Lifetime Brands names new CFO
Lifetime Brands, marketer of housewares under several names including Cuisinart, KitchenAid and Farberware, has named Laurence Winoker senior vp-finance, treasurer and CFO.
Winoker replaces Robert McNally, who is retiring.
Winoker most recently served as senior vp, controller and treasurer for MacAndrews & Forbes Holdings. He also formerly served as senior vp, corporate controller and treasurer for Revlon from 1999 to 2003.
Winoker holds a bachelor’s degree in economics and accounting from the City University of New York.
Westbury, N.Y.-based Lifetime Brands is a designer, developer and marketer of housewares and kitchen accessories.
Home Depot will issue sales forecast update next week
In light of the sale of HD Supply, Home Depot will offer a revised view of its sales outlook for the year.
On July 10, the company will hold a conference call from 9 a.m. to 10:30 a.m. to update its fiscal 2007 sales and earnings guidance. A webcast of the update will be available on the company’s investor relations Web site.
Home Depot announced the sale of its HD Supply division for $10.3 billion on June 21. The new owners of Home Depot’s pro-oriented division are Bain Capital Partners, the Carlyle Group and Clayton Dubilier & Rice.
Joe DeAngelo, the CEO of HD Supply, will stay with the business, and the deal is expected to close in the third fiscal quarter. HD Supply has made a short-term transaction services agreement with its new owners to help with the transition.
At least one HD Supply subsidiary, Crown Bolt, will remain as a long-term supplier to Home Depot, company officials said, referencing a seven-year contract.
In related news, officials with the Federal Trade Commission have reviewed Home Depot’s plan to sell its wholesale distribution business and given the green light, according to a Reuters report.
U.S. antitrust authorities have completed their investigation of the proposed $10.3 billion sale to three private equity groups, Bain Capital Partners, Carlyle Group and Clayton, Dubilier & Rice, the report said, and announced their decision not to block the transaction.
Container Store purchased by private firm
Specialty retailer Container Store has sold the majority of its stock to private investment firm Leonard Green & Partners, based in Los Angeles.
Leonard Green & Partners has major investments in several other companies, such as Petco and David’s Bridal. Terms of the deal were not disclosed, but Leonard Green & Partners said it intended to keep Container Store’s current management team.
Container Store will take on a new six-member board of directors, consisting of company CEO Kip Tindell, president Melissa Reiff and chief merchandising officer Sharon Tindell. From Leonard Green & Partners, board members will be vp Jonathan Sokoloff, vp Kristofer Galashan and partner Timothy Flynn.
“We’re excited about what the future holds for everyone involved, as we continue to deliver our brand of retail and look forward to making everything about our great company even greater,” said Kip Tindell in a statement.
Container Store has 39 locations in the United States, with future stores planned in Denver and Cherry Hill, N.J.