Corporate Governance

RadioShack posted a net loss of $137.2 million in its second quarter, more than double the $52.2 million loss reported in the year-ago period. It was the troubled retailer’s 10th straight quarterly loss.

RadioShack warned in a regulatory filing it may seek bankruptcy protection, with a possible sale or third-party investment as other potential avenues to remedy its ongoing financial woes.

New York -- Fitch Ratings downgraded the credit ratings of Sears Holding Corp. from “CCC” to “CC,” citing the “magnitude” of the retailer’s drop in profitability and lack of visibility to turn operations around as a significant concern.

Fitch also cited the company’s cash burn rate, calling it a “significant concern.”

New York -- With just 105 shopping days left until Christmas (as of Sept. 10), Toys “R” Us outlined its holiday strategy at a preview event in New York City. Among the highlights: free online layaway, enhanced loyalty program, improved online and in-store checkout, and two new in-store shops.  
    
“Our focus at Toys “R” Us for the 2014 holiday season is to make it easy for customers to shop with us, both in-store and online,” said Hank Mullany, president, Toys “R” Us, U.S.

By John Gessau, ACI Worldwide

With the news of the iPhone 6 and Apple Watch debuting with mobile wallet capabilities in the marketplace, Apple’s announcement has given the (mobile) payments industry a boost, no doubt about it. But in what direction, and what are the implications for retailers?

By Jon May, Nuspire Networks

The year 2013 was a wake-up call for retailers with regards to national data breaches, with frequency jumping 62% from 2012 to 2013. Eight chart-topping breaches exposed information totaling just over 10 million people last year, as opposed to one single breach of that size the year before.

Statistics show the fall-out from a breach extend far beyond financial repercussions, (plan for $11k per affected customer per breach). Here are the scary statistics:

Jacksonville, Fla. - Stein Mart is opening six new stores in fall 2014 as part of its 2014 store expansion plan that calls for  nine new locations, strategically selected in key growth markets, and seven relocations. The openings will bring the company's total nationwide store count to more than 270.

New York – Almost all retailers consider Big Data to be important, according to a new survey from Accenture Analytics. When asked how important is Big Data to their organization, 94% of retail executives answered “important,” 58% responded “extremely important,” and 36% responded “important.”

Atlanta – A Home Depot customer has reportedly filed a lawsuit against The Home Depot Inc. alleging the retailer did not properly protect consumer data from the recent cyber attack that occurred. According to Reuters, Illinois resident Kelsey O’Brien filed the suit Sept. 9 in Chicago federal court.

Woonsocket, R.I. - Mary Langowski has been named executive VP for strategy, policy and market development for CVS Health, effective Oct. 14. In this role, Langowski will direct CVS Health's strategy and market development functions, with a focus on identifying and expanding enterprise opportunities to new markets.

Her portfolio will also include leading the company's government affairs and policy development teams at the state and federal level, providing strategic counsel.

San Diego – For the month of August 2014, net sales at PriceSmart Inc. increased 7.3% to $206.7 million, from $192.6 million in August a year earlier. Same-store sales for the month increased 2.3%.

PriceSmart also announced the planned opening dates for the three warehouse clubs currently under construction in Colombia. The Bogota warehouse club is planned to open on Oct. 29; the Pereira warehouse club is planned to open on Nov. 13; and the Medellin warehouse club is planned to open on Nov. 26.