DeMoulas fires CEO, execs
Tewksbury, Mass. – Demoulas Supermarkets Inc. has fired CEO Arthur T. Demoulas. The retailer also fired director of operations Bill Marsden and VP of grocery Joe Rockwell.
Demoulas had been waging a public battle with his cousin Arthur S. Demoulas, a stakeholder and director of the company, about finances. Arthur T. Demoulas has claimed that his cousin seeks to raise prices and lower wages. The cousins have also publicly disagreed about agreements with suppliers and vendors.
Oracle acquires Micros
Redwood Shores, Calif. – Oracle Corp. has acquired Micros Systems, a provider of integrated retail and hospitality enterprise solutions, for $5.3 billion. This figure is 27-times Micros’ current earnings.
Micros offers on-premise and hosted cloud implementations of front- and back-office applications. Retail solutions include POS, e-commerce, CRM, merchandise planning and loss prevention.
On the retail side, this purchase provides Oracle with a leading position in the POS marketplace. Micros is also a leading provider of mobile POS solutions for the specialty retail and table service restaurant verticals. Other areas where Micros offers Oracle built-in strength include loss prevention and hosted business intelligence.
Micros’ management and employees will form a dedicated business within Oracle, and until the transaction closes, Oracle and Micros will continue to operate independently and it is business as usual. The board of directors of Micros has unanimously approved the transaction. The transaction is expected to close in the second half of 2014, subject to customary terms and conditions.
“We expect this transaction to be immediately accretive to Oracle’s earnings on a non‐GAAP basis and to expand over time,” said Oracle president and CFO Safra Catz.
Study: Retailers dominate list of worst places to work
Sausalito, Calif. – Retailers dominated a list of the worst companies in the U.S. to work, taking eight of the top 11 spots. According to a report from corporate review site Glassdoor.com, Books-A-Million is the worst company to work for in the U.S., with common employee complaints including low pay, high stress and limited promotion opportunities.
Other retailers making the list include Jos. A. Bank (No. 4), Dillard’s (No. 6), Hhgregg (No. 8), Family Dollar (No. 9), Children’s Place (No. 10) and RadioShack (No. 11). In general, retail employees were dissatisfied with working hours, difficulties in meeting commission requirements, customer service policies, and middle management.