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Labor & Employment

  • GE Capital provides financing to MX Restaurants for Corner Bakery Cafe

    Scottsdale, Ariz. -- GE Capital’s Franchise Finance business announced its first financing for the Corner Bakery Café brand. It  comes in the form of a $5.6 million loan to Texas-based MX Restaurants and Bakeries, which already operates seven Corner Bakery restaurants in the Houston and South Texas markets. MX will use these funds to pay off short-term debt related to a recent acquisition and to develop four additional units.  

  • Report: Sears closing more stores

    New York -- Investor website Seeking Alpha reported on Thursday that Sears Holdings Corp. is closing more than 100 stores and laying off at least 5,457 employees. The report, which Sears said was inaccurate, said the shutterings include 30 Sears stores, 31 Sears Auto Centers and 46 Kmart stores.  

  • Tesco chair to step down as net income plummets below estimates

    Cheshunt, U.K. –- Sir Richard Broadbent, chairman of Tesco PLC, will step down in the wake of a 99% drop in net income for the first half of fiscal 2014. Tesco reported first half profits of $9.6 million, about $333 million less than previous estimates.  

  • Snagajob: Seasonal retail workers average $10.30 per hour

    Richmond, Va. -- Employers in the hospitality industry will pay the highest average wage for holiday employees at $11.80 per hour, followed by retail at $10.30, and food service at $9.40, according to a survey by Snagajob, which provides recruitment and hiring solutions to the hourly industry.  

  • Cabela’s misses on Q3 results, to open 13-15 stores annually going forward

    Sidney, Neb. –- Cabela’s Inc. missed Wall Street estimates for earnings and revenue in the third quarter of fiscal 2014. Net income rose 8% to $53.8 million from $49.9 million, dampened by provisions for income taxes.   The retailer said it plans to open 13-15 stores per year for the next several years.  

  • Report: Wal-Mart centralizes IT approach

    Santa Clara, Calif. –- Wal-Mart Stores Inc. is reportedly developing a new centralized approach to how it prioritizes and executes IT projects.    According to the Wall Street Journal, Wal-Mart will now consolidate all IT projects into a single portfolio overseen by CIO Karenann Terrell.  

  • Vermont’s first Walmart Supercenter opens at Berlin Mall

    Berlin, Vt. -- The Berlin Mall, in Berlin, Vt., hosted the grand opening of the state’s first Walmart Supercenter on Wednesday. The location was previously a 65,000+-sq.-ft. Walmart store that added 26,200 sq. ft. and full-line grocery offerings to bring the retailer’s first supercenter to Vermont.  

  • Ascena’s “Tweenovator” to retire

    Michael Rayden, an innovative merchant credited with developing retail concepts that catered to the tween demographic, has announced plans to step down as president and CEO of Ascena’s Justice and Brothers division.

    Rayden will leave the company at the end of January 15 following a lengthy career in the apparel industry. Ascena said it has begun a global search for a successor.

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