Business briefs: Office Depot closing Coeur d’Alene store
Office Depot will close its Coeur d’Alene store May 3. The store is on West Neider Avenue next to Kmart.
The company bought smaller rival OfficeMax late last year for $976 million. The combined company is consolidating stores to cut costs.
OfficeMax operates a store on West Canfield Avenue in Coeur d’Alene.
Men’s Wearhouse raises bid for Jos. A. Bank
FREMONT, California – Men’s Wearhouse is stepping up its pursuit of Jos. A. Bank Clothiers, boosting the takeover offer for its rival by 10 percent to about $1.78 billion.
The move comes 10 days after Jos. A Bank announced that it was planning to buy the parent company of Eddie Bauer in a deal valued at $825 million. But Jos. A. Bank previously said that it may end the Eddie Bauer deal if it receives the right acquisition offer.
Men’s Wearhouse said Monday it’s now offering $63.50 per share, up from its prior offer of $57.50 per share. The new offer is conditioned on Jos. A. Bank ending its deal for Eddie Bauer.
Honda appoints first woman to board
TOKYO – Honda Motor Co. appointed a woman to its board for the first time and gave a major promotion to a foreigner in signs the automaker wants to change perceptions of a hidebound corporate culture.
Technology expert Hideko Kunii, 66, will join the board. And Issao Mizoguchi, who has worked with Honda’s South American operations for nearly 30 years, has been appointed operating officer, the company said Monday.
Companies have come under fire within Japan for not promoting anyone other than Japanese men. Putting women in leadership positions is a pillar of Prime Minister Shinzo Abe’s policies to revive the moribund Japanese economy.
No. 3 cigarette maker bans animal testing
RICHMOND, Va. – Cigarette maker Lorillard Inc. has banned animal testing following discussions with an animal rights group that has raised concerns over industry studies in which animals were forced to inhale cigarette smoke, eat tobacco and have cigarette tar painted on their skin.
The nation’s third-biggest tobacco company and maker of Newport-brand cigarettes confirmed the new policy to the Associated Press on Monday, which says it will no longer conduct or commission animal research unless it’s necessary to meet regulatory requirements. The Greensboro, N.C.,-based company said it hasn’t done any animal testing in about three years.
People for the Ethical Treatment of Animals said it has a shareholder resolution pending with No. 2 U.S. tobacco company Reynolds American Inc. The group also said it is in discussions with Richmond-based Altria Group Inc., owner of the nation’s biggest tobacco company, Philip Morris USA.