Activist investor reveals 13% stake in Office Depot
Delray Beach, Fla. — Starboard Value disclosed on Monday that it has taken a 13.3% stake in Office Depot. According to a report by Reuters, the activist hedge fund now becomes the office supply retailer’s biggest shareholder.
In a letter to Office Depot CEO Neil Austrian, Starboard CEO Jeffrey Smith called for lowering expenses to improve performance.
Best Buy CEO sells $1.19 million of stock
Minneapolis — A filing with the Securities and Exchange Commission revealed that Best Buy Inc. CEO Hubert Joly has sold $1.19 million worth of shares of common stock of the company.
Joly sold 65,796 shares at a price of $18.02 per share, according to the SEC filing. According to Best Buy, the stock sale was made to cover taxes associated with stock grants.
Alliance Data acquires $145 million in Talbots credit card receivables
Dallas — Alliance Data Systems Corp. said Monday that it has acquired the receivables associated with The Talbots Inc.’s existing private-label credit card file, and will acquire the credit card accounts, pending regulatory approval. The receivables portfolio totals about $145 million.
Alliance Data also said that its Retail Services business will provide private-label credit card services for Talbots, as well.
"We look forward to working together with Alliance Data to continue to build long-term customer loyalty and grow the Talbots brand through our Talbots Charge private-label credit card and rewards program," said Mike Archbold, CEO and CFO of Talbots.