Finance & Capital Management

New York -- Ashley Furniture Industries Inc. plans to open about 50 bedding stores, under the Zzz's By Ashley banner, in 2012, according to Furniture Today. The sleep shops will average about 4,500 sq. ft. each, and will offer a wide selection of mattresses and sleep accessories.

“I think we can open several thousand in the next 10 years,” Ben Thorud, the Ashley executive who is heading the new initiative, told Furniture Today.

New York -- The Los Angeles City Council voted 13-1 to ban plastic bags at supermarket checkouts, becoming the largest city in the nation to approve such a law.

The council voted to phase out plastic bags during the next 16 months at an estimated 7,500 stores, meaning shoppers will need to bring reusable bags or purchase paper bags for 10 cents each.

LOS ANGELES — The Los Angeles City Council voted 13-1 to ban plastic bags at supermarket checkouts, becoming the largest city in the nation to approve such a law.

The council voted to phase out plastic bags during the next 16 months at an estimated 7,500 stores, meaning shoppers will need to bring reusable bags or purchase paper bags for 10 cents each.

New York -- Consumer confidence in May rose to the highest level since October 2007, according to the Thomson Reuters/University of Michigan final index of consumer sentiment. The index rose increased to 79.3 from 76.4 the prior month. 

Industry analysts said a decline in gas prices and an improving housing market is helping offset slower job growth and volatile stock prices.

Estimates for the confidence measure ranged from 76 to 79, according to a Bloomberg survey of 60 economists.
 

MEMPHIS, Tenn. — Fred's has named Steven Fitzpatrick to its board of directors. Fitzpatrick will be presented as one of the director nominees at the company's 2012 annual meeting to be held later this summer.

New York -- Rite Aid has appointed president and CEO John Standley as chairman, the retail pharmacy chain said Friday.

Rite Aid announced that its board of directors had elected Standley to replace current chairman Mary Sammons, effective June 21. Sammons has served as chairman since June 2007 and plans to step down at the company's annual stockholder meeting.

Rochell Park, N.J. -- Avenue Stores announced it has begun the process to close 96 stores over the next three months. The company previously announced plans to selectively close and consolidate stores in order to finalize a geographic footprint that maximizes profitability and sales growth potential.

Upon completion of the closures, the company will continue to operate more than 300 stores in 34 states, and offer online shopping,

Issaquah, Wash. -- Costco Wholesale Corp. reported Thursday that net income for the quarter ended May 6 surged 19% to $386 million, from $324 million in the same period last year.

Revenue rose 8% to $22.3 billion from $20.6 billion, beating Wall Street’s expected $22.1 billion in revenue. Same-store sales increased 5%.

The company said it plans to open six additional warehouse clubs before the end of fiscal 2012.