Elizabeth Arden, Liz Claiborne amend licensing agreement
NEW YORK — Elizabeth Arden has amended its long-term license agreement with Liz Claiborne to acquire the trademarks for the Curve fragrance brands and selected other smaller fragrance brands.
The amendment also includes a lower effective royalty rate for the remaining licensed fragrance brands, including Juicy Couture and Lucky Brand fragrances, reduces the future minimum guaranteed royalties for the term of the license and requires a pre-payment of royalties for the remainder of calendar 2011.
The company stated that it paid Liz Claiborne $58.4 million in cash in connection with the transaction and expects it to be modestly accretive to earnings for fiscal 2012 and more accretive beginning in fiscal 2013.
“We believe this transaction allows us to increase our investment behind these brands and accelerate their growth, particularly internationally,” stated E. Scott Beattie, chairman, president and CEO of Elizabeth Arden.
Pret A Target: Café chain Pret A Manger to add Chicago CityTarget location
MINNEAPOLIS — Target is adding fresh, handmade food to its small-format store in Chicago, the mass merchandiser said.
Target announced that Pret A Manger would open a location inside the State Street CityTarget when the store opens next July. The London-based café chain sells sandwiches, soups, salads, coffee and other items, and operates stores in several U.S. and U.K. cities and Hong Kong.
"We believe Pret A Manger will help us provide guests in downtown Chicago with the exceptional, complete shopping experience they have come to expect from Target," Target SVP grocery Annette Miller said. "Our Chicago CityTarget guests can pop in for a fresh sandwich or salad during their regular visits to our store for groceries or apartment essentials."
Target is opening the first round of small-format stores in Chicago, Seattle, San Francisco and Los Angeles next year, with the goal of offering city residents, commuters and tourists the convenience of one-stop shopping, affordable groceries, everyday essentials, fashions and designer collections.
Weis recognized for firing up recycling
SUNBURY, Pa. — The Professional Recyclers of Pennsylvania recently recognized Weis Markets for its commitment to recycling and its innovative program to recycle waxed cardboard used to ship and store fresh vegetables and meats, the grocer announced Monday.
In 2010, Weis Markets teamed up with Envirolog to recycle its waxed cardboard and produce Envirolog fireplace logs, which are sold in Weis Markets stores. Typically, supermarkets send most of their waxed cardboard to landfills since it is difficult to recycle.
Today, all 163 Weis Markets stores participate in this recycling program.
“We are extremely proud of our store associates for making our company’s waxed cardboard recycling program a success,” stated Kevin Small, Weis Markets VP store development. “This program has helped us reduce our store waste and our reliance on landfills. It also represents our commitment to finding new ways to reduce our carbon footprint and to improve our sustainability practices.”