OPERATIONS

Herald Square Victoria’s Secret workers win concessions

BY Dan Berthiaume

Columbus, Ohio – Employees at the Victoria’s Secret store in Herald Square, New York City have reportedly won concessions on pay and promotions from the retailer. According to CNNMoney, following a petition effort started by employees at the store in June of this year, Victoria’s Secret agreed to give them pay raises between $1 and $2 per hour and also start promoting employees at the location.

In response to what Herald Square employees called unfair wages, inconsistent scheduling of shifts and lack of internal promotions, four employees at the store presented management with a letter demanding change in June. When management did not respond, the employees began a petition and collected signatures both in writing and online, and also sought assistance from the Retail Action Project labor group.

Employees allege management began reducing hours and changing shifts of workers involved in the petition effort, but last month received the concessions. Victoria’s Secret management did not comment in the article.

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FINANCE

Alco declines alternate acquisition proposal

BY Dan Berthiaume

Coppell, Texas – Alco Stores, Inc. is not accepting an acquisition proposal from Everbright Development Overseas, Ltd., Luis Chang and Mai Wong. The Alco board of directors has determined that the proposal, tendered on Sept. 6, is not a superior proposal to a roughly $47 million offer the retailer received from Argonne Capital Group LLC on July 25.

Alco intends to file proxy materials with the Securities and Exchange Commission (SEC) that will detail the background of the company’s discussions with Everbright and its advisors, and the reasons that the board of directors of the company did not conclude that the Everbright proposal was a "Superior Proposal" under the terms of the Argonne merger agreement.

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OPERATIONS

RILA names former GM exec as public affairs VP

BY Staff Writer

Arlington, Va. –The Retail Industry Leaders Association (RILA) has named Annette Guarisco as executive VP for public affairs, effective Oct. 1. Guarisco will oversee RILA’s federal and state government affairs, as well as the association’s communications efforts.

Guarisco joins RILA following more than 11 years as a senior executive at General Motors, most recently serving as executive director of global public policy.

Guarisco replaces Katherine Lugar, who left RILA earlier this year to become president and CEO of the American Hotel and Lodging Association.

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