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.
Moderate Holiday Growth Expected
Washington, D.C., Following one of the strongest holiday seasons in recent memory last year, the National Retail Federation (NRF) projected an annual gain of 5% for retailers during the upcoming holiday season, despite concerns that rising energy prices and other factors may make it difficult to match last year’s sales.
NRF chief economist Rosalind Wells averred that instead of labeling high gas prices as the sole make-or-break factor, “it is crucial for analysts to look at the big picture instead of isolating one economic indicator to project sales.” She added that the job market, disposable income and consumer confidence would be just as important for retailers in the upcoming season.
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.