Wal-Mart's U.S. administrative chief to step down: WSJ
Wal-Mart Stores Inc's U.S. Chief Administrative Officer Tom Mars will step down in March after more than a decade with the company, in which he also served as general counsel, the Wall Street Journal reported.
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Reuters
Wal-Mart gives cautious view, citing macro worries
Wal-Mart Stores Inc. on Thursday reported a better-than-expected fiscal fourth-quarter profit but gave an outlook that fell short of Wall Street expectations, citing higher payroll taxes and other “current economic factors that are affecting customers” in many of its markets.
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Office Depot Agrees to Buy OfficeMax in Stock Deal
(NEW YORK) — Office Depot Inc. said Wednesday it agreed to buy OfficeMax in an all-stock deal that would transform office supply retail sector. Boca Raton, Fla.-based Office Depot Inc. and Naperville, Ill.-based OfficeMax said holders of OfficeMax shares will receive 2.69 shares of Office Depot for every OfficeMax share they own. That’s equal to about $13.50 per share, based on Office Depot’s $5.02 per share closing price Tuesday, giving the deal a total value of about $1.2 billion. OfficeMax had about 86.7 million shares outstanding as of Oct. 26, according to SEC filings. Office Depot posted the news in its earnings release on its Web site on Wednesday morning, but the release later seemed to be taken down from the site. Office Depot and OfficeMax did not respond to requests for an explanation. The move would combine the No. 2 and No. 3 office supply retailer and lead to consolidation in an industry that analysts have said for years is overstored. It reflects the changing retail ...
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Wal-Mart tightens supplier policy after factory fire - WSJ
Wal-Mart Stores Inc plans to cut ties immediately with suppliers who subcontract work to factories without the retailer's knowledge, changing its policy after a fire killed more than 100 garment workers in Bangladesh, the Wall Street Journal reported.
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Reuters
McDonald’s for Christmas? Burger Chain Asks Franchisees to Make It Business As Usual
A Big Mac probably isn’t your idea of Christmas dinner, but McDonald’s is asking its franchisees to stay open on Christmas Day — a day when even Wal-Mart, which caught flack for opening on Thanksgiving evening this year, closes its doors. “Our largest holiday opportunity as a system is Christmas Day,” McDonald’s COO Jim Johannesen wrote in one of two memos that was sent to franchisees and obtained by Advertising Age magazine. “Last year, [company-operated] restaurants that opened on Christmas averaged $5,500 in sales,” he wrote. Johannesen also said one reason behind the improvement in the chain’s November sales figures was that 6,000 more restaurants were open on Thanksgiving Day (the company has around 14,000 in the U.S.), which boosted sales to the tune of an extra $36 million, Ad Age estimates. The article quotes unnamed company insiders who say that franchisees being open on Thanksgiving accounted for nearly 40% of the chain’s November sales growth. (MORE: Why ...
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