Staples hits accelerator on store closingsStaples Inc. is speeding up store closings, shaking up management and boosting its online business as the office-supply chain cuts costs. The company is looking to save $250 million, before taxes, by the end of fiscal year 2015. At that point, Staples said it intends to have shaved down its retail square footage by 15 percent. For now, the chain is looking to accelerate the shutdown of 15 U.S. stores. By the end of its fiscal year, Staples said it expects to have 30 net store closings and 30 downsized or relocated stores in North America. Staples did not divulge where the stores slated for closure are.
U.K. bankers could give up LIBOR oversightThe British Bankers' Association signaled it will give up oversight of the London interbank offered rate (LIBOR) after claims that traders manipulated the benchmark. Financial Services Authority Managing Director Martin Wheatley is reviewing whether to bring oversight of the benchmark under the control of regulators after Barclays, Britain's second-biggest lender, paid a $471 million fine in June for manipulating LIBOR. "If Mr. Wheatley's recommendations include a change of responsibility for LIBOR, the BBA will support that," the London-based lobby group said in a statement.
Video store planned for owners of the NookBarnes & Noble said it would introduce a new video store for its Nook products this fall, the latest expansion of the bookseller's digital content. The service will allow customers to stream and download movies and television shows for a fee onto TVs and mobile devices, while storing the content in the Nook cloud. The video catalog includes HBO shows, like "Game of Thrones" and "True Blood," and movies including "The Artist" and "Toy Story 3."
IBM CEO Rometty to get chairwoman titleIBM Corp. Chief Executive Ginni Rometty will become chairwoman of the board, succeeding former CEO Sam Palmisano and cementing her transition as leader of the century-old company. Rometty, 55, will take the new role on Monday, the same day that Palmisano steps down from the board, IBM said. Palmisano, 61, will become a senior adviser until he retires on Dec. 1. Rometty took the reins at IBM in January, becoming the company's ninth CEO and its first female leader.
Tesla struggles to meet production targetsElectric car maker Tesla Motors Inc. said it is bringing in less money because of supplier problems and other delays in ramping up production of its Model S sporty hatchback. In a Securities and Exchange Commission filing, the Palo Alto, Calif., automaker said it has had trouble producing the number of vehicles it anticipated since launching production of the car in June. Tesla said it will generate $44 million to $46 million in third-quarter sales, compared with about $80 million analysts had projected.
Yahoo's Mayer brings in her own CFOYahoo Inc. CEO Marissa Mayer replaced former interim CEO Tim Morse with a new chief financial officer after she reportedly unveiled her plans for the Internet giant to employees. Silicon Valley veteran Ken Goldman will take over the financial operations of the Sunnyvale, Calif., company, Yahoo announced, moving over from Fortinet, where he also served as CFO. Before that, Goldman was CFO at Siebel for six years, before the company was acquired by Oracle.
Stryker takes unapproved device off marketStryker Corp. stopped selling three versions of its Neptune Waste Management System after two people were harmed, one fatally, using the devices that were sold without formal clearance by U.S. regulators. Stryker initiated a Class 1 recall, the most serious device withdrawal, on June 5 after two reports of serious injury from the products used to collect human waste during surgery, the Kalamazoo, Mich.-based company said Tuesday.
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