Finance & Capital Management

Boca Raton, Fla. – Keith Sherwell, who served as CIO of Sears Holding Corp from March 2010 to June 2013, has been named CIO of the Office Depot international division, effective Sept. 15. Sherwell advised the board of OfficeMax during merger negotiations with Office Depot, and has served as a technology integration consultant to Office Depot since the completion of the merger in November 2013.

By Chris Stoneff, Lieberman Software

My experience in cyber security tells me that the retail sector probably represents the most fertile ground for cyber criminals. That's because professional hackers understand that retail has never focused on IT security to the extent seen in other industries (like banks or payment processors) that handle customer payment card data.

Christopher & Banks president and CEO LuAnn Via said financial results for the second quarter ended Aug. 2 were solid, adding that the company made continued progress toward its long-term growth objectives.

Net sales at the specialty women’s apparel retailer totaled $106.6 million, an increase of 2.3% from $104.2 million for the year-ago period. During the quarter, the company operated an average of 9.3% fewer stores than during the comparable period last year. Same-store sales increased 2.6%.

San Francisco -- Costco Wholesale Corp. agreed to pay a $335,000 in penalties federal Clean Air Act violations, according to a settlement announced Wednesday by the U.S. Environmental Protection Agency and U.S. Department of Justice. In addition, the retailer will fix refrigerant leaks and make other improvements at 274 of its stores, which EPA estimates will cost about $2 million over the next three years.

Clearwater, Fla. - MarineMax Inc. has expanded its financing facility to provide for borrowings of up to $235 million. The expanded facility has a three-year term, expiring in August 2017, and it has two, one-year options to renew, subject to lender approval.

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Albany, N.Y. - Trans World Entertainment Corp., owner of the FYE music and video chain, named Michael Feurer as CEO. Feurer, who succeeds longtime Trans World leader and founder Robert J. Higgens, most recently served as CEO and president of Vanity Stores. Higgins announced in March he was retiring.

Columbus, Ohio -- Chute Gerdeman, a global design consultancy, announced an expanded executive team, including the appointment of Brian Shafley as CEO.

“We are in one of the most productive and innovative periods of Chute Gerdeman’s 25-year history,” said Chute Gerdeman Co-chairman Denny Gerdeman. “With these promotions, we have assembled a highly-talented leadership team that is building on the exciting opportunities at hand.”