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Labor & Employment

  • Big moves and profits for Citi Trends

    The turnaround at Citi Trends seems nearly complete and now the urban fashion retailer is making some major executive moves just as it reported impressive fourth quarter results.

    The retailer announced that Ed Anderson is retiring as CEO, effective March 21. Jason Mazzola, currently EVP and CMO, will become president and CEO effective March 22 and has been also appointed to the Board of Directors.

    Additionally, Bruce Smith, the Company’s Executive Vice President and Chief Financial Officer, will also become its Chief Operating Officer.

  • Dollar General CFO to retire

    Goodlettsville, Tenn. — Dollar General announced Thursday that David Tehle, executive VP and CFO, will retire from Dollar General effective July 1, 2015. The retailer has started a search for a successor and will consider both internal and external candidates for the job.

  • Destination Maternity swings to loss in calendar transition

    Moorestown, N.J. – Destination Maternity Corp. swung from profit to loss during the four-month period ended Jan. 31, 2015. This period marks the transition period related to the company's previously announced fiscal year-end change from Sept. 30 to the Saturday nearest Jan. 31 each year.

    Destination Maternity reported a net loss of $17.38 million, compared to net income of $3.09 million in the same period a year earlier. Higher cost of goods sold and a variety of impairment charges pushed Destination Maternity into the red.

  • Dollar General accelerating expansion again

    The addition of 700 new stores last year and a 4.9% increase in fourth quarter same store sales helped Dollar General achieve record results and has the company looking to capitalize on the momentum by accelerating what is already the retail industry’s most aggressive new store expansion plan.

    Dollar General chairman and CEO Rick Dreilling said the company will add to its 2014 year end store total of 11,789 units in 2015 by opening 730 new stores and remodeling 875 others.

  • Stein Mart growing same store sales, footprint

    Off-price retailer Stein Mart is poised for expansion as stronger traffic in the holiday quarter helped the company post an increase in same store sales. 

  • Genesco profits rise, but less than expected

    Genesco Inc. cited construction expenses and currency pressures as reasons for the company’s weaker-than-expected fourth quarter earnings. 

    The company posted earnings from continuing operations of $51.8 million, or $2.18 per diluted share, for the quarter ended Jan. 31. The numbers are an improvement from the year-ago period, which saw earnings from continuing operations of $42.2 million or $1.79 per diluted share. 

  • Lumber Liquidators fighting back

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  • Children's Place increases store closures

    The Children’s Place Inc. on Thursday accelerated its store closing plans to 200 stores through 2017 (including 76 stores closed in 2013 and 2014), up from its previous announced target of 125 stores through 2016.

  • Challenges Remain at West Coast Ports Despite Labor Agreement

    By Hayden Shipp, IBISWorld

    Shippers, carriers, longshoremen, businesses and consumers alike can breathe a sigh of relief in light of the tentative deal the Pacific Maritime Association (PMA) and the International Longshore and Warehouse Union (ILWU) reached on Feb. 20.

  • Report: Target lays off 1,700; to cut 1,400 positions

    Minneapolis – Target Corp. laid off 1,700 mostly headquarters employees on Tuesday and is eliminating 1,400 open positions. According to the Minneapolis/St. Paul Business Journal, Target notified employees of the workforce reduction in an email.

    The cuts are part of a two-year, $2 billion corporate restructuring. Roughly 13% of the jobs in Target’s Minneapolis workforce will be eliminated, the report noted.

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