Finance & Capital Management

Cincinnati -- Kroger now finds itself in need of a COO.  

In an abrupt announcement, Kroger on Tuesday said president and COO Mike Ellis has retired after 40 years with the company. The grocer said a successor will be named at a later date.
 

Washington, D.C. -- Retailers and restaurant owners can expect their labor costs to rise under a new proposal from the Obama administration.

On Tuesday, the Department of Labor unveiled a proposal whereby salaried workers who earn up to $50,440 a year would be eligible for time-and-a-half overtime wages when they work more than 40 hours per week. That is more than double the current threshold of $23,660, or $455 per week, established in 2004.

Blue Apron. Dollar Shave Club. The RealReal. The Honest Company.

E-commerce infrastructure and cybersecurity initiatives. HVAC equipment upgrades and energy management systems. These days, retail CFOs must allocate capital expenditures to an ever-growing list of components — not all visible to the public but critical to corporate health. And while the role of the retail CFO has broadened considerably in recent years, becoming more strategic and more integral to business decision-making, capex spending remains a top item on their agenda.

“The CFO’s role in prioritizing investments, in what gets done, is still there.

Dallas – Executive shuffling continues at off-price retailer Tuesday Morning Corp, which is now searching for a new CFO.

The company announced that Jeffrey N. Boyer, executive VP, chief administrative officer and CFO, has resigned his position effective July 22. Boyer, 57, will assume the role of executive VP and CFO at Pier 1 Imports Inc. on July 27.

Dallas - Corner Bakery Cafe has found another route to help it reach its goal of doubling its national footprint in the next two years.

The company, which operates more than 185 company-owned and franchised locations around the country, said it plans to expand in the nation's busiest airports. The chain is basing the plans on success of its Hartsfield-Jackson International Airport location in Atlanta.

Irvine, Calif. – Boot Barn Holdings Inc. is looking to expand its ability to serve the needs of omnichannel customers with a new acquisition.

The retailer has completed its previously announced purchase of Sheplers Inc. a western lifestyle company with 25 retail locations across the U.S. and a catalog and e-commerce business.

New York - Computop, a payment service provider (PSP), and Bitnet, a bitcoin payments processor, are launching a strategic technology partnership that allows retailers to accept bitcoin as a payment method on Computop Paygate. Bitcoin is a decentralized digital currency that does not depend on any central authority such as a bank to process or validate transactions.

Retailers will be funded by Bitnet in the local currency of their choice, with the standard transaction flow from Computop Paygate.

Boot Barn has taken a significant step forward in its e-commerce strategy now that its acquisition of Sheplers is complete.

Two days before Kraft shareholders are scheduled to vote on a merger with Heinz, the company announced a slew of new executives.

Paulo Basilio was appointed executive vice president and CFO, having joined Heinz in June 2013 as CFO. Kraft's CFO James Kehoe and other Kraft executives are being let go in 30 days or when the merger is completed, Heinz said in a statement.