Finance & Capital Management

Bentonville, Ark. -- Wal-Mart Stores is cutting gas prices by 10-cents a gallon for three months to help consumers worried about their spending amid a sputtering economy and busy summer travel season. The chain said that customers visiting participating Murphy USA and Walmart gas stations in 18 states through Sept. 30 will receive a discount on all fuel, gas and diesel purchases when they use a reloadable Walmart gift card, Walmart MoneyCard or a Walmart credit card.

Tustin, Calif. -- Gold Max of California announced that is on track to open 100 Gold Max stores in Southern California within the next year.

With more than 150 stores, Gold Max operates the United States’ largest chain of stores specializing in buying gold and precious metals from consumers. Gold Max entered the Southern California market in the fall of 2010 and opened eight stores.

STRATHAM, N.H. — The Timberland Company has announced the appointment of Mark Newton as VP corporate social responsibility, effective June 13. In this new role, Mark will lead Timberland's diverse global team responsible for managing the organization's four areas of focus within CSR: environmental stewardship, global human rights, community engagement and transparency and reporting. Mark will report to Carrie Teffner, Timberland's CFO.

New York City -- Retailers lost $37.14 billion to theft last year, or 1.58% of retail sales, up from 1.44% in 2009, according to preliminary results of the National Retail Security Survey. The annual survey is conducted by the University of Florida for the National Retail Federation, with funding from ADT Commercial.

As in previous years, employee theft accounted for the largest (approximately 44%) portion of the losses. Shoplifting and organized retail crime was second, with 33%. Administrative errors, vendor fraud and unknown causes make up the rest.

Washington, D.C. -- A report released Monday by the Commerce Department showed that consumer spending unexpectedly stalled during the month of May, as prices climbed and 9.1% unemployment caused shoppers to cut back.

Commerce Department figures showed that purchases were flat in May, after a median estimate of economists surveyed by Bloomberg News called for a 0.1% gain. Prices excluding food and energy rose more than forecast.

New York City -- Footwear manufacturer and retailer Skechers U.S.A. said Tuesday it has upgraded and expanded its Oracle Applications investment, implemented Oracle Database and moved to Oracle On Demand to support rapid growth across its retail and wholesale channels.

The new business information systems are part of a larger initiative for the billion-dollar-plus footwear company to fuel growth, reduce total cost of ownership and enable the business to respond faster to market opportunities.

New York City -- Multiple reports on Tuesday said that French retailing giant Carrefour SA has received an offer to merge with Brazil’s Companhia Brasileira de Distribuicao.

Brazilian investment fund Gama said in a statement that it proposed a merger between Carrefour, the world’s second largest retailer by sales after Wal-Mart Stores, and CBD, a local retailing giant.

Elizabeth, N.J. -- Glimcher Realty Trust, owner of Jersey Gardens outlet mall in Elizabeth, N.J., said that it has begun the installation for one of the largest single-roof top solar systems in North America.

The 4.8 megawatt solar array will generate enough power to offset 11% of the electrical consumption of the mall.

Jersey Gardens, with 1.3 million sq. ft. of leasable space, features tenants such as Gap Outlet, H&M, Lord & Taylor Outlet, Neiman Marcus Last Call, Nike Factory Store and Saks Fifth Avenue Off 5th.