2022 and $750 million of 4.65% notes due 2042.
 

Retail facades and storefronts have come under increased scrutiny in recent years for the important role they play in brand identity. Chain Store Age talked with Oldcastle BuildingEnvelope’s Kent Baumann about trends in building envelope solutions and how the industry is evolving.