Finance & Capital Management

David Glass has kept such a low public profile since stepping down as Walmart president and CEO it was surprising to see his name pop up as the featured speaker at an upcoming event in Northwest Arkansas.

Glass stepped down as CEO of Walmart nearly 15 years ago and he’s scarcely been heard from since, leaving those newer to the company to know him largely as the guy after whom the company’s massive information technology building is named.

New York -- After almost 93 years, off-price specialty retailer Loehmann's is going out of business.

On Jan. 7, the U.S. Bankruptcy Court in Manhattan approved an order authorizing a joint venture formed by SB Capital Group, LLC, Tiger Capital Group, LLC, and A & G Realty Partners, to conduct "Going Out of Business" sales in each of Loehmann's 39 locations in 11 states and the District of Columbia.  

Soft sales at leading home goods retailer Bed Bath & Beyond led to a puny comp increase of 1.3%, lower than expected third quarter profits and a downward revision to fourth quarter expectations.

Oak Brook, Ill. -- Ace Hardware Corporation has appointed Tom Knox, 59, as president and CEO of Westlake Ace Hardware, Ace’s largest cooperative comprising 85 stores. Knox will be leaving his role as VP, retail business development, training & supply at Ace’s corporate offices and relocating to the Kansas City area to pursue his new role.

J.C. Penney provided an ambiguous update on its holiday season performance, indicating it showed continued progress in its turnaround efforts and was “pleased” with its performance.

The company released a brief and vague statement Wednesday morning in which it noted, “customers responded well to the company’s offerings this holiday season, both in stores and online.”

New York -- Hess Retail Corporation, a wholly-owned subsidiary of global energy company Hess Corporation, has filed a Form 10 Registration Statement with the U.S. Securities and Exchange Commission. The form contains a preliminary information statement about the potential terms and conditions of a spin-off of Hess Retail Corporation to the stockholders of Hess Corporation.

The Container Store posted a better than expected profit performance during its first quarter as a public company but offered a full year outlook analysts found underwhelming.

Atlanta – Havertys reported partial financial results for the fourth quarter and fiscal year 2013, with sales for the fourth quarter increasing 7.6% to $196.2 million, compared with $182.3 million for the fourth quarter of 2012. On a same-store basis, sales for the quarter increased 9.5%.

Sales for the 12 months of 2013 totaled $746.1 million, compared with $670.1 million in 2012, representing an increase of 11.3%. On a same-store basis, sales increased 11% for the 12 months.