Blockbuster Video has called off its deal to purchase electronics retailer Circuit City. “Based on market conditions and the completion of our initial due diligence process, we have determined that it is not in the best interest of Blockbuster’s shareholders to proceed with an acquisition of Circuit City,” Blockbuster CEO Jim Keyes said in a press release. Read.
Today Sears Holdings Corp. announced that Chief Executive Aylwin Lewis will leave the company by February 2. The news is the latest in a series of shake-ups at Sears Holdings which owns both Sears and Kmart retail chains.
“The board has determined that now is the right time to put in place new leadership to take the company forward,” said majority stakeholder & Hedge Fund Manager Edward Lampert in statement earlier today. Read.
Children’s Place CEO Ezra Dabah has resigned after reportedly violating the company’s stock-trading policies.
According to reports, Dabah failed to report an increase in his wife’s holdings of Children’s Place stock. Ezra also pledged shares to a margin account during a “blackout period” without board approval on two separate occasions.
Still, the company says that Dabah did not improperly benefit from the violations.
Children’s Place runs 328 Disney Stores and 889 Children’s Place clothing stores.
The company’s Chief Creative Officer was also demoted for violating company expense policies.
Home Depot’s CEO Frank Blake announced earlier this week that his compay will be closing its 11 Landscape Supply stores. This follows the closing of a significant number of its Expo Design Centers.
Blake says that unlike Countrywide who announced plans to lay off 12,000 employees, his company does not plan to make any significant job cuts or reduce the number of its retail stores as a result of the lingering housing slump.
Blake says the company’s focus on customer service means more employees, not fewer, will be needed.
“We’re making investments, notwithstanding the downturn,” Blake said. “I think that’s absolutely the right thing to do for the business. It’s going to lead to long-term success.”
Blake said there are no plans to close any of the company’s more than 2,000 core retail stores. “We’re not going to shut stores to save costs,” Blake said. “We don’t need to.” Read.
Anita Roddick, founder of the Body Shop chain of cosmetics stores died unexpectedly at St. Richard’s Hospital in Chichester, England, earlier this week her family said. She was 64.
Roddick, was admitted to the hospital’s intensive care unit after complaining of head pains. Reports say she suffered a brain hemorrhage resulting in her death.
Roddick was one of Britain’s most visible environmental pioneers and business executives. She promoted causes like ending animal testing and supporting the environment.
In addition, she tackled numerous projects - rain forests, third world debt relief, indigenous farmers in impoverished countries, whales, voting rights, anti-sexism and anti-ageism, to name a few.
British Prime Minister Gordon Brown said, “She campaigned for green issues for many years before it became fashionable to do so, and inspired millions to the cause by bringing sustainable products to a mass market”.
Roddick is survived by daughters Sam and Justine.
Blockbuster must really like the way 7 Eleven does business. The company announced that its chief operating officer will leave at the end of September and that they have brought in two more former 7 eleven big gulp big-wigs.
Keith Morrow has been appointed CIO and David Podeschi has been named Senior VP of merchandising, distribution and logistics.
Both men recently held similar positions at 7-Eleven, where Blockbuster’s current CEO James Keys was president and chief executive until the convenience store chain was sold in 2005.
