Finance & Capital Management

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.   

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.  

At Home Group is on a roll — and then some.    The fast-growing, value home decor retailer on Tuesday reported its 14th consecutive quarter of same-store sales increases and 13th consecutive quarter of over 20% net sales growth.   In the second quarter ended July 29, At Home's net sales increased 23.2% to $232.1 million, from $188.4 million in the year-ago period.   Analysts had expected sales of $227.1 million. Same-store sales rose 7.8%.  

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.  

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

Wages

Overtime: A federal district court judge officially struck down the Obama-era overtime rule which would have raised the overtime threshold to $47,476/yr. The same judge issued a stay of the rule last December. The final decision was based on the argument that job responsibilities, and not just salary levels alone, should have been considered in setting the threshold.   

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.  

The spinner craze helped propel Five Below in its second quarter, as the teen and tween value-retailer turned in an exceptionally strong performance that topped expectations.   Revenue rose 28.7% to $283.3 million in the quarter ended July 29, topping analysts' estimates of $276.6 million. Same-store sales jumped 9.3%, the highest since the chain's IPO in June 2012.