Finance & Capital Management

One of the world’s largest C-store operators is searching for a new CFO as the company expands its reach in the southern United States with a deal to buy 18 convenience stores operating under the Texas Star brand.

Alimentation Couche-Tard Inc. announced that Vice President and Chief Financial Officer Raymond Paré has resigned. It also announced a deal to acquire 18 convenience stores in the Souhwest, which will be converted to the Circle K brand and will continue to sell Shell and CITGO-branded fuel. The deal is expected to close by next April.

The world’s largest retailer plans to grow sales by $45 billion to $60 billion in the next three years and spend $20 billion buying back its own shares.

The growth targets, stock buyback program and an $11 billion capital expenditure program, down from $12.4 billion this year, were announced Wednesday morning in New York at the retailer’s annual fall investor conference.

Food Lion has rolled out its “Easy Fresh and Affordable” branding campaign to its 162 stores in the Raleigh, North Carolina market. The $250 million initiative included full store remodels, price investments and training of associates.

Downtown Los Angeles is in the middle of a profound revitalization, one that is bringing new energy to a sprawling area that had long been written off as a cultural wasteland — and ghost town after 5 p.m. New residential construction has brought an influx of new residents into the area, with retailers and restaurants rushing in to meet the new demands.

Staples is limiting the severance pay of top executives as the resolution of a deal with Office Depot draws near.

Staples announced that its board of directors has adopted a new policy stipulating that the company will not pay any severance benefits that exceed three times the sum of an executive’s base salary plus target annual cash incentive award, without seeking shareholder approval.

In addition, CEO Ron Sargent has elected to amend his severance agreement to align with the terms of the new policy.

HRC Advisory’s annual CEO and CFO survey revealed a major disconnect between capital investments, retail growth and operating strategies.

Chain Store Age spoke with HRC Advisory CEO Antony Karabus about the survey.

What did you find most surprising about the survey results?

A key Under Armour executive is stepping down.

Under Armour announced that its COO and CFO, Brad Dickerson, is leaving the company to pursue an unnamed opportunity outside of the athletic performance industry.

Dollar General is rightsizing its expense structure by eliminating several hundred positions at its home office.