CEO of Wal-Mart Canada will depart
Wal-Mart Canada president and CEO Mario Pilozzi will retire effective Jan. 31, according to the world’s largest retailer.
Pilozzi spent seven years as head of the company’s Canadian division. He will be replaced by David Cheesewright, who currently serves as chief operating officer off Wal-Mart’s United Kingdom operation, ASDA.
Cheesewright joined ASDA in 1999 and over the past eight years held leadership positions in operations, merchandising, logistics, strategy, and format development.
During his tenure as head of Wal-Mart Canada, Pilozzi received numerous awards, including Distinguished Canadian Retailer of the Year (2007), induction into the Canadian Retail Hall of Fame (2004) and the Sam M. Walton Entrepreneur of the Year Award (2000), the highest award given by Wal-Mart worldwide. He joined Wal-Mart Canada in 1994 following more than 30 years with Woolworth Canada.
Established in 1994 and headquartered in Mississauga, Ontario, Wal-Mart
Canada operates a network of 298 outlets across Canada.
Restoration Hardware sees losses in the third quarter
On the heels of a takeover bid by Sears Holdings, Restoration Hardware released third quarter results today showing revenue rose 10.6 percent to $173.7 million, compared with $157.1 million in the same period last year. The company reported a net loss of $15.2 million, deeper than the $5.7 million in losses the retailer recorded last year.
Of those losses, $1.4 million came from costs associated with a merger agreement between Restoration Hardware and affiliates of investment company Catterton Partners, a plan that the retailer announced on Nov. 8. That merger agreement was challenged later in November by Sears Holdings, which offered to acquire Restoration Hardware for a slightly higher per-share price than Catterton.
Afurther $400,000 in losses was related to headcount reductions at the company’s Corta Madera, Calif.-based headquarters.
“Weakening consumer spending and traffic levels continued to affect our business in the third quarter, particularly higher ticket durable categories,” said Gary Friedman, president and CEO of Restoration Hardware. “While we are encouraged by some of the early holiday trends in our business, we remain cautious due to the macro economic environment, which has proven highly challenging for the home furnishings sector this year.”
Restoration Hardware opted not to hold a third quarter conference call because of “pending merger agreement activities.” The company said it would update investors through press releases and filings with the Securities and Exchange Commission.
Restoration Hardware sells high-end home furnishings, decorative hardware, fashion plumbing fixtures and bathware through more than 100 stores nationwide.
Home Depot has announced a voluntary recall of about 64,000 holiday figurines because of a lead paint hazard, according to the United States Consumer Product Safety Commission.
The products were manufactured by Creative Design of Hong Kong. The surface paint of the figurines contains lead, according to the commission. No incidents or injuries have been reported.
The products were sold at Home Depot stores from October 2007 to November 2007 for between $10 and $20. They include a snowman candle holder, a holiday bear candle holder, a rendering of three snowmen with a “Joy” sign and a snowman with a “Let it Snow” sign.