Legislative, Regulatory & Legal

For much of the past decade the persistent problem Walmart had to address with shareholders at its annual meeting was a long dormant share price. That’s not the case this year, but there are plenty of other issues to concern shareholders.

Three Scotts Miracle-Gro board members resigned following the delivery of a unanimously supported reprimand of CEO Jim Hagedorn that stemmed from the use of inappropriate language. 

Hagedorn apologized in a statement.

"While I have a tendency to use colorful language, I recognize my comments in this case were inappropriate and I apologize," Hagedorn said. "I, along with the rest of our board members, consider the matter resolved and I have made a personal commitment to prevent a future recurrence."

BOCA RATON, Fla. — Office Depot has reached an agreement to sell its 50% stake in Office Depot de Mexico S.A. de C.V. to its joint venture partner Grupo Gigante, S.A.B. de C.V. for roughly $690 million in cash.

Office Depot de Mexico, which was founded in 1994 as a joint partnership between Office Depot and Grupo Gigante, has more than 248 stores throughout Mexico and Central America and more than $1.1 billion in annual sales.

New York -- Jamen Shively, a former Microsoft corporate strategy manager, announced plans to invest $100 million over the next three years in a national chain of marijuana stores. The stores would sell both medical-use and adult-use (recreational) cannabis. Shively is now CEO of San Diego-based Diego Pellicer, which describes itself as the first legal premium marijuana retailer in the United States.

Starbucks Coffee Company is extending its indoor no-smoking policy to the outdoors. The company will prohibit anyone up to 25 feet from a Starbucks store from smoking, effective June 1, where permitted by its leases. 

The new rule will apply to the 7,000 shops owned and operated by Starbucks Corp., regardless of whether they have outdoor seating areas. 

WASHINGTON — U.S. consumer spending dropped 0.2% in April 2013, according to the Commerce Department.

It was the first monthly decline since May of last year and follows increases of 0.1% in March and 0.8% in February. Falling gas prices in April were part of the reason for the drop in spending, with purchases of gas, electricity and other energy goods and services down 4.4%.

In addition, increased Social Security deductions in consumer paychecks may have also contributed to the decline in spending.

 

New York -- The International Council of Shopping Centers announced that David J. LaRue, president and CEO of Forest City Enterprises, has been elected by ICSC’s Board of Trustees to serve as the association’s chairman for the 2013–2014 term.  

LaRue assumed his role as chairman on May 20 during RECon, ICSC’s annual meeting in Las Vegas.  He succeeds Brad Hutensky, president and principal of Hutensky Capital Partners.

New York -- Wal-Mart Stores pleaded guilty in federal court in San Francisco to improperly handling and disposing of hazardous waste in California and Missouri, and agreed to pay about $82 million in fines. The settlement brings to a close an environmental investigation that lasted some eight years.

BENTONVILLE, Ark. — Walmart has pleaded guilty to charges that it inappropriately transported and disposed of common consumer products, such as bleach and fertilizer, while reiterating that the misdemeanor violations of certain environmental laws occurred years ago and had no specific environment impact.

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