Finance & Capital Management

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.

Atlanta -- The Home Depot on Wednesday expanded its share buyback plan for the year by $500 million and reaffirmed its full-year outlook.

The retailer said it now expects to buy back $4 billion of its shares and that the increase in its share repurchase plan would not have a material impact to earnings per share for 2012.

By Stephen J. Pargeter, [email protected]

News reports this week speculated Denver might be getting a new CityTarget store. Get used to seeing similar speculation in other major markets as the company seeks to tap a new growth frontier.

New York -- Supervalu plans to cut as many as 2,500 positions at its Albertsons unit. The reductions, which will occur across all 247 Albertsons stores in California and Nevada, will begin the week of June 17 and should be completed around July 1, according to a statement.

“A decision of this nature is never easy, but it is the necessary step for us to take to help improve our business and accelerate our turnaround," Dan Sanders, president of the Albertsons Southern California Division, said in a statement.
 

ST. LOUIS — Save-A-Lot is poised for substantial growth in South Florida when it completes its new distribution center in Pompano Beach. The 250,374 sq. ft. DC is expected to open by February 2013 and will and employ more than 30 employees initially, with the potential for hiring additional employees once the facility is at full capacity, the company said. The project is the result of collaboration with KTR Capital Partners and Butters Construction.

AMSTERDAM — Royal Ahold's U.S. subsidiary saw net sales jump 2.8% to $7.8 billion during first quarter 2012, the company said Wednesday.

New York -- Claire’s Stores Inc. has named James D. Fielding, former president of Disney Stores Worldwide, as CEO, effective June 18, 2012. Fielding, who resigned from Disney on Monday, will also join Claire’s board of directors.

“I look forward to capitalizing on the many growth initiatives available to the company, including new stores, development of the Icing concept, continued international expansion in markets such as Mexico, India and China, and optimization of e-commerce,” Fielding said in a statement.