News

LA JOLLA, Calif. — Kashi announced the launch of its berry blossoms cereal and cherry vanilla cereal bars.

The company said its berry blossoms cereal features pillow-shaped graham cereal squares made with seven whole grains and tossed with a tasty blend of real fruit, including strawberries, blackberries and blueberries.

BOCA RATON, Fla. -- The South Florida Business Journal  reported Tuesday that Office Depot has dismissed David Grove, SVP contract sales for the company. 

According to the report, Grove's termination was unrelated to company operations, citing an Office Depot statement. Grove joined the company just 14 months ago.

Before joining Office Depot, Grove served in various roles in the office products field including president business interiors at Corporate Express and director of business development at United Stationers.

Reducing the number of hours truck drivers are allowed to spend behind the wheel sounds like it would be a good idea to improve the nation’s roadways, but nothing could be further from the truth, according the Retail Industry Leaders Association.

The trade group is looking to defeat new rules proposed by the Federal Motor Carrier Safety Administration that includes a provision that would reduce to 10 from 11 the number of hours drivers are allowed to drive before taking a 34-hour break.

Secaucus, N.J. — The Children's Place Retail Stores Inc. said Wednesday its profit fell nearly 6% in the fourth quarter, but results topped expectations as the company cut costs.

The retailer said its net income fell to $32.1 million in the three months ended Jan. 29, down from $34.1 million year ago. Revenue fell 2% to $453.2 million from $462.8 million in the prior-year period. Same-store sales fell 5.9%.

New York — Lady Gaga's deal to sell a special edition of her upcoming album at Target is off.

A representative for the flamboyant and outspoken singer said Wednesday the two sides "came to a mutual decision to end their overall exclusive partnership a few weeks ago." Last month, it was announced that Target Corp. would be selling a deluxe edition of the album, to be released May 23, with bonus content.

New York — The sale of the financially-beleaguered furniture retailer Robb & Stucky to liquidation firm Hudson Capital Partners of Massachusetts was approved Tuesday at a bankruptcy hearing in Tampa, the South Florida Sun-Sentinel reported.

Hudson Capital, in a joint venture with Hyperams LLC, offered the highest bid for the 96-year-old Fort Myers-based company, which operates 20 stores, mostly in Florida.

New York -- Dov Charney, the controversial founder and CEO of American Apparel, has been hit with his most serious lawsuit to date.  Charney, 42, who has previously dodged lawsuits claiming sexual harassment, as well as non litigious-claims about a sexually-charged work environment, is being sued for $250 million in damages for allegedly forcing a teen employee to perform sexual acts. 

New York -- American Eagle Outfitters Inc. officially announced the retirement of its chief executive officer. The chain, which has seen its seen sales falter of late, also posted a 47% rise in profits for the fourth quarter on cost-cutting.

American Eagle said its CEO James O'Donnell, 70, will stay with the retailer until a successor is chosen and will work through the transition period. O'Donnell started with American Eagle as its COO in 2000. He became co-CEO in 2002 and CEO in 2003. 

Deerfield, Ill. -- Walgreen Co. said Wednesday it is leaving the pharmacy benefits management business, selling its Walgreens Health Initiatives operation to Catalyst Health Solutions Inc. for $525 million in cash. The deal will leave Walgreens free to focus on its drug store network, which is the largest in the United States.

Walgreens’ pharmacy benefits management business has never approached the size of Caremark, the pharmacy benefits management business of CVS Caremark Corp.,

 York, Penn. -- Bon-Ton Stores Inc. said Wednesday its fiscal fourth-quarter profit climbed 6%.

The department store chain said its net income rose to $85 million for the period ended Jan. 29, up from $80.3 million a year earlier.

Revenue edged up 1% to $1.03 billion from $1.02 billion.

Revenue at stores open at least a year rose 0.8%.

Bon-Ton Stores' annual net income was $21.5 million. In the prior year, it lost $4.1 million.