Finance & Capital Management

Photo: Paula Schneider    The saga continues at American Apparel.   Paula Schneider plans to step down as CEO of the apparel retailer on Oct. 3, according to yahoo.com, which cited a report by Women’s Wear Daily. Schneider will be replaced by the company’s general counsel and chief administrative officer, Chelsea Grayson.  

Photo: Ken Worzel   Top executives at department store retailer Nordstrom have been given new responsibilities.   The retailer said it has appointed Ken Worzel as president, Nordstrom.com. in a move to further accelerate its e-commerce, digital and mobile efforts.  

As the battle between Walmart Canada and Visa over interchange rates rages on, Walmart Stores is making more strategic moves with Chase.    Walmart will now process credit and debit payments on ChaseNet, the bank's closed-loop network, across its 5,000-plus Walmart and Sam’s Club locations in the U.S., and on the Sam’s Club e-commerce site. Chase already processes payments for Walmart’s e-commerce channel.  

A longtime McDonald’s veteran has joined the fast-growing Dunkin’ Donuts.    Dunkin' Brands Group, parent company of Dunkin' Donuts and Baskin-Robbins, announced that David Hoffmann has been appointed president of Dunkin' Donuts U.S. and Canada, effective Oc. 3.   

Bed Bath & Beyond Inc. reported second quarter earnings below expectations amid lower sales. But it reaffirmed its profit forecast for the year.   The chain earned $167.3 million, or $1.11 a share, in the quarter, compared with $201.7 million, or $1.21 a share, in the year-ago period.   Sales inched down 0.2% $2.98 billion, down from $2.99 billion a year ago. Same-store sales fell 1.2%.  

The parent company of 7-Eleven wants to more than double its store portfolio in the United States.   Seven-Eleven Japan Co. is looking to open thousands of new stores in the U.S., increasing its current total of approximately 8,500 locations to 20,000, The Japan Times reported.    

Accenture, a global professional services company, has entered into an agreement to acquire Kurt Salmon, a global strategy consulting firm focused on the retail industry.   The acquisition will expand Accenture Strategy’s capabilities in delivering strategy consulting services to retailers and private equity firms in a world disrupted by digital.
   

Francesca's Holdings Corp. has found a chief executive.   The retailer appointed Steven P. Lawrence, who currently serves as chief merchandising officer for Stage Stores, as president and CEO. Lawrence, who was also appointed to the company’s board, will officially join Francesca’s in October 2016.   Lawrence replaces Richard Kunes, who has been serving as Francesca’s interim chairman, president and CEO since May 2016. Kunes will become the company’s chairman of the board.