Finance & Capital Management

An estimated 3,000 suppliers and Walmart’s top executives are scheduled to participate in the retailers Product Sustainability Expo to be held from April 29 through May 1.

Promotional materials for the event, to be held at the John Q. Hammons Center in Rogers, Ark., describe it as an opportunity to recognize and celebrate amazing advances in sustainability and to discover emerging opportunities and innovations that represent a new standard in retail.

Framingham, Mass. -- Staples on Thursday said it will close 225 stores by the end of 2015 amid falling fourth-quarter revenue, increased competition, and a shift to online sales. The big-box office-supply category, which was battered by the recession, has come under increased competition from Walmart and other discounters and online retailers such as Amazon. Most recently, Staples’ rivals Office Depot and OfficeMax completed a $1.2 billion merger.

Walmart didn’t mention competitive issues as a source of sales weakness during its fourth quarter, but reports this week from Kroger and Costco indicate they were at least a contributing factor.

New Albany, Ohio -- Abercrombie & Fitch Co. and Abercrombie & Fitch Stores, Inc. have offered to pay about $4,000 to one assistant manager for failing to pay proper overtime wages from May 16, 2010 to present, in connection with a lawsuit filed in the Eastern District of New York. Abercrombie agreed to pay the assistant manager's attorney's fees and court costs to be determined by the court.

Ongoing weakness at Staples' North American retail division has resulted in the planned closure of 225 units as part of a larger expense savings program and increased emphasis on digital initiatives.

The store closure announcement, part of a larger plan expected to save $500 million by the end of 2015, was announced in conjunction with the release of fourth-quarter results and new insights regarding the company’s online business.

Secaucus, N.J. -- The Children’s Place Retail Stores Thursday reported lower profit for the fourth-quarter amid intense promotions and severe storms. The retailer also said it is renaming the company.

Net earnings in the fourth quarter, ended Feb.1, fell 18% to $15.7 million, from $19.1 million in the year-ago period, which had an extra week.

Net sales in the quarter totaled $467.5 million, down from $509.2 million in the year-ago period. Same-store sales declined 4.3%.

Dallas -- Corner Bakery Café has signed a new multi-unit development agreement to open its first restaurants in Indianapolis beginning later this year and the remaining sites over the next six years.

Cincinnati – The Kroger Co. earned a better-than-expected $422 million in its fourth quarter, down from $462 million in the year-ago period, which included an additional week of sales. The nation’s largest supermarket operator issued a better-than-expected profit for the year ahead.