Finance & Capital Management

NRF seeks reversal of joint employer ruling
Washington, D.C. - The National Retail Federation (NRF) is not backing down from its opposition to an expanded definition of “joint employer.”

The NRF is publicly asking Congress to pass legislation introduced this week that would reverse a recent National Labor Relations Board ruling that significantly broadens the definition of a joint employer.

According to the NRF, the move would unfairly make companies that work with franchise locations or subcontractors responsible for actions they do not control.
Global retail event names ‘Retailer of the Year’
New York -- Alibaba, the Chinese e-commerce giant, was named “Retailer of the Year” at the World Retail Awards gala dinner in Rome, Italy.

Christopher and Banks misfires during summer

A “merchandising misstep” took its toll on Christopher & Banks in its second quarter as sales decreased more than expected.
Mattress Firm in corporate restructuring

Houston -- The integration of the Sleep Train organization into Mattress Firm continues as the firm works to drive future growth.

Mattress Firm Holding Corp. announced that Ken Murphy has been promoted to president and Rob Killgore to COO.
Former Sears exec returns to familiar territory

Michael McCarthy spent 28 years at Sears Holdings before leaving the company in 2011, but now he’s back in new senior level role at the Sears Hometown and Outlet Stores.
Kroger’s winning ways continue in Q2

Cincinnati -- For almost 12 years, Kroger has reported same-store sales growth every quarter. And they did it again Friday.

The supermarket giant reported net earnings of $433 million, or $0.44 per diluted share, and identical supermarket sales growth, without fuel, of 5.3% in the second quarter of fiscal 2015.
Restoration Hardware keeps building; launching new businesses

Corte Madera, Calif. – Restoration Hardware Holdings Inc., which is set to launch two businesses in its third quarter, had generally rewarding second quarter of fiscal 2015.

Net income rose 9% to $29.93 million from $27.25 million the same period a year earlier, with costs and expenses not growing at the same rate as sales.
Rite Aid gives $1.3M toward educating children of vets

Rite Aid associates plan to honor 274 students who have been named recipients of Folds of Honor educational scholarships provided by the Rite Aid Foundation’s KidCents program.
99 Cents adds another top exec to its ranks

New York -- In another indication of its growth aspirations, 99 Cents Only named a former high ranking Kroger executive president and CEO. The hiring comes just months after the retailer tapped former Walmart executives to fill the head merchant and CFO roles at the 389-store retailer.

Former Kroger and Procter & Gamble executive Geoffrey Covert, 64, was named president and CEO at 99 Cents Only on Sept. 11, filling a position that had been held on an interim basis the past four months by board chairman Andrew Giancamilli.
A supplier with too many eggs in Target’s basket

Dependent on Target for 43% of its revenue, licensed apparel company Cherokee Global Brand saw its market value obliterated after disclosing Target would not renew a decades old relationship.

Finance & Capital Management

NRF seeks reversal of joint employer ruling

Global retail event names ‘Retailer of the Year’

Christopher and Banks misfires during summer

Mattress Firm in corporate restructuring

Former Sears exec returns to familiar territory

Kroger’s winning ways continue in Q2

Restoration Hardware keeps building; launching new businesses

Rite Aid gives $1.3M toward educating children of vets

99 Cents adds another top exec to its ranks

A supplier with too many eggs in Target’s basket