7-Eleven Spurns Japanese Offer
New York City, 7-Eleven, the world’s largest convenience store chain, rejected an “inadequate” tender offer from its parent company Seven-Eleven Japan. The Japanese bid of $32.50 per share was deemed too low, and consequently not in the best interests of shareholders. 7-Eleven added that its advisors are in conversation about an increased offer, though a higher bid is not assured.
Container Store Makes Executive Moves
Dallas, The Container Store named Sharon Ellis as its CFO. She has more than 15 years of financial and banking experience, most recently as senior VP of commercial banking at JPMorgan Chase. The company’s CFO position was previously held by Stefan Ferm, who will now focus on his role as chairman and CEO of wholly owned subsidiary elfa International AB and executive VP of international operations for The Container Store.
In addition, three new VPs were named. Mona Williams has been promoted to VP of buying from senior merchandise director. Peggy Doughty has been promoted to VP of visual merchandising after serving as senior merchandise director. Lucy Witte has been promoted to VP of marketing from her prior position as director of sales and marketing.
H&M to Drop Model Moss Over Admitted Drug Use
New York City, Yesterday, H&M dismissed Kate Moss as its centerpiece from a planned advertising campaign following an admission of cocaine use by the top model. The verdict by Europe’s largest clothing chain, with 78 American stores, came as a surprise, considering that H&M earlier stated that Moss would be forgiven and the campaign would proceed as scheduled.
However, after H&M’s initial pardoning, public complaints via the Internet and the media seemed to force the European retailer’s hand. With such a strong client base of teenagers and young adults, H&M deemed it best to distance itself from drugs, as H&M representative Jennifer Uglialoro cited the need for retailers to employ “healthy, wholesome, and sound” agents.
As for Moss, her future is uncertain. Earning more than $9 million a year, she appears in advertising campaigns for many top fashion companies, including Chanel, Burberry and Dior. At this point, it is unclear whether other companies will follow H&M’s lead and distance themselves from Moss.