Corporate Governance

Hhgregg is cutting lose its weakest locations.    The struggling chain said it plans to close three distribution facilities and 88 stores as part its effort to improve liquidity and return to profitability. The closings, expected to be completed by mid-April, will leave the retailer with 132 stores.   The announcement comes just days after the New York Stock Exchange delisted Hhgregg for failing to meet the minimum listing requirement, and amid rumors the chain plans to file for bankruptcy protection.

With its busy spring selling season about to commence, The Home Depot wants to make its hiring process as easy as possible.   By creating a shorter digital application and mobile-optimized “Careers” site, the home improvement chain has shortened its online application process to 15 minutes, a move that speeds up the task by as much as 80%, the company said.   

Ahold Delhaize’s Food Lion and Hannaford U.S. supermarkets had both strong fiscal fourth quarters and for fiscal 2016, the company stated in an earnings report. Volume growth was particularly strong, more than offsetting the impact of inflation on sales.   Underlying operating margins improved, driven by the “Easy, Fresh & Affordable” strategic initiative and synergies, said Ahold Delhaize.  

The Kroger Co. has broken its impressive record of 52 consecutive quarters of same-store sales growth.    The supermarket giant on Thursday posted an unexpected decline in fourth-quarter same-store sales on Thursday amid ongoing food price deflation and increased competition.   Kroger’s net income fell to $506 million, or 53 cents per share, for the quarter ended Jan. 28, in line with estimates, and down from $559 million, or 57 cents per share, a year earlier.   

Costco Wholesale Corp.’s second quarter profit took a hit amid higher costs. And for the first time since 2011, the retailer is raising the cost of entry into its stores.   As of June 1, Costco’s annual fee for individual and business members will increase by $5.00, to $60. The executive membership fee will go up $10, to $120.    Costco’s net income for the quarter, ended Feb. 12, fell 5.7% to $515 million, or $1.17 per share, below Wall Street expectations.  

Amazon is making a big commitment to renewable energy.   The online giant announced plans to install solar panels on its fulfillment facilities around the world, including the deployment of large-scale solar systems on rooftops of more than 15 U.S. fulfillment and sortation centers this year.   Amazon plans to deploy solar systems on 50 fulfillment and sortation centers globally by 2020.    

Privately-owned, family-operated Meijer announced plans to invest more than $375 million in new and remodeled stores in 2017 across its six-state footprint.    The investment includes the construction of seven new Meijer supercenters and 22 remodel projects. While Michigan, Indiana, and Wisconsin will each welcome new Meijer supercenters later this year, dozens of other Meijer stores have begun or will soon begin remodel projects to enhance the customer shopping experience.  

Hilton Hotels will break ground later this month on a new Tru by Hilton location at Streets of St. Charles, a Cullinan-owned, mixed-use property in the historic Mississippi River town north of St. Louis.   “Since its inception, Streets of St. Charles has been envisioned and developed around the idea of creating a community where there is something for everyone and all would feel welcome to gather and share experiences,” said Cullinan VP and Director of Leasing Kathleen Brill.