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Finance & Capital Management

  • Value retailer posts strong Q2 sales

    99 Cents Only Stores reduced its loss in the second quarter amid increased operational efficiencies and surging sales.   The retailer reported a net loss of $33.6 million for the quarter ended July 28, compared to net loss of $35.1 million in the year-ago period. Net sales increased 8.9% to $540.5 million.  

  • Destination Maternity CEO out; Q2 sales slide

    Destination Maternity is looking for a new chief executive.   The struggling maternity apparel retailer said that Anthony M. Romano is stepping down as president, CEO and board member as part of a mutual agreement, effective Sept. 7. Romano has served in the role since 2014, and, prior to that, was president and CEO of Charming Shoppes. His departure follows the recent termination of an agreement for Destination Maternity to be acquired by France's Orchestra-Prémaman.  

  • Report: The cities that line up with Amazon's headquarters criteria are...

    It didn't take long for cities across North America to throw their hat in the ring when Amazon announced it had initiated a search for a city in which to build a second headquarters.    In seeking proposals, Amazon laid out some very definite criteria, including population requirements (one million or more). CNBC examined the criteria and suggested that five cities are worthy of a close look by Amazon: New York, Atlanta, Chicago, San Francisco and Boston.   

  • Gap Inc. shifting focus—and store footprint—to two brands

    Gap Inc. is shifting its emphasis to its two best-performing brands — and realigning its store portfolio to reflect its new emphasis.   

  • GNC taps Rite Aid chief as CEO

    Ken Martindale has stepped down as chief executive of Rite Aid Stores to take the reins of the struggling GNC Holdings.   The specialty retailer of vitamins and supplements on Wednesday announced that Ken Martindale would succeed GNC interim CEO Bob Moran, effective Sept. 11. As part of the transition, Moran will become chairman, replacing Michael F. Hines, who will remain on the board.   

  • Abercrombie & Fitch names CFO

    It's a homecoming for Abercrombie & Fitch Co.'s next finance head.   The teen apparel retailer appointed Scott D. Lipesky as senior VP and CFO, effective October 2, 2017. Lipesky most recently served as CFO of American Signature Inc., a privately-held home furnishings company. Prior to that, he spent nine years with Abercrombie in a variety of finance roles, most recently as CFO of Hollister Co.  

  • Toys 'R' Us hires firm to help it explore options

    Toys "R" Us' debt may have finally caught up with it.    With $400 million in debt coming due in 2018, Toys "R" Us is bringing in advisors to help the retailer weigh its options, which could include filing for bankruptcy protection. The nation's largest specialty toy retailer has hired Kirkland & Ellis, a law firm that specializes in corporate restructurings.   

  • Pep Boys makes acquisition

    Pep Boys is expanding its national service center footprint in the Phoenix area.   The company, a wholly-owned subsidiary of Icahn Automotive Group, has entered into a definitive agreement to acquire Advanced Auto Service & Tire Centers. Advance operates 15 service centers in Arizona, with the majority in the Phoenix area. The Advance locations will be transitioned to Pep Boys Service & Tire Centers.  

  • Discounter’s head of risk and compliance to depart

    Target is losing another key executive.   Jackie Rice, Target's chief risk and compliance officer, announced she will be leaving the company at the end of the month. Rice announced that leaving is a personal decision, and she wants to be closer to her family who lives outside of Minneapolis, according to the Minneapolis-St. Paul Business Journal.  

  • Report: Department store retailer hires turnaround firm

    The Bon-Ton Stores Inc.'s struggles may be catching up with it.  
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