Corporate Governance

Westborough, N.H. -- Private equity firms Leonard Green & Partners and CVC Capital Partners on Friday completed their $2.8 billion acquisition of BJ's Wholesale Club. The move, which takes the chain private, sets the stage for a stock delisting, effective Monday before the markets open.

The deal was announced in late June after months of speculation. BJ’s shareholders approved the buyout on Sept. 9. The chain currently operates 190 warehouse clubs in 15 states.
 

Columbus, Ohio -- Information sharing,  expense benchmarking, innovative technologies, energy management systems, disaster preparedness and international facility management were ranked as the most important agenda topics by attendees at FacilitySource’s 5th annual Leadership Symposium, on Sept. 19-22.

By Tommy Thompson, [email protected]

The National Fire Protection Association (NFPA) estimates 16,360 structure fires occurred annually in stores and other mercantile properties from 2004 to 2008 resulting in $648 million in direct property damage.

Fires affect thousands of retailers each year resulting in injury, lost customer trust and building damage. Establishing a fire prevention and preparedness program is critical to the safety of retail employees and customers.”

Washington, D.C. -- A report released Friday by the Commerce Dept. showed that consumer spending in the U.S. slowed in August, impacted by falling incomes and sporadic hiring.

Commerce Dept. figures showed that purchases edged up 0.2% after a 0.7% increase in July. However, a 0.2% increase in prices wiped out the slight spending gain. Incomes dipped 0.1%, the first decline since October 2009.

New York City -- A Thursday Reuters report said that Liz Claiborne has won the dismissal of a shareholder lawsuit that accused the company of misrepresenting its relationships with Macy's and J.C. Penney.

U.S. District Judge Richard Holwell said Thursday that the investors failed to show that Liz Claiborne intended to mislead them about the relationships.

The class period ran from Jan. 16 to April 30, 2007, the day before Liz Claiborne reported much lower-than-expected profit and sales at department store chains.
 

Washington, D.C. -- Retailers and their customers will save billions of dollars when new Federal Reserve regulations cutting debit-card swipe fees roughly in half take effect this weekend, the National Retail Federation said.

Toano, Va. -- Flooring retailer Lumber Liquidators said Friday it will acquire certain assets of Sequoia Floorings in order to strengthen its mill-direct relationships and shore up its long-term sourcing strategies.

Sequoia, a trading company, had provided product quality and development services on approximately 40% of Lumber Liquidators’ 2010 merchandise purchases, primarily those in Asia.

Birmingham, Ala. -- Books-A-Million said Thursday it has appointed Tyler Novak as general counsel.

Novak will be responsible for overseeing all the company's legal affairs, including general corporate legal matters, intellectual property and corporate compliance, and will report to Clyde B. Anderson, chairman and CEO.
 

Quincy. Mass. -- Stop & Shop Supermarket Co. on Saturday will open its third location in Cranston, R.I. The new store will pursue LEED (Leadership in Energy and Environmental Design) certification in the coming months.

The new Stop & Shop was built with a range of energy-efficient features, including a fabric duct ventilation system (from DuctSox). The application, designed to provide more uniform airflow is first of its kind use for Stop & Shop.

Other energy-saving features include:

MATTHEWS, N.C. — The chief investment officer of Trian Fund Management has been named to the board of directors at Family Dollar, the retailer announced.

Edward Garden's appointment as board member is effective immediately. With this appointment, Family Dollar's board expands to 11 directors.