Finance & Capital Management

Matthews, N.C. -- Family Dollar Stores announced Wednesday that it plans to open 450 to 500 new stores in fiscal 2012, a 50% jump compared with the number of openings in fiscal 2011, and will renovate, relocate or expand over 1,000 locations. The discounter also reported that its fiscal fourth-quarter net income rose 8%.

“In fiscal 2012, we intend to accelerate investments to drive sales and profitability,” said Howard Levine, chairman and CEO.

MOORESVILLE, N.C. — Lowe's announced that for the 2011 to 2012 school year it will donate more than $4 million to support education. 

Through its Lowe's Charitable and Educational Foundation, the company is providing funds for school systems across America through Lowe’s Toolbox for Education grants; Teach for America; Project L.I.F.T; Hispanic Scholarship Fund; Thurgood Marshall College Fund; Lowe’s Scholarships and Carl Buchan Scholarships.

BOCA RATON, Fla. — Office Depot has fired the president of its international business for "having an improper relationship."

Charlie Brown, president of the international division, has left the organization, effective Monday, the company announced in a press release.

MATTHEWS, N.C. — Family Dollar Stores announced that it has named Michael Bloom to the position of president and COO and promoted Dorlisa Flur to the position of vice chair strategy and chief administrative officer. Both Bloom and Flur will report to Howard Levine, chairman and CEO. These appointments follow the announced retirement of R. James Kelly as Family Dollar’s president and COO after 15 years with the company.

DEERFIELD, Ill. — Walgreens reported Tuesday that profit for its fiscal fourth quarter surged 69%, in part due to gains from the $525 million sale of its pharmacy benefits management business Walgreens Health Initiatives during the quarter.

Net income for the quarter ended Aug. 31 rose to $792 million, up from $470 million in the year-ago period and surpassing Wall Street expectations.

Revenue rose 6.5% to $18 billion and same-store sales increased 4.4%.

FRAMINGHAM, Mass. — Staples has promoted Christine Komola to CFO effective Feb. 1, 2012. She will report to John Mahoney, Staples’ vice chairman. The responsibilities of the CFO will transition to Komola the next year.

Matthews, N.C. -- Family Dollar Stores said Tuesday that it has named longtime CVS/pharmacy executive Mike Bloom as its new president and COO to replace the departing R. James Kelly, who announced his retirement on Tuesday after 15 years with the company. Kelly will serve as vice chairman for the next six months to assist with the transition.

Bloom, formerly executive VP – merchandising, supply chain, marketing and advertising for CVS Caremark, will assume the position of president/COO.

New York City -- A Bloomberg report on Tuesday said that Borders Group has garnered court approval for the sale of its intellectual property to Barnes & Noble after a recent question about privacy issues was resolved.

U.S. Bankruptcy Judge Martin Glenn in Manhattan approved the transaction after reviewing new terms between Borders and Barnes & Noble that will protect the privacy rights of 48 million customers.

Minneapolis -- Best Buy Co. said Tuesday that it has cut its 2011 seasonal hiring plans to about half of last year’s staff numbers, in a move to curtail costs. This year’s plans call for 15,000 holiday workers, compared with 29,000 hired last year.

Los Angeles -- A Tuesday report by CNN Money, citing a regulatory filing, said that private equity firm Leonard Green & Partners is raising $5 billion for its sixth private equity fund.

Leonard Green’s current retail portfolio includes Sports Authority, Neiman Marcus and Whole Foods, with plans underway to add BJ's Wholesale Club to its holdings.

According to the report, the SEC filing does not confirm that the firm has closed on any money as of yet.