Finance & Capital Management

Leading packaging provider Silgan Holdings named long-time KPMG executive Joseph Jordan to its board of directors.

Silgan isn’t a name familiar to the average consumer, even though its products come in contact with millions of people daily. As a leading supplier of rigid packaging for shelf stable foods and other consumer goods, Silgan operates 87 manufacturing plants worldwide and generates annual sales of $3.7 billion.

With technology continuing to reshape the store experience, global retail real estate leader Simon Property Group is upping its digital game with the creation of a new venture capital group.

The company, which owns or has an interest in 325 retail properties encompassing 243 million square feet, has created Simon Ventures Group for the purpose of investing in retail innovation focused on opportunities that enhance the shopping experience.

Supervalu reduced its organizational structure from three divisions to two and name Kevin Kemp president of the east region and Bill Chew president of the west region.

The company did not indicate what roles Kemp and Chew played in the organization previously, but did note that the east region will be headquartered in Mechanicsville, VA and the west region will be based in Hopkins, MN near the company’s Eden Prairie headquarters.

Hearthside Food Solutions sold its 20 manufacturing plants and 150 brands to Wall Street investment bank Goldman Sachs and the private equity firm Vestar Capital Partners.

Fremont, Calif. -- The Men's Wearhouse has extended the expiration date of its tender offer for all outstanding common shares of Jos. A. Bank, in accordance with terms of the March 11 merger agreement. The offer and withdrawal rights are now scheduled to expire on April 9, 2014, unless further extended.

Charlotte, N.C. – The Cato Corporation cited weather, holiday promotions and a 53rd week in fiscal 2012 as impacting its net income during the fourth quarter of fiscal 2013. The retailer also said it plans to open 64 new stores and close 17 existing stores during fiscal 2014.

Net income fell 52% to $3.8 million from $7.9 million in the same period the prior year, within previously announced guidance range, while sales dropped 7% to $215.2 million from $232 million.

Eden Prairie, Minn. – Supervalu plans for a streamlined independent business organization. As part of the new structure, Supervalu’s independent business will consolidate from three regions to two regions, forming new East and West teams.

The new East and West independent business regions will be located in Mechanicsville, Va. and Hopkins, Minn. To lead the new organizations, Supervalu has named Kevin Kemp president of the East region and Bill Chew president of the West region.

Bad weather and a tepid economy claimed another retail victim on Thursday as family footwear retailer Shoe Carnival posted weak sales and profits.

The operator of 379 stores said sales during its 13 week fourth quarter ended February 1 fell to $200.3 million compared to $205.7 million during the 14 week fourth quarter the prior year. Same store sales declined 2.5%. Profits during the period fell more sharply to $600,000, or three cents a share, from $3.2 million, or 13 cents a share the prior year, as gross margins contracted to 28.5% from 29.3%.