Finance & Capital Management

New York City -- British fashion retailer L.K.Bennett, opened its third U.S. boutique, at The Shops at Riverside in Hackensack, N. J.

“We have over 100 stores in the UK. now — and in the long term weʼd like to have the same number of stores in the U.S.,” said Robert Bensoussan, CEO London.

New York City -- Barnes & Noble said its CFO Joseph Lombardi has resigned and the company is starting a search to replace him. Lombardi will stay on with the company until mid-2012 to assist in the transition as the company undertakes an executive search for a new CFO.

Corporate controller Allen Lindstrom will take over CFO duties until a replacement is named.
 

Boca Raton, Fla. -- Office Depot’s global headquarters in Boca Raton, Fla., has earned the U.S. Environmental Protection Agency’s Energy Star certification. The certification signifies that the building performs in the top 25% of similar facilities nationwide for energy efficiency and meets strict energy efficiency performance levels set by the EPA.

New York City -- Saks plans to close its 20,000-sq.-ft. Saks Fifth Avenue Off 5th store in Triangle Factory Outlets in Morrisville, N.C., (metropolitan Raleigh) by Jan. 1.

The company opened a 30,000-sq.-ft. Off 5th location in Tanger Outlet Center of the Piedmont in nearby Mebane, N.C., in 2010, which will serve as a replacement store for the closing location. The new Mebane store was designed in the chain’s loft” format that debuted in 2008 and which redefined and elevated the outlet shopping experience.

New York City -- Tiffany & Co. announced plans to open a store in Prague, marking the luxury retailer’s first location in Eastern Europe. The 2,600-sq.-ft. store is scheduled to open in the summer of 2012.

“The opening of our first store in Eastern Europe marks a significant strategic move for Tiffany, as we further develop and grow our business throughout Europe,” said Melvyn Kirtley, group VP Europe.
 

New York City -- Wal-Mart Stores is cutting back healthcare coverage for new part-time workers and significantly raising premiums for many new full-time associates, the New York Times reported. It is a major turnaround for the retailer which, a few years back, under heavy criticism that many of its 1.4 million workers could not afford or did not qualify for coverage, expanded coverage for employees and their families. The move generated of flurry of positive publicity.

NAPERVILLE, Ill. — OfficeMax announced that V. James Marino has been elected to serve on the company's board of directors.

"We are delighted to welcome Jim to the board of OfficeMax," said Rakesh Gangwal, chairman of OfficeMax.  "He brings significant expertise, insight and years of experience as a successful business leader, and we will benefit from having his perspective on the board."

NAPERVILLE, Ill. — Strong results in consumable categories, a little inflation and some Hurricane Irene related sales fueled an 11.5% same-store sales increase and led to a strong overall third-quarter financial performance at Tractor Supply Company.

Dollar stores get a lot of the credit for negatively impacting Walmart’s U.S. sales the past few years and it’s no wonder. The big three – Dollar General, Family Dollar and Dollar Tree – have grown rapidly and collectively operate more than 20,000 conveniently located units that offer sharp prices on an expanding assortment of food and consumables.

No one said being an international retailer was easy, a lesson Walmart continues to learn the hard way on distant shores. This time the country in question is China, a market where despite having a long history and extensive operations, the company managed to run afoul of local officials who temporarily closed 13 stores because, according to media, reports, some pork products were incorrectly labeled as organic. Walmart has been in China for about 15 years and currently operates 349 stores, consisting of 245 Walmart stores and 104 units that are still branded as Trust-Mart.