Sears Holdings refutes Sears Canada report
Sears Holdings issued a statement on Monday, discounting the New York Post’s assertion that a sale of Sears Canada was in the works.
"This morning’s report concerning Sears Canada by the New York Post contains false statements regarding Sears Holdings and its intentions for Sears Canada," read the statement. "In particular, it is false to claim that Mr. Lampert, the CEO of Sears Holdings, is interviewing or otherwise is in talks with investment bankers about Sears Holdings’ interest in Sears Canada. Similarly, the claim that Mr. Lampert is conducting a ‘beauty contest’ also is false."
"Sears Holdings reiterates its October 29, 2013, statement that Sears Holdings will work with the board and management of Sears Canada with a goal of increasing the value of our 51% interest and realizing significant cash proceeds to support our transformation and to create value for our shareholders," the statement concluded.
According to inside sources who allegedly spoke to the New York Post, CEO Edward Lampert has been in talks with multiple banks about a potential sale of the Sears Canada business, though the search for prospective buyers has been unsuccessful.
Recent moves by the retailer, including the closing of its Toronto flagship store and several other profitable locations, confirms this suspicion for some in the industry.
DiGruccio joins council of Catalyst Kitchens
Shawn DiGruccio has joined the Advisory Council of Catalyst Kitchens, a network of nonprofits launched by Seattle-based FareStart that provide training and employment resources to the homeless.
DiGruccio is currently VP of CDN, a manufacturer of thermometers and timers that has been a donor to Catalyst Kitchens for two years.
In her new role on the Council, she will work to secure sponsorship and to help foster relationships with other food service and retail companies.
“Catalyst Kitchens has a strong track record of success," said DiGruccio. "CDN is proud to be a donor, and I wanted to get more involved by joining the Advisory Council. It’s great to give someone a meal, but it’s even better to give someone the training they need to earn a living over a lifetime in the growing foodservice sector."
Catalyst Kitchens is in the midst of a five-year expansion process in which it aims to enroll 6,000 chefs-in-training each year, as well as to serve 10 million meals to the needy.
McMillon to succeed Duke as Walmart CEO
Wal-Mart Stores veteran Doug McMillon, 47, will succeed Mike Duke, 63, as president and CEO, effective Feb. 1, 2014, the company announced Monday morning.
Wal-Mart International president and CEO Doug McMillon was given the nod over Walmart U.S. president and CEO Bill Simon to take the top post. McMillon will join the board effective immediately. McMillon’s successor will be named before the end of the fiscal year, according to the company.
“This leadership change comes at a time of strength and growth at Walmart,” said Rob Walton, chairman of Walmart’s board of directors. “The company has the right strategy to serve the changing customer around the world, and Doug has been actively involved in this process. The company has a strong management team to execute that strategy.”
Duke will continue serving as chairman of the executive committee of the board and, in the tradition of his predecessors, stay on as an adviser to McMillon for one year, according to the company.
“The opportunity to lead Walmart is a great privilege,” McMillon said. “Our company has a rich history of delivering value to customers across the globe and, as their needs grow and change, we will be there to serve them. Our management team is talented and experienced, and our strategy gives me confidence that our future is bright. By keeping our promise to customers, we will drive shareholder value, create opportunity for our associates and grow our business.”
Walmart, far and away the world’s largest retailer, ranked fourth on the most recent HCN Top 300 Retailer Scoreboard of home improvement retailers.