Sharper Image agrees to sell company
SAN FRANCISCO Sharper Image reported that it has decided to pursue a sale of its business and assets pursuant to the provisions of the bankruptcy code and will solicit indications of interest from potential acquirers.
The company notified interested parties that any sale will be subject to approval of the bankruptcy court having jurisdiction of the company’s chapter 11 case.
The company said it intends to complete the sale process and seek approval of the sale by the bankruptcy court by the end of May 2008.
Robert Conway, ceo, said that “given the present retail climate and specialty nature of the company, as well as the limited financing available to the company, a sale of its business and assets at this time will preserve values and yield the best recovery to the company.”
Sam’s Club limits rice sales
BENTONVILLE, Ark. According to reports, Sam’s Club is limiting its sale of Jasmine, Basmati and Long Grain White rices to four bags per member visit.
The limits are due to supply and demand trends and Sam’s Club is reportedly working to ensure that it has enough of the aforementioned rice products in stock.
Pep Boys names Odell interim ceo
PHILADELPHIA The Pep Boys – Manny, Moe & Jack has named Mike Odell, Pep Boys’ coo, as interim ceo, effective immediately. The move was made after Jeff Rachor resigned to become a principal in an automotive dealership venture. Pep Boys also announced that Ray Arthur was named evp – cfo, and is scheduled to begin on April 28.
Odell joined Pep Boys in September 2007 as evp and coo after spending 13 years at Sears Holdings. His last position at Sears was as evp and general manager of Sears Retail & Specialty Stores, a $26 billion business with 1,900 locations. Mike initially joined Sears’ finance department in 1994 where he worked until moving over to its operations team in 1998. There, he served in various positions of increasing responsibility, including vp of stores, finance, and operations of Sears Automotive Group.
“The entire board is highly confident in Mike’s ability to step seamlessly into the role of interim ceo,” said chairman of the board Bill Leonard. “Mike was instrumental in helping to develop the company’s long-term strategic plan and the board is pleased with the progress the company has made in executing its initial steps. Mike’s leadership in driving Pep Boys’ strategic initiatives and our ongoing return to operational excellence makes him the obvious choice for this position. He is a serious candidate for the permanent chief executive position and the company has no plans to conduct a search at this time. The board would also like to thank Jeff for his service to Pep Boys and for his assistance during this executive transition.”