Finance & Capital Management

Plano, Texas -- Rent-A-Center announced the resignation of company veteran Mitchell E. Fadel, president and COO, effective Aug. 28.

Fadel is leaving to join EZCORP, where he will be president, U.S. Pawn. In his new position, he will lead the company's pawn businesses in the United States.

New York -- Party City isn’t celebrating its second quarter.  But it remains on track to open 30 new stores for 2015 and complete 50-60 remodels and relocations.

The party supply retailer reported a loss for its second quarter traffic amid light traffic. But it as the retailer reported a loss.

In the second quarter ended June 30, Party posted a loss of $23 million, or 20 cents a share, compared with a profit of $2.5 million a year earlier

Another high level defection from Target's merchandising ranks suggests CEO Brian Cornell's strategic vision for the retailer is not universally shared.

Jose Barra, executive vice president in charge of merchandising at Target, is departing the Minnesota-based retailer for a new position, The Wall Street Journal reported.

Westlake, Ohio -- TravelCenters of America has completed its previously disclosed acquisition of 33 convenience store locations in northern Illinois.

The company expects the stores, which average approximately 3,400 sq. ft., will be rebranded as Minit Mart convenience stores and the sites will undergo improvements in the coming months.

TravelCenters of America operates some 370 convenience stores under the Minit Mart, TA and Petro Stopping Centers brands.
 

JCPenney 's renewed focus on omnichannel seems to be improving profitability for the retailer, which reported sales and revenue increases in the second quarter.

The company posted a net loss of $138 million, or 45 cents a share, in the quarter that ended Aug. 1, compared with a loss of $172 million, or 56 cents a share, a year ago. Total sales increased 2.7 percent from $2.80 billion a year ago to $2.89 billion. Same-store sales were up 4.1% and better than results also reported this week from Macy’s, Kohl’s and Dillard’s.

Jacksonville, Fla. -- Off-price retailer Stein Mart continues to pursue the accelerated store growth strategy that it began in 2014.

The off-price retailer announced it will open nine stores this fall, and at least 12 new locations in 2016.

The news follows the company's recent release of first half 2015 total sales growth of 6.1% and comparable store-sales growth of 4.0%.

Nebraska-based sportings goods retailer Cabela’s has appointed the former CEO of Coors to its board.

The company announced that Peter S. Swinburn has been named to its board of directors.

New York -- It’s been a rough week for department stores.

Kohl’s Corp. joined Macy’s and Dillard’s this week in reporting disappointing earnings and weak same-store sales growth.

Kohl’s posted a profit of $130 million in the second quarter ended Aug. 1, down from $232 million in the prior-year quarter.