March 23, 2009,
Kmart Extends Jaclyn Smith Home
Florals and other fresh patterns for spring are rolling into the Jaclyn Smith Home Collection at Kmart, as are lawn and garden furniture and décor. Patio furniture sets are part of the new line. "I like to think we've expanded our collection to help customers put it all together as if they had a personal interior designer — all within a budget that works," said Smith, whose bed and bath lines bowed last August.
Ashwell to Liquidate Shabby Chic
Shabby Chic will hold liquidation sales, according to federal bankruptcy court documents filed in Los Angeles. The sales, expected to conclude in June, will not include intellectual property, which will remain in the hands of Shabby Chic operator Rachel Ashwell Designs, Inc. Hilco Merchant Resources will handle sales of merchandise, which does not include goods held by licensees, sublicenses and concessionaires such as Target, which offers a sub-branded home collection under the name Simply Shabby Chic.
The company was founded 10 years ago and filed for Chapter 11 in January. Shabby Chic operated eight stores, a distribution center and a manufacturing facility — all in California except for two stores in New York.
Target Rebuffs Ackman on Board Slate
Target rejected the announcement by investor William Ackman wherein he put himself and four others up for nomination to seats on the Target board. Target will nominate for re-election "all four of the current directors whose terms expire at this year's meeting," slated for May 28. "We are disappointed that [Ackman's company] Pershing Square has decided to pursue a costly and disruptive proxy contest, especially in light of our previous dialogue," Target said, noting its board had considered Ackman and one of his candidates.
The Target board consists of 12 directors, 11 of whom are independent. The four being re-nominated by the company are: Mary N. Dillon, evp and global chief marketing officer, McDonald's Corporation; Richard M. Kovacevich, chairman, Wells Fargo & Company; George W. Tamke, partner, Clayton, Dubilier & Rice, Inc.; and Solomon D. Trujillo, ceo, Telstra Corp. Ltd.