News

WAYNE, N.J. — A company that specializes in "As Seen on TV" products has named a new chief operating officer.

Ron Boger, who currently serves as EVP of IdeaVillage, will take on the COO role. He will work with company founder Anand Khubani in launching new and innovative products in the mass market.

Boger is credited with bringing such products as SlimShots, Yoshi ceramic knife, Fushigi ball, and Criss Angel MindFreak magic kits and tricks and more under the IdeaVillage banner and into the mass market.

PITTSBURGH — General Nutrition Centers Thursday evening announced its initial public offering of 22.5 million shares of its Class A common stock at an opening price of $16 per share.

Of the shares offered, 16 million are being issued and sold by GNC and 6.5 million shares are being sold by selling stockholders.

In addition, selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 3.4 million shares. That offering is expected to close on April 6.

NEW YORK -- Walmart, Target, The Home Depot, Best Buy and CVS took top honors in Interbrand’s annual ranking of the 50 most valuable U.S. retail brands. The U.S. brands are valued in collaboration with Interbrand Design Forum, the retail experience group within Interbrand.

Grapevine, Texas -- GameStop Corp. announced the acquisition of Spawn Labs, a streaming technology company.

In addition, GameStop announced it has entered into an agreement to purchase Impulse, a subsidiary of Stardock Systems, and a leader in digital distribution. The Impulse acquisition is subject to customary closing conditions and is expected to close in May.

AUSTIN, Texas — Proving that natural food stores have a sense of humor, Whole Foods hosted a faux website homepage to celebrate April Fools' Day.

The homepage featured such items as "insects raised with compassion," stinky cheese lipstick and bizarre recipes. The retailer even featured a video about finding love at its stores on both the website and its Facebook fan page. Needless to say, it received many "likes."

HOFFMAN ESTATES, Ill. -- Sears announced that it has launched the Sears Blue Tool Crew "Do It Together" program to honor unsung heroes who use their tools and talents for the greater good of the community. According to Sears DIT is the national expansion of the "Unsung Heroes: Dads Making a Difference" Father's Day initiative that recognized dads across the country in 2010.  

The $33 million profit Office Depot posted in 2010 turned into a $46 million loss late Thursday after the company released restated financial results that reflected an unfavorable tax ruling by the Internal Revenue Service.

Boca Raton, Fla. -- Office Depot said it will restate its finances for the second and third quarters of fiscal 2010 as well as for the full fiscal year. The company said the U.S. Internal Revenue Service denied its claim for an $80 million benefit related to taxes.

The removal of the benefit, which had already been recorded in financial statements, will result in a loss for 2010 of $46 million. Previously the company said it earned $33 million.