Finance & Capital Management

Indianapolis -- Simon Property Group said Thursday that 100% of its enclosed regional malls and Mills value properties now offer waste recycling to merchants.

"The fact that every one of our enclosed properties is now recycling cardboard is an accomplishment that makes us proud," said George Caraghiaur, senior VP energy and procurement at SPG, who coordinates the company's sustainability efforts. Caraghiaur also noted that pilot programs are underway for plastic film recycling and composting of food waste.

CAMP HILL, Pa. — Rite Aid's same-store sales increased by 1.1% in May, a lower-than-expected increase that may be due to underlying economic and industry factors.

The results for the five weeks ended June 2 included a 1.3% increase in front-end comps and a 1% increase in pharmacy sales over May 2011. Same-store prescription count increased 2.6%. Total drug store sales for the period increased 0.3% to nearly $2.5 billion, compared with $2.45 billion in May 2011.

New York -- Eugene Ferkauf, founder of the E.J. Korvette chain, died Tuesday at the age of 91, said Yeshiva University, where he was a longtime former trustee and benefactor, the New York Times reported.

"He was a brilliant entrepreneur, innovator and pioneer of the discounting concept," said Burt Flickinger, III, managing director of the retail consultancy Strategic Resource Group, in the report.

DALLAS — Tuesday Morning has ousted president and CEO Kathleen Mason and has begun a search for a new chief executive. Michael Marchetti, EVP and COO, has been promoted to president and COO and will serve as interim CEO until a replacement is found. Melinda Page, SVP, general merchandise manager has been promoted to EVP and chief merchandise officer and Seth Marks SVP of alternative sourcing and e-commerce has been promoted to SVP and chief marketing officer.

San Francisco -- Gymboree Corp. reported Thursday net income of $4.2 million for the quarter ended April 28, compared with a loss of $10.4 million in the same period last year.

Sales rose 10.2% to $297.8 million, and same-store sales edged up 1%.

The retailer said it is on track to open 105 stores in fiscal 2012, which include 80 Crazy 8 locations. Crazy 8 is Gymboree’s discount concept.

Minneapolis -- Best Buy Co. said Thursday that its founder and chairman Richard Schulze is resigning from his position on the board, one he has held for more than 40 years.

Surging profits and a 6.7% first quarter same-store sales increase prompted Dollar General to raise its full year profit forecast by three cents. Family Dollar is scheduled to report comparable results later this month as the small discount store remains on a roll.

Dallas -- Tuesday Morning Corp. said Wednesday it has ousted CEO Kathleen Mason and will launch a search for a new chief executive.

Mason was named president and CEO in 2000 and has come under fire as the closeout retailer has suffered slowing sales and widening losses.

Tuesday Morning also announced that executive VP and COO Michael Marchetti has been promoted to president and COO and will service as interim CEO until a successor for Mason is found.