Legislative, Regulatory & Legal

Wages

Signet Jewelers, which is battling a gender-discrimination class-action case, has named its first-ever female CEO.   Signet announced that CEO Mark Light has retired due to "health reaons."  He will be succeeded by beauty and health veteran Virginia "Gina" C. Drosos, who has served as an independent director of the company’s  board since 2012, effective August 1, 2017.  

Proposed reforms to the nation's tax code would hurt smaller retailers more than larger ones.   The National Retail Federation said smaller retailers and their employees would suffer more than large companies under a proposal to create a border adjustment tax that would drive up the price of imported merchandise.  

Bass Pro Shops's acquisition on rival Cabela's has passed another hurdle.     Cabela's shareholders voted to approve the sale of the hunting and outdoor retailer to Bass Pro, the company announced Tuesday. Cabela's agreed in April to be bought by Bass Pro Shops for $61.50 a share, down from the original purchase price of $65.50 a share, valuing the acquisition at $4.2 billion. The transaction is expected to close in the third quarter of 2017.  

The chairman and CEO of Sears Holding Co., is reportedly considering a deal with bankrupt Sears Canada.  

Consumer confidence remains strong, but that's not stopping retailers from worrying about the economy.   General economic conditions ranked as a top risk factor for the 9th consecutive year in an annual ranking of the top 25 risk factors by retailers, cited by 100% of respondents. Cybersecurity and regulatory concerns shared the top spot with the economy.  

The nation's largest supermarket operator is suing the German discount grocer Lidl over trademark infringement.    In a complaint filed last week in U.S. District Court in Virginia, Kroger claims that Lidl’s house brand, “Preferred Selection,” too closely resembles Kroger's own brand, “Private Selection.”  

Premium denim brand True Religion Apparel Inc. has struck a deal to erase $350 million of its debt.    The company announced Wednesday that it has filed for Chapter 11 bankruptcy protection and signed a restructuring agreement with the majority of its lenders, including private equity owner TowerBrook Capital Partners. It listed assets and liabilities in the range of $100 million to $500 million.