Wet Seal in talks with Clinton Group
Foothill Ranch, Calif. — One day after releasing its CEO, teen retailer Wet Seal confirmed it is in talks with major shareholder Clinton Group regarding a potential sale of the company.
Wet Seal fired chief executive Susan McGalla on Monday, citing downward spiraling sales during her 11-month tenure. Clinton Group then ramped up its insistence that Wet Seal put itself up for sale.
Wet Seal maintains it is reviewing Clinton Group’s recommendation regarding its use of capital, and said it has been in talks with the shareholder group since it first sent a letter to the retailer in mid-June.
“The Wet Seal Board of Directors appreciates input from all of its stockholders and is committed to maximizing stockholder value,” the retailer said in a statement. “Wet Seal is committed to maintaining an active dialogue with its shareholders and, as always, will continue to consider ways to maximize value for all stockholders.”
Dollar General launches employee education program
GOODLETTSVILLE, Tenn. — Dollar General is showing its support for education with a new scholarship and education program for its 90,000 employees and their families.
“In addition to creating career opportunities, Dollar General is committed to developing talent and contributing to a more skilled and educated American work force,” said Bob Ravener, Dollar General’s EVP chief people officer. “We’re proud to introduce ‘DGU Grow,’ an exciting program that helps employees pursue their educational dreams while contributing to the success of Dollar General.”
“DGU Grow” provides tuition savings for online and on-campus courses at a network of select colleges and universities for all Dollar General employees and, in some cases, for their family members. Participants can save money while seeking an associate’s, bachelor’s or master’s degree.
The program also includes a separate scholarship for qualifying employees to help defray costs for undergraduate classes at an accredited college or university of the employee’s choosing.
‘America’s Got Talent’ host to star in ODP campaign
BOCA RATON, Fla. — Office Depot has revealed a new back-to-school advertising campaign featuring multi-faceted actor, comedian and host of "America’s Got Talent," Nick Cannon. The campaign showcases Office Depot’s technology and fashion assortment to help students “Be Ncredible” this school year.
The new ads are an extension of Office Depot’s current “Depot Time” campaign, which launched earlier this year, and positions the company as a dedicated partner that parents, teachers and students can depend on for all of their back-to-school needs – including top technology and designer supplies.
The two 30-second “Depot Time” broadcast spots, created by Zimmerman Advertising, feature Nick Cannon interacting with Rachel, who represents a helpful and friendly Office Depot associate. Rachel walks Nick through the many ways in which Office Depot can help him save time and money.
The television spots begin to air nationally tonight during the broadcast of NBC’s "America’s Got Talent" at 8:00pm.
Office Depot and Nick Cannon first partnered this summer with the launch of his line of “NCredible by Nick Cannon” Monster headphones, which are currently available at Office Depot stores and online at www.officedepot.com.
Additionally, Office Depot was the official sponsor of Nick Cannon and Ncredible Entertainment’s 5th Annual Take Action Leadership Campaign, an event supporting the Los Angeles Unified School District initiative to utilize after-school and in-school activities and programming as vehicles to reduce violence, increase attendance, improve grades and prepare students for college and the job markets.
“It’s been great joining forces with Office Depot in order to help kids be incredible in and out of the classroom,” Nick Cannon said. “I’m proud that Office Depot and I can offer students great products for back to school that are affordable but will still make students stand out when walking the hallways.”