OPERATIONS

OfficeMax, Office Depot name CEO search committee

BY Marianne Wilson

New York — OfficeMax and Office Depot on Tuesday announced they have formed a search committee to select a CEO for the combined company. They also said they have received a request for more information from the Federal Trade Communication about their planned merger.

The selection committee will be co-chaired by Office Depot board member Nigel Travis, CEO of Dunkin Donuts, and OfficeMax board member Jim Marino, former president and CEO of Alberto Culver Company. The other members are Office Depot directors Tom Colligan and Marty Evans; Rakesh Gangwal, non-executive chairman of the board of OfficeMax; and OfficeMax director Francesca Ruiz de Luzuriaga.

The committee will oversee a comprehensive search process that will consider both incumbent CEOs – Office Depot’s Neil Austrian and OfficeMax’s Ravi Saligram – as well as external candidates.

The two chains said in February they planned to combine in an all-stock deal worth about $1.2 billion, but many details, including the name of the combined entity and the location of its headquarters, have yet to be determined. In a filing with the Securities and Exchange Commission on Tuesday, the retailers said those details will be decided when a new board of directors is formed, and take into consideration the recommendation of the CEO once he or she is appointed.

The two companies also announced the members of a committee that will oversee the integration planning process. Office Depot CEO Austrian and OfficeMax CEO Saligram will lead this effort. OfficeMax CFO Bruce Besanko and Office Depot CFO Mike Newman will serve as co-chairs.

The FTC request for more information will extend the antitrust waiting period at least 30 days, until the companies have given the agency the details sought.

The companies said the request for more information was expected and they remain "optimistic" about clearing regulatory hurdles.

The deal is expected to close by the end of the calendar year.

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N.Stephan says:
Apr-09-2013 06:51 pm

Looking Good
This is great for all the people at office depot, since the company has only been hanging on by a thread from investor money, but now that they are teaming up they should do fine. Hope they chose a wise CEO, and take a look at how many brick and mortar stores they have so close to each other! I wonder if they are looking for any seo services for the merge information they will be releasing? What are your thoughts?

N.Stephan says:
Apr-09-2013 06:51 pm

This is great for all the people at office depot, since the company has only been hanging on by a thread from investor money, but now that they are teaming up they should do fine. Hope they chose a wise CEO, and take a look at how many brick and mortar stores they have so close to each other! I wonder if they are looking for any seo services for the merge information they will be releasing? What are your thoughts?

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FINANCE

Alliance Data acquires Barneys private label credit card portfolio

BY Staff Writer

Dallas — Alliance Data Systems Corp. announced its retail services business has signed a long-term agreement to provide private label credit card services for Barneys New York.

Alliance Data will provide a full suite of credit and marketing services for the Barneys credit card, including management of its existing loyalty program. Designed to offer meaningful benefits to the elite Barneys card member. Alliance Data will also leverage its advanced analytics capabilities to further support one-to-one relevance and value to esteemed card members, as well as development of strategies related to the Barneys credit card across all of Barneys retail channels.

"Alliance Data’s retail heritage, exceptional customer care practices, and proven credit and marketing tools were key factors in our decision to partner with them," said Daniella Vitale, COO of Barneys New York. "Through this credit card program, we look forward to further enhancing brand affinity and driving long-term loyalty among our valued customers. In addition, the proceeds from this transaction were used to further reduce our debt, allowing us to invest capital in strategic growth areas for the company which is consistent with the vision of our new owners."

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FINANCE

Tuesday Morning Q3 same-store sales up 2.8%

BY Staff Writer

Dallas — Tuesday Morning Corp. said total sales for the third quarter ended March 31 increased 3.1% to $178.1 million, from $172.7 million in the year-ago period.

Same-store sales rose 2.8%, boosted by increases in average transaction value and customer traffic.

For the nine-month period ended March 31, revenue at stores open at least a year increased 3.7% and total sales rose 3.2% to $636.2 million, from $616.4 million.

The company plans to release its full third-quarter results on April 25.

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