FINANCE

Report: Saks settles investors suits related to HBC buyout

BY Dan Berthiaume

New York – Saks Inc. has settled lawsuits from investors related to its proposed buyout by Hudson’s Bay Company (HBC). According to Bloomberg, Saks has reached an agreement that reduces the termination fee it would pay HBC in the event the purchase does not happen and reduces the time Saks has to seek alternative offers

In July 2013, HBC made a $2.4 billion bid to buy Saks. The figure is about 30% higher than Saks’ closing value on May 20, 2013, the day before it became public Saks was considering a sale. Saks detailed its plan to settle investor suits in a filing with the Securities and Exchange Commission.

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MARKETING/SOCIAL MEDIA

Report: Penney denies Twitter allegations

BY Dan Berthiaume

Plano, Texas – J.C. Penney Co. has reportedly been defending itself against anonymous allegations made on Twitter. According to Bloomberg, J.C. Penney recently had to publicly deny tweets saying the company had hired a bankruptcy attorney and no longer had Canadian credit.

J.C. Penney’s stock fell almost 9% on Oct. 15, the date the bankruptcy tweet appeared, and fell almost 5% on Oct. 18, the date the tweet about Canadian credit appeared. Analysts say anonymous Twitter attacks are not likely to become a common problem for companies, but J.C. Penney is vulnerable to social media attacks due to its recent troubles.

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STORE SPACES

Lowe’s receives EPA honors

BY Dan Berthiaume

Mooresville, N.C. – The U.S. Environmental Protection Agency (EPA) has awarded Lowe’s Companies, Inc. the highest honors for industry leadership in its SmartWay and WaterSense programs. On Oct. 22, Lowe’s received the 2013 SmartWay Excellence Award for its environmental performance in the freight transportation industry. This month, the EPA also recognized Lowe’s with a 2013 WaterSense Sustained Excellence award for its long-standing efforts to educate consumers about water-efficient products and practices.

Added to the 2013 Energy Star Partner of the Year – Sustained Excellence Award that Lowe’s received in March, the recent honors give Lowe’s the distinction of being the only retail partner to receive all three EPA awards. Lowe’s is the first retailer to win the WaterSense Sustained Excellence award and the only retail shipper partner to receive five SmartWay awards.

"The awards we received this year are a culmination of sustained and dedicated progress, and reflect our company’s commitment to continually improve our performance while we provide our customers the products they need to do the same," said Michael Chenard, Lowe’s director of corporate sustainability. "We’re proud to be our customers’ first choice for efficient products while we help control their costs through a more efficient supply chain."

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