Finance & Capital Management

Pittsburgh — American Eagle Outfitters’ profit fell 63% in the third quarter, to $9.03 million from $24.9 million in the year-ago period. The drop was partially driven by costs related to a restructuring program that includes closing underperforming stores and reducing headquarters headcount.  

Houston — In its surprise change of leadership, Francesca's Holdings Corp. named Michael W. Barnes as chairman, president and CEO, effective immediately. He joins Fancesca's after serving as CEO of Signet Jewelers since 2011, and leading the company’s $1.46 billion acquisition of Zale Corp. Barnes left the Ohio-based Signet in October, saying he wanted to be closer to his family in Dallas.  

Big Lots hypothetical core customer Jennifer isn’t feeling so cheerful this holiday season as the nation’s leading closeout retailer is eyeing a low single digit fourth quarter comp increase.

Oakville, Canada — The proposed merger between Tim Hortons Inc. and Burger King Worldwide Inc. has been approved by the Minister of Industry under the Investment Canada Act ("ICA"). The companies have set the deadline for registered shareholders of Tim Hortons or Burger King Worldwide to make an election by Dec. 9, with the assumption the proposed merger will occur Dec. 12.

A former Walmart and Sears financial executive and a former Federal Reserve bank executive are the newest members of the board at gift card and financial services provider Blackhawk Network Holdings.

Blackhawk announced on Dec. 5 that Jane J. Thompson and Richard H. Bard were elected to its board of directors effective Oct. 6.

Genesco detailed succession plans for its CFO on a day that the company also reported weaker-than-expected earnings for the fiscal third quarter and lowered its outlook for the full year.

New York — Teen retailer Delia’s Inc. plans to liquidate operations as it prepares to file Chapter 11 bankruptcy protection "in the very near term." The struggling retailer has been hurt by sluggish mall traffic, evolving fashion trends and weak online sales. It said it has  unable to find a merger partner, or get an acquisition or financing proposal that would allow it to remain a viable concern.  

Columbus, Ohio – Big Lots Inc. came up smaller than Wall Street expected with its fiscal performance in the third quarter of fiscal 2014. Net loss shrank to a higher-than-expected $3.44 million from $9.52 million in the same quarter the prior fiscal year.
  Net sales marginally grew to $1.11 billion from $1.1 billion, and same-store sales increased 1.4%. The company expects low-single-digit increases in same-store sales for the fourth quarter and full fiscal year 2014.