Finance & Capital Management

Electrolux North America has recently begun production on its first Memphis, Tenn.-made home cooking appliances.

The inaugural products produced at the Memphis facility, the Frigidaire and Frigidaire Gallery slide–in ranges, rolled off the assembly line, were crated and loaded onto trucks for warehousing and retail distribution throughout the United States. This marks the culmination of a two-year construction effort of the $266 million facility.

New York -- Sears Canada announced that it has reached a definitive agreement to sell its 50% joint venture interest in eight properties it owns to Montez Income Properties Corp. for approximately $300 million (C$315 million). Sears’ joint venture partner in the properties is The Westcliff Group of Companies.

The company said it will sell its interests in four regional shopping centers, two strip centers and two open-air retail centers.

Ascena Retail Group has appointed Judith Langley as EVP and chief merchandising officer of Dressbarn.

“Judi is an outstanding merchant with deep specialty and large retail format experience. She will play a key role in the evolution of the Dressbarn brand and we are delighted to have her joining the team,” said David Jaffe, president and CEO of Ascena Retail Group.

Washington, D.C. -- Women account for 18.4% of directors serving on the boards of the world's largest retail and consumer products companies globally, according to the latest Corporate Women Directors International (CWDI) report on Women Board Directors of Top Retail and Consumer Products Companies Globally.

A 32.4% increase in online sales was one of few bright spots in regional sporting goods retailer Sport Chalet’s second quarter.

During the period ended September 29, the Los Angeles-based chain said sales declined 5.2% to $86.7 due to a 2.5% same store sales decline, the closure of three underperforming stores and weakness in its team sales division due to changes in personnel. The negative factors were offset by strength in the online business and the opening of one new store. Sport Chalet ended the quarter with 52 stores.

Los Angeles -- Sport Chalet reported a loss for the second quarter of fiscal 2014 of $3.0 million, compared to net income of $0.8 million in the year-ago period. Sales decreased 5.2% to $86.7 million from $91.5 million, with a 2.5% comparable store sales decrease. Among the few bright spots was a 32.4% increase in online sales, and a better-than-expected performance by the chain's new store concept.  

New York -- Version 3.0 of the PCI Data Security Standards (PCI DSS) and Payment Application Data Security Standard (PA-DSS) has been published and will become effective on January 1, 2014.

The PCI Security Standards Council (PCI SSC), a global forum for the development of payment card security standards, published version 3.0 to its website, but version 2.0 will remain active until Dec. 31 to ensure adequate time for organization to make the transition.

Sears Canada announced that it has reached a definitive agreement with Montez Income Properties Corp. to sell its 50% joint venture interest in eight properties it owns with The Westcliff Group of Companies for approximately $315 million.