Finance & Capital Management

CHESAPEAKE, Va. — Dollar Tree has approved a 2-for-1 stock split in the form of a 100% common stock dividend. The new shares will be distributed June 26 for shareholders of record as of the close of business on June 12.

With the stock split, the number of outstanding shares of the company's common stock will increase from approximately 116 million shares, pre-split, to approximately 232 million shares, post-split.

LOS ANGELES — The Los Angeles City Council voted 13-1 to ban plastic bags at supermarket checkouts, becoming the largest city in the nation to approve such a law.

The council voted to phase out plastic bags during the next 16 months at an estimated 7,500 stores, meaning shoppers will need to bring reusable bags or purchase paper bags for 10 cents each.

New York -- Ashley Furniture Industries Inc. plans to open about 50 bedding stores, under the Zzz's By Ashley banner, in 2012, according to Furniture Today. The sleep shops will average about 4,500 sq. ft. each, and will offer a wide selection of mattresses and sleep accessories.

“I think we can open several thousand in the next 10 years,” Ben Thorud, the Ashley executive who is heading the new initiative, told Furniture Today.

New York -- Rite Aid has appointed president and CEO John Standley as chairman, the retail pharmacy chain said Friday.

Rite Aid announced that its board of directors had elected Standley to replace current chairman Mary Sammons, effective June 21. Sammons has served as chairman since June 2007 and plans to step down at the company's annual stockholder meeting.

Chesapeake, Va. -- Dollar Tree has approved a 2-for-1 stock split in the form of a 100% common stock dividend. The new shares will be distributed June 26 for shareholders of record as of the close of business on June 12.

With the stock split, the number of outstanding shares of the company's common stock will increase from approximately 116 million shares, pre-split, to approximately 232 million shares, post-split.

Mahwah, N.J. -- Bombay & Co. Inc. has selected TD Retail Card Services, a unit of TD Bank, to create and administer its private label credit card.

Under the agreement, TD will direct all facets of the program for the Toronto-based company’s 50 stores located in Alberta, British Columbia, Newfoundland, Nova Scotia, Ontario and Quebec. The new Bombay & Co. credit card will offer consumers a full menu of deferred interest and equal pay programs.

New York -- Consumer confidence in May rose to the highest level since October 2007, according to the Thomson Reuters/University of Michigan final index of consumer sentiment. The index rose increased to 79.3 from 76.4 the prior month. 

Industry analysts said a decline in gas prices and an improving housing market is helping offset slower job growth and volatile stock prices.

Estimates for the confidence measure ranged from 76 to 79, according to a Bloomberg survey of 60 economists.
 

New York -- M.A.C. Cosmetics will open a flagship on a prime stretch of New York City’s Fifth Avenue, according to various reports.

The company will open up shop in November, on Fifth Avenue near 54th Street, in a space that formerly housed Elizabeth Arden's Red Door Spa, according to Racked.com.
 

Dublin, Calif. -- Epicor Software Corp., announced it has entered into an agreement to acquire substantially all of the operating assets and intellectual property of New Zealand-based partner Cogita Holdings Limited. The transaction is anticipated to close by May 31, 2012.

New York -- The Los Angeles City Council voted 13-1 to ban plastic bags at supermarket checkouts, becoming the largest city in the nation to approve such a law.

The council voted to phase out plastic bags during the next 16 months at an estimated 7,500 stores, meaning shoppers will need to bring reusable bags or purchase paper bags for 10 cents each.