Report: Wal-Mart to shut 20 China stores
Bentonville, Ark. – Wal-Mart Stores will reportedly close 20 underperforming stores in China next year as part of an overhaul of its Chinese operations. According to Bloomberg, Wal-Mart is restructuring its business in China, including a new management structure and more efficient purchasing operations.
However, Wal-Mart still plans to open 100 stores in China during the next three years. A Wal-Mart executive said the stores being closed there do not have ideal locations or layouts.
Report: Costco cooperates with DEA
Issaquah, Wash. – Costco Wholesale Corporation is reportedly cooperating with the U.S, Drug Enforcement Administration (DEA) in an ongoing investigation of prescriptions for controlled substances. According to Reuters, the DEA served Costco with warrants and subpoenas related to the investigation.
Costco announced its cooperation in an SEC filing and has made no other public comment. The DEA has been investigating pharmacy chains and distributors across the country in regard to prescription drug misuse and abuse.
Toys ‘R’ Us moves interim CEO into role permanently; names new U.S. president
Wayne, N.J. — Toys “R” Us announced that Antonio Urcelay has been named chief executive, effective immediately, after serving as the company’s interim CEO since May of this year. In other executive news, the retailer appointed a former Wal-Mart executive, Hank Mullany, as president of Toys “R” U.S., effective Nov. 5.
Urcelay, 61, who joined Toys “R” Us in 1996, had been president of the company’s Europe business before being named interim CEO.
“Antonio’s extensive knowledge of global markets makes him uniquely qualified to lead the organization as we expand rapidly in Asia and other parts of the world," Toys “R” Us said in a statement. “He has impressed all of us with his vision and leadership of the team throughout the search process.
Mullany, 55, was previously CEO of The ServiceMaster Co. Prior to ServiceMaster, he was executive VP of Walmart U.S. and president of Walmart’s northern business,
“Hank brings a fresh perspective to the business, which, in combination with his operational strengths, will help build on the significant progress that has been made in advancing the U.S. business,” Toys “R” Us stated.