Corporate Governance

Wayne, N.J. – Toys “R” Us has named the leadership team for its retail business operations in Southeast Asia and Greater China, following the recent announcement of its new joint venture agreement with Li & Fung Retailing. With this agreement, the existing Toys “R” Us business operations in the region, which had previously been licensed, are now majority owned and controlled by Toys “R” Us.

Naperville, Ill. -- OfficeMax announced that it has appointed Jim Barr as executive VP and chief digital officer, effective Nov. 14. Barr will be responsible for all aspects of the company's e-commerce business and for driving its multichannel digital strategy.

Barr has been working with the OfficeMax e-commerce business in an advisory capacity since July 2011. Prior to that, he served as president of Sears Holdings' online division.
 

New York City -- Kohl's Corp. reported a 3.9% rise in same-store sales in October, better than analysts’ expectations, amid strong demand for its new Jennifer Lopez and Mark Anthony brands.

In a statement, CEO Kevin Mansell said that customers responded favorably to the pair of new brands, as well as the company's marketing programs.

“As we enter the important fourth quarter, we plan to continue our investment in marketing, especially digital and broadcast, to drive customer traffic and broaden our reach,” he said.

New York City -- Consumer spending slowed in October, sending a note of caution as retailers head into the holiday season. Eleven retailers missed expectations for same-store sales, while three chains beat estimates, according to a preliminary tally by Thomson Reuters. However, while the October results were not as promising as some retailers had hoped, sales for the most part rose and most chains reported results that were only slightly off from analysts’ estimates. Some analysts blamed Wall Street for underestimating how much caution is still out there.

Austin, Texas -- Whole Foods Market reported that its fiscal fourth-quarter profit rose 31% to $75.5 million on higher sales, beating analysts' expectations. But the company's outlook for next year's profit fell just short of what analysts forecast on average.

Revenue increased 12% to $2.35 billion.

Columbus, Ohio -- Express said Thursday that its CEO, Michael Weiss, will also take over the role of board chairman, because of the current chairman's involvement in a rival company.

Weiss succeeds Stefan Kaluzny in the chairman's job. Kaluzny joined Express' board when the private equity firm where he worked, Golden Gate Capital, bought Limited Brands in 2007. Kaluzny has since joined another private equity firm, Sycamore Partners, which recently brought a controlling stake in Mast Global Fashions, which is Limited Brands' apparel sourcing division.

Belmont, Calif. -- SunEdison, a leading worldwide solar energy services provider and Staples announced a production milestone of more than 30 million kilowatt-hours of energy produced through solar installations on Staples' properties.

Chicago -- Commercial real estate services firm Jones Lang LaSalle will complete the rebrand, design and build-out of retail locations for mobile communications provider NII Holdings for its licensed Nextel brand in Latin America as part of a turnkey brand implementation strategy.

New York City -- Sycamore Partners, a private equity firm based in New York, and Limited Brands announced that Sycamore has acquired a controlling 51% interest in Mast Global Fashions, the third-party apparel sourcing division of Limited Brands.

Limited Brands will retain a 49% stake in this standalone apparel production and sourcing company. Terms of the transaction were not disclosed. Limited Brands will retain 100% ownership of its separate sourcing operation for their intimate apparel and personal care/beauty businesses.

Woonsocket, R.I. -- CVS Caremark Corp.’s third-quarter profit rose 7.3%, to $868 million, driven by strong performances in its pharmacy businesses. Its performance topped Wall Street expectations.

Revenue for the three-month period ended September 30, 2011, rose 12% to $26.67 billion, from $23.71 billion.

Revenue in its pharmacy-services segment increased 26% $14.8 billion, boosted by a contract with Aetna Inc. and added business from the acquisition of Universal American Corp.'s Medicare prescription drug business.