Finance & Capital Management

The Army & Air Force Exchange Service (AAFES) announced that Lt. Gen. Samuel D. Cox will serve as chairman of the exchange’s board of directors effective immediately.

Cox was confirmed by the U.S. Senate as the Air Force Deputy Chief of Staff for Manpower, Personnel and Services on Nov. 5, and will replace Lt. Gen. Darrell Jones, who served as chairman of the Exchange board of directors since April 2013 and retired from the Air Force on Nov. 21.

Location: Ashburn, Va. 

Size: Approximately 100,000 sq. ft.    

Developer: Regency Centers 

Major tenants: Whole Foods Market will anchor the project. Regency is currently negotiating with prospective specialty retail, restaurant and health and wellness tenants.

Status: Proposed start is spring 2014, with completion planned for fall 2014.    

While owners and developers are redeveloping, expanding and beginning to plan new developments across the Northeast, property surpluses created by the recession remain. Where are these surpluses? How will they be disposed of? Chain Store Age asked Andy Graiser, co-president of A&G Realty Partners, to talk about disposition today in the Northeast. Graiser is a property disposition expert with more than 25 years of experience with retail real estate.

Characterize surplus retail real estate in the Northeast.

Boca Raton, Fla. -- Office Depot, formed by the merger of Office Depot and OfficeMax, announced the appointment of Stephen Hare as executive VP and CFO, effective immediately. Hare replaces co-CFO Mike Newman, who has retired from the company, and interim Co-CFO Deb O’Connor, who has returned to her position as senior VP, finance and co-chief accounting officer.
 

Kimberly-Clark Professional has named Tim Feeheley as VP of Kimberly-Clark Professional North America. Feeheley succeeds Richard Thorne, who recently was chosen to lead Kimberly-Clark Professional's Asia-Pacific Region.

Guangzhou, China -- Vipshop Holdings Limited, a Chinese online discount retailer for brands, has appointed Lily Fan as the company's VP of human resources, effective Dec. 2.

Regional department store operator Gordmans Stores said its fourth quarter same store sales are likely to decline in the mid-single digits after it reported a 6.1% drop in comps for the third quarter ended November 2.

Despite the comp decline, Gordman’s total sales at its 93 stores increased 5.8% to $151.3 million from $143.1 million due to the addition of 10 new stores in the prior nine months. Net income for the third quarter was $1.1 million, or six cents a share, compared to net income of $4 million, or 21 cents a share, last year.