Finance & Capital Management

New York -- A former executive from Wal-Mart Stores has joined up with a real estate executive to expand New York City-based luxury home décor retailer Gracious Home.

Dottie Mattison who served in a variety of executive roles from 2006 to 2010 at Wal-Mart, including senior VP and general manager of the apparel global merchandising center and chief merchant of Walmart.com, has teamed up with David Mitchell to buy a majority stake in Gracious Home for an undisclosed price. Mattison will serve as CEO and Mitchell as chairman.

The Minneapolis Star-Tribune is reporting that Target laid off 140 staffers and eliminated 50 open positions at its headquarters on Wednesday.

According to the newspaper, the eliminated positions were in places “we identified redundancies or opportunities for greater efficiencies,” Molly Snyder, a Target spokeswoman, wrote in an e-mail. 

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New York -- Target Corp. has laid off about 140 employees from its Minneapolis headquarters as part of its transformation efforts, and eliminated 50 open positions, the Minneapolis Star Tribune reported.

Including the latest round of cuts, Target has let go about 2,500 workers this year.

Click here for the story.

Pier 1 Imports reported same store sales growth for the first quarter, which the company’s CEO credited to the completion of an omnichannel transformation.

Seattle – Starbucks Corp. is taking the bakery store brand it acquired in 2012 in house. The coffee giant said it plans to close all 23 La Boulange retail (bakery café) locations, as well as the two baking facilities serving the locations, by the end of September. The retailer said it determined that La Boulange stores are “not sustainable for the company’s long-term growth.”

A disruption in product flow because of the West Coast port dispute led to a drop in same store sales for Hancock Fabrics in the first quarter.

The company had net sales of $61.7 million for the first quarter ended May 2, compared to $63 million in the first quarter of the prior year. Same store sales declined by 1.9%.

Farmingdale, N.Y. -- Ferrandino & Son, Inc. has been named one of the largest landscape companies in North America by Lawn & Landscape magazine.
 
Ferrandino & Son, Inc. ranked within the top 10 on the 2015 Lawn & Landscape Top 100 list, which was published in May.
 
“Ranking in the top 10% of the largest landscaping companies in North America is a major accomplishment for us,” said Kevin Smith, COO, Ferrandino & Son,
 

A search is underway for a new CEO to execute a massive transformation at one of the world’s largest retailers. Getting to the interview will require U.S. executives to take a very long flight and the successful applicant will need good listening skills to decipher the accent of co-workers.