Finance & Capital Management

Lancaster, Pa. -- Auntie Anne’s announced the addition of Okey M. Reese to the executive team. Reese, who has been with Auntie Anne’s since 2010, has been promoted to VP, real estate.
 
In this position, Reese will oversee the leasing, specialty retail, and franchise sales departments. His responsibilities will include the strategic oversight of identifying new growth opportunities throughout the United States, strengthening developer partnerships and assisting franchise partners in all aspects of the real estate process.

The Indianapolis suburb of Plainview will be home to Walmart’s newest dedicated e-commerce fulfillment center when the 1.2 million-sq.-ft. facility opens early next year.

The retailer indicated in early June that Indiana would be home to its third e-commerce fulfillment center but did not identify the community at the time. Walmart’s other online dedicated centers are located in Texas and Pennsylvania. The newest facility will employ approximately 300 people with hiring expected to begin in October.

Coppell, Texas – Alco Stores Inc. reported a net loss of $8.1 million in the first quarter of its fiscal year, up from a loss of $1.7 million in the year-ago period, amid an elimination of a tax benefit. The company also announced its CFO has left the company.

Net sales decreased 4.1% to $104.7 million, compared to $109.2 million in the first quarter of fiscal 2014. Same-store sales, excluding fuel centers, decreased 7.1%. Alco president and CEO Richard Wilson cited several ongoing initiatives as providing promise for future performance.

Johnson & Johnson has added UPS chairman and CEO D. Scott Davis to its board as director. Davis will serve on the audit committee and the regulatory, compliance and government affairs committee.

Davis has been with UPS for 29 years and was appointed its CEO in 2008. Under his leadership, the company has expanded its logistics network reach and capabilities throughout Europe, Asia and the Americas. Davis plans to retire Sept. 1, and will remain non-executive chairman of UPS’ board.

New York -- Coach plans to shutter about 70 underperforming stores in fiscal 2015, Crain’s New York reported. The retailer, which has been under heavy competitive pressure from Michael Kors and other upscale companies, also gave a disappointing revenue forecast for its current fiscal year.
   

American Apparel’s board of directors has voted to remove Dov Charney as chairman and fire him as president and CEO.

It is expected that the termination will be effective following a 30-day cure period required under the terms of Charney’s employment agreement.

For the time being, Charney is suspended from his positions as president and CEO, effective immediately, pending the expiration of the cure period. The board has appointed John Luttrell as interim CEO.

New York – Soupman Inc., parent company of specialty restaurant chain The Original Soupman, is partnering with the Atlanta Franchise Group, a franchise development company brought on to grow The Original Soupman's franchise presence across the country.

Skechers USA has filed a lawsuit against Reebok International for selling footwear that, according to Skechers, infringes on its Go Walk product line.

The suit, filed in the United States District Court for the Central District of California, seeks compensatory and punitive damages as well as injunctive relief for infringing on Skechers’ patent and trade dress rights and for unfair competition. The suit states that Reebok is selling the infringing products under the name Reebok Walk Ahead RS.