Finance & Capital Management

“Who agreed to this language?”

How many times have each of us been handed leases containing  terms which cause us to   ask , “Where did these provisions come from?” or “This is the first time I’ve seen these stipulations, did the transactions group understand the costs of compliance?” The answer is: probably more times than we’d like to recall.

Philadelphia -- The Pep Boys has named David Stern as executive VP, CFO, effective Sept. 10.  He will oversee the finance function, as well as technology and corporate development.

Stern most recently served as executive VP, chief administrative officer and CFO for A.C. Moore Arts and Crafts. Prior to that, he held roles at Coldwater Creek.

Bentonville, Ark. -- Wal-Mart Stores said Tuesday it has lowered its holiday layaway fee from $15 to $5, saying that the move is in response to customer feedback.

Customers may begin to open layaway accounts under the new fee arrangement on Sept. 15, and it runs through Dec. 14.

According to Duncan Mac Naughton, chief merchandising and marketing officer, Walmart U.S., “this is a direct response to feedback we received since announcing this year's Holiday Layaway program. [It] makes Walmart more competitive in the marketplace.”

BERLIN, N.J. — For the second year in a row, A.C. Moore Arts and Crafts along with its associates and customers, will team up to raise funds from Sept. 9 through Oct. 13, 2012, for the American Cancer Society through A.C. Moore's "Crafting a Better World" program." This initiative coincides with the American Cancer Society Making Strides Against Breast Cancer campaign in October, and gives customers an opportunity to make a difference in the fight against breast cancer.

Lynnwood, Wash. -- Zumiez Inc. reported Thursday that net income for the quarter ended July 28 slipped to $2.1 million, from $2.6 million in the year-ago period, largely due to costs associated with its acquisition of Blue Tomato.

Revenue surged 20.4% to $135.1 million from $112.2 million, which includes contributions from Blue Tomato. Same-store sales increased 9.5%.

The company said it is on track to open 50 new stores in fiscal 2012, including up to 10 stores in Canada.
 

The Marine Stewardship Council received a nearly $11 million cash infusion from a trio of charitable foundations, including the Walton Family Foundation.

The groups said the multi-year investment would support expansion of a seafood certification program and continue development of partnerships with fishermen, industry and retailers.

Salisbury, N.C. -- Grocery parent Delhaize said Friday it has named former Wendy’s and Arby’s CEO Roland Smith as president and CEO of Delhaize America and executive VP of Delhaize Group. Smith succeeds retiring CEO Ronald C. Hodge, effective Oct. 15.

Hodge will continue to serve the company in an advisory capacity.

Delhaize America operates supermarkets under the Food Lion, Hannaford and Sweetbay banners.
 

Pembroke Pines, Fla. -- Indianapolis-based, Kite Realty Group said that Massage Envy has leased 4,066 sq. ft. at Cobblestone Plaza, located in Pembroke Pines, Fla. 

Kite Realty Group represented the landlord, KRG CREC/KS Pembroke Pines, LLC.

Cobblestone Plaza is anchored by Whole Foods, All Pets Emporium and Party City. The center sites on approximately 22 acres with 140,452 sq. ft. of retail space.