Finance & Capital Management

Atlanta -- Rent-to-own chain Aaron's, Inc. has named its current CFO Gilbert L. Danielson to the position of interim chief executive officer, following the retirement of current CEO Ronald W. Allen on Aug. 31.

Danielson will also retain his CFO responsibilities during the interim period and will not be a candidate for the permanent CEO role, said the company. A formal search, led by Spencer Stuart, is underway and includes a review of both internal and external candidates.
 

New York -- Christopher Finazzo, former executive VP and chief merchandising officer for Aeropostale, has been sentenced to eight years in prison after being convicted of defrauding the company and taking more than $25 million in kickbacks from a key vendor.

Finazzo, who was found guilty in April 2013 of 14 counts of mail fraud, wire fraud and conspiracy, was also ordered to forfeit more than $25 million and pay the company $13.7 million in restitution.

New York -- Dollar Tree Inc. reported that net income in the second quarter dipped 2.6% to $121.5 million, from $124.7 million a year earlier, amid higher freight costs and investments in higher-value products.

Revenue rose 9.5% to $2.03 billion, and same-store sales increased 4.5%, beating Wall Street estimates of a 2.5% rise. It was the chain’s26th consecutive quarter of positive comparable store sales growth.

New York -- Family Dollar said it favors a smaller deal with potential buyer Dollar Tree, and firmly rejected an offer for takeover by larger competitor Dollar General.

Following an $8.5 billion offer last week by Dollar Tree, Dollar General offered a $9 billion, all-cash deal.

Hoffman Estates, Ill. -- Sears Holdings Corp. on Thursday reported a bigger-than-expected loss in its second quarter – the retailer’s ninth consecutive quarterly loss – amid weak sales. The retailer also announced it may close additional stores on top of the 130 closures already underway this year.

Sears also said Thursday the company plans to explore options with lenders to achieve more long-term capital-structure flexibility in the coming six to 12 months.

York, Pa. -- The Bon-Ton Stores, Inc. reported a loss of $36.2 million in the second quarter, narrowed from a loss of $37.3 million in the year-ago period.

Revenue edged up 1.1% to $563.5 million, compared with $557.1 million in the prior year period. Same-store sales increased 1.6%.

“We were pleased that we achieved comparable store sales growth, particularly given the challenging promotional environment and continuation of soft traffic trends,” said Brendan Hoffman, CEO.

Kearney, Neb. -- Buckle Inc. reported a profit of $24.5 million in the second quarter, missing Wall Street estimates.

Quarterly revenue, however, beat analysts’ projections, as the teen apparel retailer posted revenue of $235.7 million in the period. Wall Street expected $234.2 million.
 

Secaucus, N.J. -- The Children's Place, Inc. reported a loss of $10.7 million in the quarter ended Aug. 2, compared to a loss of $23.6 million in the year-ago period. Sales edged up to $384.6 million, from $382.4 million for second quarter 2013.

Same-store sales increased 0.8%.

San Antonio -- CST Brands announced the signing of a definitive agreement to acquire the convenience store assets, franchisor rights and associated trademarks of Nice N Easy Grocery Shoppes.

Nice N Easy operates 77 corporate and franchise stores in Central New York. The company operations include thirty-three company operated stores along with forty-four franchise locations.