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Alco stays focused following Q4 results
Expenses associated with a rejected merger with Argonne Capital Group and the planned closing of more than a dozen stores took a chunk out of broad-line retailer Alco’s fourth quarter results.
Net sales from continuing operations during the quarter decreased 8.9% to $130.9 million, compared to $143.6 million in the fourth quarter of fiscal 2013, which had an additional week. Excluding the 14th week of the fiscal 2013 quarter, net sales from continuing operations decreased 4.7%.
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Target CEO resigns
Minneapolis -- Target Corp. announced on Monday that CEO and president Gregg Steinhafel, a 35-year-company-veteran, had resigned, effective immediately. The news comes nearly five months after the retailer disclosed a massive data breach that damaged its reputation among customers and has derailed its business.
Target CFO John Mulligan will lead the company on an interim basis until a replacement is named. Steinhafel will serve as an advisor during the transition.
