Personnel Updates
• Dollar Tree Stores Inc. has appointed Gary Philbin as CEO. He succeeds Bob Sasser, who will become Executive Chairman.
• Target Corporation announced it will raise its minimum hourly wage for all employees to $11. It also pledged to increase the rate to $15 by the end of 2020.
• Tiffany & Co. has named Roger Farah as its new Chairman. He succeeds Michael J. Kowalski.
• Walmart Stores Inc. announced it has named Denise Incandela as Senior VP Fashion.
Financial Focus
• Toys “R” Us Inc. has filed for Chapter 11 bankruptcy protection with a goal of restructuring its outstanding debt.
Mergers and Acquisitions
• Office Depot Inc. announced it has entered into a definitive agreement to acquire CompuCom Systems, a provider of IT services, products and solutions.
• Walmart Stores Inc. announced that it has acquired Parcel, a last-mile delivery startup that specializes in delivery of perishable items and general merchandise to customers in New York City.
Industry Insight
• Kohl’s Corporation will begin accepting returns for items purchased on Amazon.com at its new in-store Amazon shops that will soon debut at 82 Kohl’s store locations.
• Target Corporation announced it has rolled out its next-day delivery service of household essentials, Target Restock, to eight new markets. The service is now live in 10 markets.
• Walmart Stores Inc. has announced plans to build a new headquarters in its hometown of Bentonville, AR. The project is slated for completion in the next five to seven years.
Real Estate
• Amazon.com Inc. announced plans for a new 1 million sq. ft. fulfillment center in Monroe, OH. Amazon is also preparing to open its third fulfillment center in Oregon. The new one million square foot building will be in Portland.
• Benny’s Inc. has announced plans to close all of its 31 locations across New England. The company expects to close all operations gradually by the end of 2017.
Technology News
• 1-800-Flowers.com Inc. is preparing to launch a program that will enable its customers to place orders via Google Assistant.
• Walmart Canada has introduced its new Montérégie Supercentre in Longeuil, QC. The new prototype store includes Scan & Go technology.
• Walmart Stores Inc. has gone live with voice shopping on the Google Homeplatform, and will soon launch the Google Home Mini.
