Labor & Employment

New York City -- Barnes & Noble said its CFO Joseph Lombardi has resigned and the company is starting a search to replace him. Lombardi will stay on with the company until mid-2012 to assist in the transition as the company undertakes an executive search for a new CFO.

Corporate controller Allen Lindstrom will take over CFO duties until a replacement is named.
 

NEW YORK — Wal-Mart Stores is cutting back healthcare coverage for new part-time workers and significantly raising premiums for many new full-time associates, the New York Times reported. It is a major turnaround for the retailer which, a few years back, under heavy criticism that many of its 1.4 million workers could not afford or did not qualify for coverage, expanded coverage for employees and their families.

New York City -- Saks plans to close its 20,000-sq.-ft. Saks Fifth Avenue Off 5th store in Triangle Factory Outlets in Morrisville, N.C., (metropolitan Raleigh) by Jan. 1.

The company opened a 30,000-sq.-ft. Off 5th location in Tanger Outlet Center of the Piedmont in nearby Mebane, N.C., in 2010, which will serve as a replacement store for the closing location. The new Mebane store was designed in the chain’s loft” format that debuted in 2008 and which redefined and elevated the outlet shopping experience.

NEW YORK — Barnes & Noble has announced that Joseph Lombardi, CFO, has resigned from his current position, but will remain a non-officer employee until mid-2012 to assist in the transition as the company undertakes an executive search for a new CFO. The company also announced the appointment of Allen Lindstrom, VP corporate controller, to interim CFO until a replacement is named. 

New York City -- Wal-Mart Stores is cutting back healthcare coverage for new part-time workers and significantly raising premiums for many new full-time associates, the New York Times reported. It is a major turnaround for the retailer which, a few years back, under heavy criticism that many of its 1.4 million workers could not afford or did not qualify for coverage, expanded coverage for employees and their families. The move generated of flurry of positive publicity.

NAPERVILLE, Ill. — OfficeMax announced that V. James Marino has been elected to serve on the company's board of directors.

"We are delighted to welcome Jim to the board of OfficeMax," said Rakesh Gangwal, chairman of OfficeMax.  "He brings significant expertise, insight and years of experience as a successful business leader, and we will benefit from having his perspective on the board."

No one said being an international retailer was easy, a lesson Walmart continues to learn the hard way on distant shores. This time the country in question is China, a market where despite having a long history and extensive operations, the company managed to run afoul of local officials who temporarily closed 13 stores because, according to media, reports, some pork products were incorrectly labeled as organic. Walmart has been in China for about 15 years and currently operates 349 stores, consisting of 245 Walmart stores and 104 units that are still branded as Trust-Mart.

BALDWYN, Miss. — Hancock Fabrics hass announced that its board of directors has appointed Steven Morgan, the current interim president and CEO and member of the company’s board of directors, to serve as president and CEO, effective immediately. Morgan will continue to serve as a member of the Company’s board of directors.