Strategy

Industrial and construction supplies retailer Fastenal said CEO Willard Oberton planned to resign from the 2,700 store retailer effective December 31.

The company on Friday, Nov. 7 disclosed that  Oberton notified the board of directors the prior Monday of his decision to resign. Plans call for Oberton, 56, to remain as chairman of the company and to be actively involved in strategic planning and performance measurements.

New York –- Corporate realignment costs, particularly severance, increased net loss at Fairway Group Holdings Corp., the parent company of Fairway Market, during the second quarter of fiscal 2015. Net loss grew to $17.23 million from $12.22 million.  

J.P. Bilbrey, CEO of Hershey, has been appointed by the U.S. Secretary of Commerce to President Obama’s newly-established Advisory Council on Doing Business in Africa (PAC-DBIA).  

Bilbrey will be one of the 15 private sector leaders providing guidance to the president on strengthening partnerships with African nations to leverage the opportunities for U.S. companies committed to supporting the continent for the long term. 

The private-sector council will focus on strengthening the U.S.’ commercial relationships with African nations. 

New Albany, Ohio –- Abercrombie & Fitch reported net sales of $911.4 million for the third quarter of fiscal 2014, less than Wall Street forecast, down 12% from $1.03 billion in the year-ago period. The chain cited slowing mall traffic and weaker results in the latter part of the quarter.   

New York -- Amazon has quietly launched another hardware device, a  voice-recognition device called Echo that doubles as a high-tech music speaker. The 9-inch tall cylinder device sells for $199 but is available for $99 for a limited time to Prime members. It is designed around the user’s voice, which it can hear from across a room.   

Alpharetta, Ga. -- Columbia Sportswear Company opened its first-ever store dedicated to its performance fishing gear (PFG) at the Avalon Mall in Alpharetta, Ga. Columbia’s PFG collection is inspired by the performance, style and comfort needs of professional and recreational anglers of all ages.   The 3,176-sq.-ft. store has a clean design, boutique feel and digital integration that includes an interactive knot-tying station.  

Bay Shore, N.Y. -- Consumers are growing disenchanted by the physical shopping experience, with 63% admitting they prefer to shop online, according to a study by Tensator Group.    Eighty-percent of shoppers have used a store to view a product before purchasing online, the report found. And 68% admitted to using their phone to check the price of an item online before deciding whether to purchase in-store.  

Milwaukee –- Roundy’s Inc. swung to a net loss of $249.9 million in the third quarter of fiscal 2014 from net income of $3.2 million the same quarter a year earlier. A variety of impairment charges, including charges related to closing a distribution center, taxes and disposal of obsolete assets, drove Roundy’s into the red, along with higher operating and administrative expenses.