Finance & Capital Management

Gerald Evans was named chief operating officer at HanesBrands after serving as co-COO since 2011.

Cicero, Ill. -- The town of Cicero, Ill., and Wal-Mart Stores announced an agreement on Tuesday to build a Walmart Supercenter on a portion of a former racetrack site.

Under the contract, Wal-Mart will pay $7.5 million for 24.67 acres of land at the long-vacant and dilapidated Sportsman’s racetrack to construct a 190,000-sq.-ft. store.

Cicero will continue to own 10 acres of the remaining Sportsman's property, which is reserved for future retail expansion and development.

Men’s Wearhouse said it terminated company founder and executive chairman George Zimmer on Wednesday and postponed its annual meeting.

No explanation was offered for Zimmer’s termination, but the company indicated the board of directors, "expects to discuss with Mr. Zimmer the extent, if any, and terms of his ongoing relationship with the company."

New York -- George Zimmer, the founder and pitchman of Men’s Wearhouse, wasted no time in firing back at the company that fired him as executive chairman on Wednesday morning.  In a statement released to CNBC, Zimmer suggested that disagreements with the company’s board led to his abrupt termination:

Washington, D.C. -- The National Retail Federation on Wednesday welcomed a letter from lawmakers urging the Internal Revenue Service to back off a proposed accounting rule change that could cost many retailers millions of dollars a year.



Fremont, Calif. -- Men’s Wearhouse announced Wednesday that it has fired its founder and executive chairman George Zimmer; no reason was given for the sudden move.

Washington, D.C. – The Retail Industry Leaders Association elected Ron Boire, president of Sears and Kmart, to its board of directors, during its semi-annual meeting in Washington, D.C. 

The board also re-elected Home Depot chair and CEO Francis Blake, 7-Eleven president and CEO Joseph DePinto, Petco CEO James Myers and J.C. Penney CEO Myron Ullman.

Los Angeles -- PizzaRev, the fast-casual artisan pizza concept, will build a flagship location in Burbank’s shopping and entertainment district at the intersection of E. Palm Ave. & N. San Fernando Blvd.

The company has announced plans to add two new locations in Oxnard and El Segundo, Calif. this summer and to begin franchising soon. PizzaRev currently operates three locations in Studio City, Woodland Hills and Northridge, Calif.