Office Depot sends shareholder letter supporting director nominees
Boca Raton, Fla. – Office Depot sent its shareholders a letter this morning urging them to vote for its 10 nominees for the board of directors at its annual shareholders meeting on Aug. 21. The letter says that nominees from activist investor Starboard Value LP could disrupt progress and momentum in the ongoing OfficeMax merger and also prevent future synergies from the merger as well as make excessive cuts in critical business functions.
Officer Depot sent a similar letter to its shareholders on July 29.
Report: Wal-Mart may bid on Hong Kong grocery chain
Bentonville, Ark. – Wal-Mart is considering entering the bidding for Hong Kong-based grocery chain ParknShop, Reuters reports. Wal-Mart is currently exploring options to enter the initial bidding process for ParknShop, which closes Aug. 16.
ParknShop is owned by Hutchison Whampoa Ltd., which in turn is owned by Li Ka-shing, reputedly the wealthiest man in Asia. The chain may be valued as high as $4 billion.
Wal-Mart, which has not commented publicly, said last year it would open 100 new stores in China by 2015.
Michaels honors vendors and suppliers
IRVING, Texas — The relationship between retailers and their suppliers are of paramount importance, and Michaels Stores marks that relationship every year at its annual partner conference, where the company recognizes its top partners at its Vendor and Supply Chain Partner of the Year Awards.
Michaels recognized the contributions of 12 vendor and supply chain partners to the retailer during the past year.
EVP of category management Philo Pappas recognized Plaid Enterprises as Michaels’ overall Vendor of the Year for product innovation, customer education and inspiration; quality products; and efficiency in supply chain. Aaron Brothers SVP and GM Jim King recognized Faber-Castell USA as Aaron Brothers’ overall Vendor of the Year for its contribution to the growth of Aaron Brothers’ kids department.
The following companies were also recognized for their partnership and contributions.
• Coats & Clark, Inc., Product of the Year
• Elmer’s Products, Inc., Outstanding service
• VISTAR Corporation, Outstanding service
• Tru Vue, Inc., Outstanding service
• Polygroup Limited, Innovation
• American Crafts, LC, Powerful Brands
• DecoArt, Inc., Powerful Brands
Michaels supply chain continues to grow and the retailer recognizes that as the need for speed to market becomes more critical, the supply chain must run as efficiently as possible. The company has expressed a commitment to supply chain partners who work to be an extension of its business and offer innovative solutions to optimize the supply chain. EVP of supply chain Tom DeCaro honored Keystone Freight Corporation, Marisol International and Intelligrated with the Supply Chain Partner of the Year award for their commitment to Michaels’ supply chain efficiency.
Irving, Texas -based Michaels Stores, Inc. owns and operates 1,113 Michaels stores in 49 states and Canada and 122 Aaron Brothers stores, and produces 11 exclusive private brands including Recollections, Studio Decor, Bead Landing, Creatology, Ashland, Celebrate It, Art Minds, Artist’s Loft, Craft Smart, Loops & Threads and Imagin8.