Finance & Capital Management

The economic trend for some time now has been a slow and meandering recovery. Despite improving consumer confidence numbers, a surprising first quarter GDP decline of 2.9% speaks to that uncertainty. Retail analysts and observers have a tendency to blame the weather whenever we have a bad economic quarter or when retail sales are unexpectedly sluggish, but I tend to be a little dubious of those explanations. Last winter was definitely rough enough to impact spending, but I don’t think it’s enough to explain the continued issues into the spring.

Plano, Texas – Net earnings at Rent-A-Center Inc. fell 58% year-over-year in the second quarter of fiscal 2014, to $17.5 million from $41.9 million. Costs related to pretax restructuring and the consolidation of 150 stores into core U.S. stores helped reduce total net earnings.

MOORESVILLE, N.C. -- Lowe's announced plans to locate a customer support center in Indianapolis, creating up to 1,000 new jobs by 2016.

The retailer plans to invest $20.5 million to purchase, renovate and equip a 140,000-sq.-ft. office facility at Intech Park 12, 6620 Network Way, on the northwest side of Indianapolis. The new center will support stores and internet sales, delivery services and repair services for Lowe's customers across the United States.

Clothing company Kellwood has named Marc Babins the president of its western region. Babins — who has been in the apparel industry for most of his career — will head up Kellwood’s largest operations unit in City in Industry, California.

Lowe's plans to build a customer support center in Indianapolis, a move that will create up to 1,000 new jobs by 2016.

Plano, Texas – Net earnings at Rent-A-Center Inc. fell 58% year-over-year in the second quarter of fiscal 2014, to $17.5 million from $41.9 million. Costs related to pretax restructuring and the consolidation of 150 stores into core U.S. stores helped reduce total net earnings.

Dollar Tree said it would acquire Family Dollar in a transformational cash and stock deal valued at $8.5 billion to create a company with more than 13,000 stores and annual sales of $18 billion.

The deal was unanimously approved by the boards of both companies and involves Dollar Tree paying Family Dollar shareholders $59.60 in cash and $14.90 in equivalent Dollar Tree shares.

Bogota, Colombia – Colombian coffee retailer Juan Valdez has opened the first of 60 planned stores in Miami, with official grand opening scheduled for July 28. The downtown location is the first Juan Valdez store in Miami besides an existing store at Miami International Airport.