January 31, 2005-- Home Textiles Today,
No Objections to Sears/Kmart Deal
The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act related to the merger of Kmart and Sears expired as of 11:59 p.m. on Jan. 27.
The merger, which is expected to close in early March 2005, is subject to approval by Kmart and Sears shareholders, other regulatory approvals and the satisfaction or waiver of customary closing conditions. Sears Holdings Corporation is expected to be the nation's third largest broadline retailer, with approximately $55 billion in annual revenues, 2,350 full-line and off-mall stores and 1,100 specialty retail stores in the United States.
DG: Merger Report Unfounded
Dollar General Corporation shut the door on a Jan. 19 article on Mergermarket.com that reported the retailer is interested in acquiring a chain of convenience stores or grocery stores during the next year. The company said it has no current plans to make such an acquisition.
Niblock Steps Into Top Spot at Lowe's
Lowe's President Robert Niblock last week added the roles of chairman and CEO to his responsibilities, as Robert Tillman retired from the position under a succession plan that was adopted by the board in April 2004. Tillman spent 42 years at the company.
Federated a Hit Among Exec Women
Federated Department Stores has been named by the National Association for Female Executives (NAFE) as one of “The Top 30 Companies for Executive Women.”
According to NAFE, the competition was toughened this year by measuring the percentage of women occupying positions with profit-and-loss (P & L) responsibility. In addition, the NAFE “Top 30” companies must demonstrate at least two women on the board and comprehensive programs and policies that support women's advancement. At Federated, women fill 65 percent of management positions.
Tener Takes Spot on Big Lots Board
Big Lots has appointed James Tener to the company's board of directors as an independent member. His appointment fills a vacancy left by Albert Bell. Tener is currently the president and chief operating officer of Brook Mays Music Group, a full-line music retailer.
Prior to his current position, Tener was chief operating officer of The Sports Authority; executive vice president, store operations of OfficeMax, Inc.; president and chief operating officer of Busybody, Inc., and senior vice president of operations of Pier 1 Imports.
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