GM exec joins Target as SVP risk and compliance
BY DSN STAFF
MINNEAPOLIS — Jacqueline Hourigan Rice will join Target Dec. 1 as the retailer’s SVP of risk and compliance after holding a similar role at General Motors.
In her new role Rice will assume some responsibilities previously held by Ann Scovil who retired in March as vp of assurance, risk and compliance. Rice will also have responsibility for corporate security and Target’s suppliers. She will report directly to Target CEO Brian Cornell who joined the company in August.
Her appointment follows other recent moves the retailer has taken to bolster security following a massive data breach last Christmas. In June, the company named former GM executive Brad Maiorino as chief information security officer to report to Bob DeRodes who was named CIO in April to replace Beth Jacob.
Dollar Tree satisfies FTC request for additional information in proposed merger of Family Dollar
CHESAPEAKE, Va. — Dollar Tree on Friday announced that it has certified substantial compliance with the request for additional information issued by the Federal Trade Commission regarding its proposed acquisition of Family Dollar Stores.
Family Dollar previously certified substantial compliance with the FTC on Oct. 21, 2014.
In order to facilitate the FTC's review, Dollar Tree and Family Dollar have agreed not to close the proposed merger prior to Dec. 30, 2014, unless the FTC completes its review of the proposed merger and terminates the waiting period at an earlier date.
The FTC staff has indicated that it is examining whether prices would increase if the parties no longer had to compete with each other, and an important factor in this examination is how prices would change under either of the merging parties' current pricing policies. The FTC staff has also focused on the similarity and differences between the parties' stores and other competing retail chains. The concerns and competitive theories articulated by the FTC staff would require divestitures in connection with the proposed merger.
As Dollar Tree has previously committed to divest as many stores as necessary to obtain antitrust approval, it remains confident that it will obtain antitrust approval to consummate the proposed merger reasonably promptly, the company announced.
The special meeting of Family Dollar shareholders to vote on the proposed merger is currently scheduled for Dec. 11.
Impairment, higher expenses lead to Q3 loss at Roundy’s
MILWAUKEE — Roundy’s swung to a net loss of $249.9 million in the third quarter of fiscal 2014 from net income of $3.2 million the same quarter a year earlier. A variety of impairment charges — including charges related to closing a distribution center, taxes and disposal of obsolete assets — drove Roundy’s into the red, along with higher operating and administrative expenses.
Net sales were $973.8 million, an increase of 16% from $836.6 million. The increase primarily reflects the benefit of new and acquired stores, partially offset by a decrease in same-store sales of 2.7%.
Roundy’s plans to open two stores in the fourth quarter of fiscal 2014, including one new store and one acquired store. The company expects negative same-store sales growth in the fourth quarter and full fiscal year 2014, and varying net income performance that could range from a profit to a loss in the fourth quarter and a net loss for the full year.
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