Finance & Capital Management

Jacksonville, Fla. -- Stein Mart announced that D. Hunt Hawkins, previously the company's executive VP and chief administrative officer, has been named COO.

"Hunt has been an important part of Stein Mart since 1994 and has had a key role in our significant operational improvements over the last several years," commented Jay Stein, interim CEO of Stein Mart. "This is a great reward for his many years of quality service."

New York City -- Borders Group Inc. won court approval of the final details of its plans to dissolve, according to Bloomberg.

The bankruptcy judge finalized terms of creditor repayments Tuesday after five remaining objections were resolved, the report said. Unsecured creditors with $812 million to $850 million in claims will recover from 4% to 10%, probably “at the higher end of the range,” according to court papers.
 

York, Pa. -- The Bon-Ton Stores announced it has signed a new, multi-year private-label credit card program agreement with Alliance Data, a provider of loyalty and marketing solutions.

Chicago --General Growth Properties said its board approved the spinoff of its Rouse Properties Inc. subsidiary, to consist of 30 regional shopping centers in 19 states.

The separation will be completed through a pro rata taxable dividend on Jan. 12, to stockholders of record as of the close of U.S. exchanges on Dec. 30, Chicago-based General Growth said today in a statement.

New York City -- CVS Caremark executives shared plans to address the challenges facing health care during the company's annual Analyst Day in New York City. The company also said Tuesday it also expects to buy back the $3 billion left in its share repurchase program.

New York City -- Wal-Mart Stores on Friday will appoint Sylvia Mathews Burwell, a former senior executive of the Bill & Melinda Gates Foundation, to head its corporate foundation, according to the New York Times. She also will oversee the retail giant’s social, environmental and economic development programs in Africa.

Burwell replaces Margaret A. McKenna, who became the company foundation’s president in 2007.

Reston, Va. -- Shoppers spent 14% more for online holiday spending during the week ending Dec. 18, according to comScore. Online spending totaled $6.4 billion for the week, making it the busiest week ever in online holiday shopping.

Shoppers have spent almost $32 billion online for the holiday season to date, a 15% increase from a year ago, comScore reported. The period includes the first 48 days of the holiday season spanning the months of November and December, according to comScore.

JACKSONVILLE, Fla. — Discount retailer Stein Mart named Hunt Hawkins COO and expanded his responsibilities to include store operations and e-commerce at the 263-unit chain. Hawkins previously served as EVP and chief administrative officer with responsibility for information technology, supply chain and human resources, responsibilities he will retain in his new role.