FINANCE

Michael Kors to sell 3 million shares

BY Katherine Boccaccio

New York — As shares of his company reached an all-time high, fashion designer and retailer Michael Kors will sell 3 million of his shares as part of a secondary offering of 25 million shares, according to a Tuesday regulatory filing.

Kors’ ownership in Michael Kors Holdings Inc. will fall to about 4.8 million shares, or 2.4%, down from 3.9% after the sale.

Michael Kors last week raised its full-year sales and profit forecast after reporting large sales increases over the holiday period, including a 41% rise in same-store sales in North America last quarter.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...
OPERATIONS

It’s Official: OfficeMax and Office Depot to merge

BY Marianne Wilson

New York — OfficeMax Inc. and Office Depot have formally announced an agreement under which the two companies would combine in an all-stock merger that would transform the office supply sector of retail. The merger, which creates a single company with nearly $18 billion in revenue, was unanimously approved by the board of directors of both chains.

According to the press release, holders of OfficeMax shares will receive 2.69 shares of Office Depot for every OfficeMax share they own. That is equal to about $13.50 per share, giving the deal a total value of about $1.2 billion.

The management team of the combined company is expected to draw upon leaders from both chains. The combined company’s name, marketing brands and corporate headquarters location are expected to be determined following the appointment of the CEO for the combined company.

“In the past decade, with the growth of the Internet, our industry has changed dramatically. Combining our two companies will enhance our ability to serve customers around the world, offer new opportunities for our employees, make us a more attractive partner to our vendors, and increase stockholder value,” said Neil Austrian, chairman and CEO of Office Depot.

The transaction is expected to close by the end of calendar year 2013, subject to stockholder approval from both companies, the receipt of regulatory approvals and other customary closing conditions. Some analysts, however, have said that Federal Trade Commission might not look favorably on the merger. In 1997, a lawsuit by the FTC prevented Staples from acquiring Office Depot.

“We think there is a fair amount of risk that the FTC would not look favorably on a potential merger of the number two and number three players in the office product space," said Citi Investment Research analyst Kate McShane in an Associated Press report.

keyboard_arrow_downCOMMENTS

Leave a Reply

T.Shaw says:
Apr-16-2013 05:50 pm

Pidgin
People think that there is a fair amount of risk that the FTC would not look favorably on a prospective merger of the number two and number three parties in the office created space. www.essayleaks.com

T.Shaw says:
Apr-16-2013 05:50 pm

People think that there is a fair amount of risk that the FTC would not look favorably on a prospective merger of the number two and number three parties in the office created space. www.essayleaks.com

N.Nima says:
Feb-21-2013 08:50 am

Come altri aminoacidi insieme dipeptidi
L-carnosina è di solito una proteina creare ostacolo. Il mercato rete è sicuramente la geografia che è Hermes Borse spesso spostando. Ad un anno o giù di lì per essere in grado a un altro, Towers di pertinenza di avallare apparire così come essere completamente rimosso.

N.Nima says:
Feb-21-2013 08:50 am

L-carnosina è di solito una proteina creare ostacolo. Il mercato rete è sicuramente la geografia che è Hermes Borse spesso spostando. Ad un anno o giù di lì per essere in grado a un altro, Towers di pertinenza di avallare apparire così come essere completamente rimosso.

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...
News

Kroger names in-house veteran group VP non-perishables

BY CSA STAFF

CINCINNATI — Kroger on Tuesday promoted Robert Clark as group VP non-perishables.

"Robert brings impactful leadership and extensive merchandising experience to our team," stated Michael Donnelly, Kroger’s SVP merchandising. "His valuable knowledge of our customers across the country will further strengthen our strategic direction."

As group VP, Clark will be responsible for grocery, health and beauty, adult beverage, general merchandise and pharmacy.

Clark began his career with Kroger in 1985 as a courtesy clerk at Fry’s Food Stores in Arizona. Since then, he has held various leadership positions, including store and district management, as well as in grocery merchandising. In 2002, Clark was promoted to VP merchandising at Fry’s. In 2010, he was named VP operations for the Columbus Division before assuming the role of VP merchandising at Fred Meyer in October 2011.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

Loading ... Loading ...