Dollar Tree Chairman Requests Pay Cut
New York City Dollar Tree Inc. on Friday reduced the salary of its chairman Macon Brock, at his request.
According to a filing with the Securities and Exchange Commission, Brock will now earn $200,000. Brock’s salary was $400,000 in 2006, based on the company’s most recent regulatory filing regarding executive compensation.
He will also receive options for 21,000 shares of stock.
Based on Thursday’s closing price of $30.82, Brock’s options are worth $647,220.
Sharper Image agrees to sell company
SAN FRANCISCO Sharper Image reported that it has decided to pursue a sale of its business and assets pursuant to the provisions of the bankruptcy code and will solicit indications of interest from potential acquirers.
The company notified interested parties that any sale will be subject to approval of the bankruptcy court having jurisdiction of the company’s chapter 11 case.
The company said it intends to complete the sale process and seek approval of the sale by the bankruptcy court by the end of May 2008.
Robert Conway, ceo, said that “given the present retail climate and specialty nature of the company, as well as the limited financing available to the company, a sale of its business and assets at this time will preserve values and yield the best recovery to the company.”
Supervalu offers incentives for rebate use
MINNEAPOLIS Supervalu is encouraging customers to spend their stimulus or tax refund checks in its stores by offering gift cards in $300 increments with an extra $30 added to each card. The offer is available May 2 through July 31, at all Supervalu stores.
“We recognize that in today’s economy, consumers’ budgets are strained,” said Jeff Noddle, Supervalu chairman and ceo. “At the same time, however, they still want to feed their families fresh and healthy meals, affordably. We’re always looking for ways to help our shoppers stretch their food dollars even further, and this is a program that we hope can help them achieve that.”