Finance & Capital Management

WEST LONG BRANCH, N.J. -- Sleep Innovations, manufacturer of advanced foam sleep solutions, announced that it has hired Robert West as COO to implement lean manufacturing practices across the enterprise.

Matthews, N.C. -- Family Dollar today showed why dollar stores are such a hot commodity right now by reporting a comparable-store sales increase of 5.1% for the second quarter ended Feb. 26. Net sales for the quarter increased 8.3% to $2.26 billion, from $2.09 billion last year. According to the company warmer weathr earlier in the year as well as strong performance in its consumable and seasonal categories helped drive sales.

Considering how the addition of food at Target and the company’s PFresh remodeling initiative has dominated headlines for the past year, it is somewhat of an eye opener to see the company is really just beginning to scratch the surface in food.

At the end of last year, the food and pet supplies category accounted for 17% of total company sales of $67.4 billion compared with two years earlier when those categories accounted for 15% of sales of roughly $65 billion. That’s according to a category sales breakdown contained in the company’s annual report.

Ann Arbor, Mich. -- Borders Group is expected to announce that another 75 stores will be closed.

Mike Edwards, president, in a conference call said that the additional store closings would come from a group of 140 "bubble stores" that had already been identified for possible closings.

The bookseller previously said it would close 200 stores when it announced it had filed for Chapter 11 bankruptcy on Feb. 16. At the time, the retailer said another 75 could be closed. The new round of stores has not yet been identified.

GRAND RAPIDS, Mich. -- The economic downturn has been especially tough on the Midwestern region of the United States, but now Meijer is bringing some renewed hope to the area with news it will invest more than $75 million in a major remodel project for stores in Michigan and Ohio, with eight Michigan stores benefiting from this new initiative. The announcement was made by Hank Meijer, co-chairman and CEO of the company.

CHICAGO -- The Network of Executive Women,  the consumer products and retail industry’s largest diversity organization, has announced leadership changes. Joan Toth has been named president and CEO of the Network of Executive Wome. She has held the title of executive director since shortly after the Network was founded in 2001.

The Network’s top elected official--Michelle Gloeckler, SVP merchandising execution at Walmart Stores--has been named Network chair. She had previously served has president

Walker, Mich. -- Meijer announced Monday it will invest $75 million to remodel 10 stores in Michigan and Ohio.

Eight of the stores slated for renovation are in Michigan and two are in Ohio.

“We are pleased to reinforce our commitment to these communities,” said CEO Hank Meijer. “Our customers expect high standards from us, and our investment in these stores will ensure they continue to receive our best.”

MATTHEWS, N.C. -- Family Dollar today showed why dollar stores are such a hot commodity right now by reporting a comparable-store sales increase of 5.1% for the second quarter ended Feb. 26. Net sales for the quarter increased 8.3% to $2.26 billion from $2.09 billion last year. According to the company warmer weathr earlier in the year as well as strong performance in its consumable and seasonal categories helped drive sales.