Finance & Capital Management

Oakbrook Terrace, Ill. — Mid-America Asset Management recently appointed Teddy Adamczyk as assistant asset manager.

His new responsibilities include acting as a liaison with clients, tenants, local governments and corporate offices on all property related matters and day-to-day retail center management. Prior to joining Mid-America, Adamczyk worked in the insurance industry.

Mumbai – The Indian state of Rajasthan has reportedly prohibited direct foreign investment in supermarkets located there. According to Reuters, individual Indian states are allowed to decide whether or not they want to accept direct foreign investment in local supermarkets, and so far fewer than half of India’s 28 states have done so.

Asheville, N.C. – Ingles Markets, Inc. reported net income of $9.5 million during the first quarter of fiscal 2014, down 18% from $11.6 million during the same period a year earlier. Net sales rose 1.1% for the quarter, to $945.1 million from $935 million.

Grocery same-store sales decreased 0.8%. In addition, operating expenses rose, which may have contributed to the decline in net income. Robert P. Ingle II, CEO of Ingles, also cited holiday price-cutting measures.

San Diego – On Jan. 30, 2014, PriceSmart, Inc. acquired approximately 147,000 usable sq. ft. of land in the city of Medellin, Colombia, and leased approximately 126,000 usable sq. ft. of land in the city of Bogota, Colombia, upon which the company plans to construct two new warehouse club stores. These two warehouse clubs are currently planned to open before the end of calendar year 2014.

Milwaukee – Roundy’s, Inc. will be offering 2,948,113 shares of its common stock, and certain selling stockholders will be offering 5,896,226 shares of the company’s common stock. The underwriters will be granted a 30-day option to purchase up to an additional 1,326,650 shares of common stock from the selling stockholders, all at the offering price less the underwriting discount.

Plano, Texas -- Rent-A-Center has opened its newest location in Bartlett, Tenn. Rent-A-Center operates 82 locations in the state of Tennessee.

The retailer also operates more than 3,000 stores in the U.S., Puerto Rico, Canada and Mexico. It employs more than 21,000 workers.

Hampstead, Md. – The correspondence between Jos. A. Bank and The Men’s Wearhouse continues, and it’s not all love letters. In response to a letter sent Jan. 30 from the Men’s Wearhouse board urging Jos. A. Bank to reconsider its recent all-cash offer to acquire Jos. A. Bank for $57.50 per share, or about $1.6 billion, Jos. A. Bank — which rejected that offer on Jan. 20 — does not sound anxious to revisit it in the most recent letter it sent to Men’s Wearhouse president and CEO Doug Ewert.

Sports Authority has named Jeremy J. Aguilar as CFO. Aguilar was most recently at Hhgregg, where he has been CFO since 2009.

“Jeremy’s expertise in finance and accounting will play a critical role in further strengthening Sports Authority,” said CEO Michael E. Foss. “He will be a valuable asset to the team; we are thrilled to have him on board.”

R.G. Barry Corporation’s chairman of the board Gordon B. Zacks died at his Bexley home following a brief illness. He was 80.

Zacks joined his family's business in 1955 after attending Dartmouth College and graduating from the Ohio State University. He joined the board of directors in 1959 and was named company president in 1965. He added the roles of chairman of the board and CEO to his resume in 1979. Following retirement from his day-to-day management roles in 2004, he was named the company's non-executive chairman of the board, a post held until his death.

L’Oréal Canada’s Javier San Juan has been appointed president of Latin America Hispanic Zone and president of L’Oréal Mexico.

Frank Kollmar will succeed San Juan as president of L'Oréal Canada. Kollmar was recently president of the Consumer Products Division in Canada. He began his career with L'Oréal Canada 15 years ago in the active cosmetics division. In 2003, he left to join the German subsidiary of the group, where he led an international career before returning to Canada in 2011.