Guess chairman, co-founder to retire
Los Angeles — Guess said Monday that chairman and co-founder Maurice Marciano will retire as an executive officer in January 2012. However, he will continue to serve as a non-executive chairman and as a consultant for two more years after his retirement becomes effective.
Borders hopes to name bidder by July 1
New York City — Borders Group hopes to name a bidder by July 1 and sell itself by the end of that month, according to bankruptcy court filings, the Associated Press reported. Forty stores previously targeted for closing are also getting a temporary reprieve.
The retailer said in papers filed Friday it plans to name a "stalking horse" bidder by July 1. The company said an auction is likely on July 19, with a sale hearing on July 22 and sale closing on July 29.
Borders also said a financing condition has also been amended that required it to close 40 of its 400 remaining stores because it had not reached lease-extension agreements with landlords. The chain will not shutter the locations only if a sale does not occur by the end of July, the Associated Press said.
Wal-Mart completes Massmart deal
Bentonville, Ark. — Wal-Mart Stores, announced Monday that the company has completed its investment for a 51% stake in South African-based Massmart Holdings Limited.
Doug McMillon, president and CEO of Walmart International, said, “With the closing of our investment in Massmart, we are very excited about our entry into South Africa as well as the broader African continent. As we do in all of our other markets, we will work to serve underserved customers, to help people save money to live better. Just as important, we will grow in this part of the world, and as we do, we expect to create many jobs and support local suppliers. We have a global track record of working directly with small farmers, boosting their income and helping them become more sustainable, and we look forward to bringing those practices to South Africa.”
In terms of the transaction agreement, Walmart is entitled to nominate the chairman and three non-executive directors to the Massmart board. Walmart has asked current Massmart chairman Mark Lamberti to remain as chairman, while the board will be further strengthened by Walmart executives Doug McMillon, Jeff Davis, Wal-Mart Stores, Isenior VP finance & treasury, and JP Suarez, senior VP Walmart International business development.