Strategy

Atlanta – Aaron’s Inc. on Tuesday said it plans to close 44 underperforming stores in the third quarter of fiscal 2014 and continue other cost-reduction initiatives in response to disappointing core business performance. The electronics, furniture and appliances rentals retailer also revised its earnings guidance downward for the second quarter.

The company praised the performance of its recently purchased Progressive Finance unit.

Leading footwear manufacturer and retailer Wolverine World Wide plans to close 140 stores in the next 18 months as part of a strategic realignment plan focused on strengthening omnichannel capabilities.

Most of the stores to be closed operate under the company’s Stride Rite banner. Sixty of the units will close by year end with the remainder to close next year, the company said. The disclosure was made in conjunction with the release of solid financial results for the company’s second quarter ended July 14.

Indianapolis – Simon has named retail and real estate executive Stephen Yalof as CEO of premium outlets and senior executive VP of Simon. Yalof has served as senior VP of real estate for Ralph Lauren Corp. since 2002.
 
His 15 years of experience within the retail industry also includes his role as senior director of real estate for Gap. Yalof began his career in real estate at New Plan Realty Trust, and became VP of leasing for their factory outlet business. 

Dublin, Calif. -- Ross Dress for Less (“Ross”) will open a new store in Utah on July 19, in The Shoppes at Lake Park in West Valley City. This increases the number of stores in the state to 16 locations.
      
The opening is part of the retailer’s 2014 expansion program, totaling approximately 75 new locations for the year.

Together, Ross Dress for Less and dd’s Discounts currently operate over 1,300 off-price apparel and home fashion stores in 33 states, the District of Columbia and Guam.

New York -- The daily-deals website LivingSocial on Tuesday named Gautam Thakar, a longtime eBay executive, as its incoming president and CEO. Thakar heads the e-commerce giant's Shopping.com price comparison site.

He will replace co-founder and outgoing CEO Tim O’Shaughnessy by mid-August.

If Amazon makes good on its guidance for the second quarter, sales during the period ended June 30 rose somewhere between 15% and 26% to range from $18.1 billion to $19.8 billion.

Dollar Tree has appointed former Tractor Supply executive Randy Guiler as VP of investor relations. Guiler succeeds Timothy Reid, who is retiring.

Union, N.J. - Bed Bath & Beyond Inc. has priced three series of senior unsecured notes for an aggregate principal amount of $1.5 billion. Of these notes, $300 million will mature in August 2024, $300 million will mature in August 2034, and $900 million will mature in August 2044.

The offering is expected to close, subject to normal closing conditions, on July 17, 2014. The company intends to use the proceeds from this offering for share repurchases of its common stock and for general corporate purposes.