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Finance & Capital Management

  • Guess Inc. top finance execs resign

    LOS ANGELES — Guess? Inc. announced tht its COO, J. Michael Prince; and SVP and CFO, Dennis Secor.  Both are leaving to pursue other interests. Prince will remain with the company until Nov. 26 and Secor will remain with the company until Dec. 7.

    Paul Marciano, CEO, stated, "We wish Michael and Dennis well in their future endeavors and thank them for their contributions to our company. Given the depth of our management team, we expect a very smooth and orderly transition."

  • Electrolux joins Sandy relief effort

    CHARLOTTE, N.C. — Appliance manufacturer Electrolux has joined the effort to help with Sandy relief. The company has announced a $100,000 commitment to the American Red Cross Disaster Fund. In addition, the company will match employee contributions up to another $100,000.

  • Hasbro donates cash, games to help with Sandy relief

    PAWTUCKET, R.I. — Hasbro has provided $100,000 in combined grant support through the Hasbro Children’s Fund to the American Red Cross, World Vision and Feeding America to support their relief efforts following Hurricane Sandy. Additionally, over 10,000 games have been donated to shelters along the east coast.

  • OfficeMax has new name for U.S. contract business

    NAPERVILLE, Ill — OfficeMax's business-to-business division is getting a new name to go along with its new strategy of serving a wide range of customers with tailored solutions.

  • Leading C-store chain changes Sheetz

    The 430 unit Sheetz convenience store chain will have a new president and CEO with a familiar name in 2013.

    The $6.3 billion company announced that Joe Sheetz, currently EVP of finance and store development, would become president and CEO and current president and CEO Stan Sheetz would assume the title of chairman. Current chairman Steve Sheetz fills a newly create position as the company's family council chairman. The changes take effect October 2013.

  • HH Gregg undeterred by near 9% comp decline

    Appliance and consumer electronics retailer HH Gregg, reported second quarter result on Friday that weren't as bad as expected.

  • Starbucks raises forecast on strong sales; opening 1,300 stores in 2013

    Seattle -- Starbucks Coffee Co. reported a higher-than expected net income of $359 million for its fourth quarter, compared with $358.5 million in the year-ago period. The company also raised its earnings estimate for the next fiscal year.

    Revenue rose 11% in the fourth quarter, to $3.36 billion. Same-store sales rose 6%, fueled by higher customer traffic.

  • 7-Eleven closes deal to purchase 163 Tetco stores

    Dallas -- 7-Eleven announced that it has acquired the retail and wholesale dealer assets of San Antonio-based Tetco, closing a deal that was announced Aug. 14.

    The assets include 163 company-operated convenience stores in Utah and the Dallas-Fort Worth, Austin and San Antonio areas of Texas.

    Terms of the deal were not disclosed.

    The acquisition signals a return to San Antonio for 7-Eleven, where the company had operated stores until 1989.

  • Supervalu cutting 700 positions at New England subsidiaries

    New York -- Supervalu Inc. is cutting 700 positions at its Shaw’s and Star Market divisions in New England.

    The company said Friday that the job cuts will take place in 169 Shaw's and Star Market stores.

     

  • Nordstrom Rack to make Alabama debut in 2013

    Seattle -- Nordstrom said it plans to open a Nordstrom Rack in Birmingham, Ala. This will be the retailer's first location in the state.

    The approximately 35,000-sq. ft. store is scheduled to open in spring 2013 at River Ridge Shopping Center. The center is owned and operated by DDR Corp.

     

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