Sales & Marketing

New York -- OfficeMax Inc. and Office Depot have formally announced an agreement under which the two companies would combine in an all-stock merger that would transform the office supply sector of retail. The merger, which creates a single company with nearly $18 billion in revenue, was unanimously approved by the board of directors of both chains.

New York -- Britain’s Topshop is planning on increasing its U.S. presence. The fashion chain plans to open 10 additional stores in the United Stores over the next two years, according to the New York Daily News.
   
There are currently four U.S. Topshop stores, with the most recent being a flagship at The Grove in Los Angeles. The 25,000-sq.-ft. store carries the retailer's full range, including its Topman brand for men.

CINCINNATI — Kroger on Tuesday promoted Robert Clark as group VP non-perishables.

"Robert brings impactful leadership and extensive merchandising experience to our team," stated Michael Donnelly, Kroger's SVP merchandising. "His valuable knowledge of our customers across the country will further strengthen our strategic direction."

As group VP, Clark will be responsible for grocery, health and beauty, adult beverage, general merchandise and pharmacy.

New York -- Foot Locker announced that its board of directors has approved a $220 million capital expenditure program for 2013. The amount marks a significant increase over the approximately $163 million spent on in 2012.

The company said it plans to invest in such growth initiatives as including new and innovative store formats; continued expansion in Europe; technology to improve its customers' experience; and robust capabilities for its digital segment.

ROCKFORD, Mich. — Outdoor and sports apparel manufacturer Wolverine Worldwide reported that its consolidated fourth fiscal quarter revenue was $652.2 million, growth of 60.5% versus the prior year.

In the fourth quarter, excluding non-recurring transaction and integration expenses, earnings per share were 48 cents compared with the company's prior guidance of 12 cents to 22 cents per share.  

Dallas -- Red Mango said Wednesday it has secured an area development agreement to expand the yogurt chain to Central America.

El Salvador-based Nutrisal will open its first store in San Salvador next month at Plaza Santa Elena. Total unit development plans were not announced.

NAPERVILLE, Ill. and BOCA RATON, Fla. — The office retail field narrowed Wednesday, as OfficeMax and Office Depot officially announced an agreement to merge into a single company. The combined company would have had pro forma combined revenue for the 12 months ended Dec. 29, 2012 of approximately $18 billion.

Under the terms of the agreement, OfficeMax stockholders will receive 2.69 Office Depot common shares for each share of OfficeMax common stock.

Dallas -- Corner Bakery Café said Wednesday it plans to open 18 restaurants in the Boston area, joining under-development markets in neighboring Connecticut, Rhode Island, New York, New Jersey and Pennsylvania.

The bakery-café concept is targeting its growth through franchising deals with restaurant pros capable of opening multiple units. Corner Bakery has set a goal of doubling its current U.S. footprint of 147 locations by the end of 2015.