NEW YORK >> Long-struggling retailer Sears says it plans to try to leverage its strongest brands like Kenmore and Craftsman to help sustain itself as it posted a larger first-quarter loss Thursday and said sales fell at its Kmart and namesake stores.
The chain said it’s looking at options for prized brands that also include DieHard and Sears Home Services, including possible partnerships or deals that could expand their distribution and service offerings. It gave no specifics but said it believes the Kenmore, Craftsman and DieHard brands can grow significantly with an expanded presence outside of Sears and Kmart.
China accuses U.S. of hampering trade
BEIJING >> China accused the United States on Thursday of hampering trade after Washington imposed duties of up to 450 percent on Chinese steel in its latest response to a flood of low-priced imports.
The Ministry of Commerce complained that U.S. regulators discriminated against Chinese suppliers by using incorrect standards for deciding what production cost and market prices should have been.
Beijing faces mounting criticism from the United States and Europe that it is exporting steel at unfairly low prices to clear a backlog in its glutted home market. Western governments say that hurts their producers and threatens thousands of jobs.
Takata taps adviser as costs mount
TOKYO >> Faced with mounting costs from a global recall of air bags, Japanese supplier Takata Corp. has hired the advisory firm Lazard to engineer a restructuring of its finances, likely with the help of some of its biggest customers.
Takata air bags can deploy with too much force, spewing shrapnel into the vehicle. They are responsible for at least 11 deaths and more than 100 injuries worldwide.
Takata recently agreed to recall an additional 40 million air bag inflators in the U.S. Globally, Takata could be forced to recall more than 100 million inflators, and analysts estimate the cost of making replacement parts could total tens of billions of dollars.
McDonald’s making changes, CEO says
NEW YORK >> McDonald’s, under intense pressure in a competitive industry, sought to reassure its shareholders Thursday that it is making changes to its food and service that customers want.
CEO Steve Easterbrook recounted adjustments he’s overseen since taking the job early last year, such as improving order accuracy, and the launch of an all-day breakfast menu in the U.S. He also said the company is working on more convenient ways for customers to get food, such as ordering kiosks and delivery in select markets.
McDonald’s Corp. is “fundamentally changing perceptions,” he said at the annual meeting.
McDonald’s French headquarters raided
PARIS >> McDonald’s French headquarters have been raided by financial investigators, the latest salvo in a campaign by President François Hollande’s government to make multinational corporations pay more in taxes.
Documents were removed during the raid May 18. As was the case in a raid on Google’s French headquarters Tuesday, police officials are investigating claims that McDonald’s deliberately manipulated its corporate accounts to understate its French revenue and profits and in that way reduce its tax liability.
McDonald’s has more than 73,000 employees in France and over $4.5 billion in annual sales.
$3M judgment upheld against Gerber
LITTLE ROCK, Ark. >> A sharply divided Arkansas Supreme Court on Thursday said a baby food manufacturer must pay more than $3 million to workers for the time they spent dressing and undressing into uniforms and protective gear.
In a 4-3 ruling, the high court upheld a lower court’s ruling that Gerber Products Co. should have compensated more than 800 workers at its Fort Smith facility for the time they spent changing into uniforms, donning protective gear such as earplugs and washing their hands, as well as undressing after their shifts ended.
ON THE MOVE
First Foundation Inc. has announced the appointment of Elroy Abe as vice president and branch manager for the bank’s Honolulu location. He has more than 15 years in the banking industry, including previously serving as branch manager at First Hawaiian Bank.
Prospect Mortgage has announced it is welcoming Lisa Ledesma as a senior loan officer to its Kauai office. Ledesma will specialize in residential mortgage loan origination and refinancing. She has 30 years of experience in the mortgage industry, including working for Bank of Hawaii for 13 years and Wells Fargo for nearly 10 years.
Hyatt Regency Waikiki Beach Resort and Spa has announced Joseph Rose is the new chef de cuisine at the resort’s Japengo Restaurant. He has more than 10 years of experience in the hospitality industry, including serving as executive chef at the Gwen Hotel in Chicago and Sixteen, a hotel kitchen in Chicago.
