Report: Activist investor group seeks to replace majority of Wet Seal board
New York — Wet Seal Inc. sent a letter to its shareholders saying activist investor Clinton Group is looking to replace most of the retailer’s board with its own nominees, Reuters reported.
Wet Seal urged its shareholders to reject Clinton’s five-member slate, according to a filing with regulators on Sept. 24, the report said.
The struggling retailer terminated its shareholder rights plan last week and proposed to expand its board to include two nominees of Clinton. The activist investor group has a 7% stake in Wet Seal and had previously called for the sale of the company.
Shop ‘n Save kicks off ‘Lend a Can’ hunger relief program
KIRKWOOD, Mo. — Supervalu banner Shop ‘n Save has launched a program to combat hunger.
The "Lend a Can" program, which kicked off Sept. 23 and will run through Oct. 13, is designed to benefit hungry people and pets. As part of the program, the retailer is partnering with various community allies, including Del Monte Foods and the St. Louis Area Foodbank. How it works: Signs at Shop ‘n Save stores will encourage customers to donate canned goods and pet food at participating metro-area schools, which will be collecting the items for the food bank and the animal shelter, respectively. Shoppers can visit Stlfoodbank.org and click on the "Lend a Can" icon, followed by the "Register Your School" link, for a list of participating schools. The school that collects the most pounds of food will receive $2,500. Five second-place schools will each receive $1,000.
In addition to the food drive, Del Monte will donate 25 cents for each Meow Mix, Pup-Peroni and Kibbles ‘n Bits item purchased at Shop ‘n Save, with the funds benefiting Five Acres Animal Shelter, located in St. Charles. What’s more, shoppers have the opportunity to be rewarded during the campaign. Customers who purchase 10 cans of Del Monte canned goods at any Shop ‘n Save store can receive a $5 gift card from the retailer by mail-in rebate, Shop ‘n Save said.
"We are excited about our involvement with the ‘Lend a Can’ campaign," Shop ‘n Save president Marlene Gebhard said. "As a grocery retailer, providing hunger relief is very important to us, so we are pleased to have this opportunity to help those in need, including beloved pets."
Kohl’s names next designer in limited-edition series
MENOMONEE FALLS, Wis. — Kohl’s is partnering with designer Derek Lam for the second installment if its DesigNation limited-edition collection. As part of the Kohl’s DesigNation concept featuring premier designer fashions based on international inspiration, the Derek Lam collection will draw creative influence from his trip to Rio de Janeiro, Brazil. The collection features misses’ apparel and swimwear and will be available exclusively at Kohl’s and Kohls.com beginning in April 2013.
“Our customers expect incredible merchandise at an exceptional value and we are confident that the newest DesigNation collection from Derek Lam will exceed our shoppers’ expectations,” said Kevin Mansell, Kohl’s chairman, president and CEO. “On the heels of announcing our first DesigNation collection that will launch Nov. 7 with Narciso Rodriguez, and now with Derek Lam for a spring collection, we are pleased to continue to provide our customers with access to quality designer fashions at a great value.”
Lam’s DesigNation collection for Kohl’s will feature misses’ apparel and swimwear, including dresses, skirts, pants, capris, shorts, tank tops, shirts and outerwear. Retail prices for the collection will range from $36 to $98. The collection will be available from April through May 2013.