Finance & Capital Management

Etna, Ohio -- Ascena Retail Group Inc. has opened its new 880,000-sq.-ft. shared services office complex and national distribution center in Pataskala, Ohio.
 

Former Ahold and CVS executive Paula Price is the newest member of the Dollar General board of directors.

She joins the board of the 11,500 store retailer at a pivotal time. Dollar General is in the midst of a search for a top executive to succeed Rick Dreiling who has indicated he will step down next year and two of the company’s arch rivals, Dollar Tree and Family Dollar, have announced plans to merge.

Target Canada is looking to improve business performance with a new set of initiatives that the company has unveiled on the heels of some leadership changes last spring, as well as a comprehensive review of its Canadian operations.

Among the initiatives, Target unveiled a new price-match policy and unveiled a long-term partnership with celebrity designer Sarah Richardson, set to launch next year. Richardson’s new line of home décor will debut exclusively at Target Canada beginning in fall 2015.

With heavy investment in its Paint Studio and a corresponding media blitz to promote it, wholesale sales at Ace Hardware Corp. jumped double digits in the second quarter.

Hudson, Ohio – Travis Smith has resigned as president and CEO of Jo-Ann Fabric and Craft Stores. Until a replacement has been identified, Jim Kerr, executive VP and CFO, will serve as Interim CEO of the company, while continuing in his current role as CFO.

The board of directors is undertaking a comprehensive search to identify a replacement. In his role as interim CEO, Kerr will partner with Riddi Kline, executive VP of marketing and merchandising, and Tom Williams, executive VP of operations and HR, to manage the business.

Downers Grove, Ill. – Net income dropped 14.5% at FTD Inc. to $4.7 million in the second quarter of fiscal 2014 from $5.5 million in the same period the prior year. Costs related to FTD’s planned purchase of Provide Commerce were primarily responsible for the decline in net income.

Pittsburgh -- GNC Holdings, Inc.’s board of directors has authorized a multi-year program to repurchase up to an aggregate $500 million of the company's Class A common stock. The authorization is effective immediately and replaces GNC’s previous authorization, which had approximately $250 million remaining.  

The repurchases are expected to take place over the next 24 months.

E-commerce giant Ratuken’s U.S. fulfillment service, Ratuken Super Logistics, has begun to accept Internet currency Bitcoin as payment.

The company will accept payment from its customers immediately for fulfillment services and software delivery through the company BitPay.