Corporate Governance

Atlanta – The attorneys general of California, Connecticut and Illinois are reportedly leading a multi-state investigation into the recent data breach at The Home Depot Inc. According to Reuters, the attorneys general of New York and Iowa will also take part in the effort.  

Houston -- Francesca's Holdings Corp. on Tuesday reported second quarter net income of $10.3 million, down from $14.6 million in the year-earlier period. Earnings and sales both fell short of estimates. The retailer also lowered its earnings outlook for the year.

Net sales rose 9% to $97.3 million, driven largely by new openings. Total apparel sales increased 14%, accessories sales increased 14%, and gift sales increased 25%. The gains were offset by a 12% decrease in jewelry sales,

Same-store sales fell 7%.

Washington, D.C. -- Retailers concerned by the lack of a West Coast longshoremen’s contract will continue to bring merchandise into the country at above-average levels this month but volume will drop from the record set in August, according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates.


Fort Worth, Texas – Analyst firm Wedbush Securities is reportedly advising clients that a bankruptcy is “imminent” at RadioShack. According to Barron’s, Wedbush has lowered its target price for RadioShack to $0, citing concerns including inability to secure lender approval for 1,100 proposed store closings and general weakness in the consumer electronics sector.

Arlington, Va. – Cooperation among all public- and private-sector stakeholders in the retail industry is needed to ensure cyber security in the face of high-profile retail hacking attacks like the one recently uncovered at Home Depot, according to the Retail Industry Leaders Association (RILA). Sandy Kennedy, president of RILA, released a public statement on the importance of continuing to improve the security of debit and credit cards.

Austin, Texas -- Whole Foods Market announced its participation with Apple Pay, the new mobile payments platform from Apple.

Long Island City, N.Y. -- The Yankee Candle Company is working with Michael C. Fina on the design and deployment of Yankee Candle’s employee recognition program.

Michael C. Fina is helping Yankee Candle celebrate their employees’ company achievements and milestones, including service anniversaries, with a dedicated recognition program designed to align with Yankee Candle’s corporate goals and unique work culture.

Mahwah, N.J. - Ernest LaPorte has joined Ascena Retail Group Inc. as senior VP/chief accounting officer. LaPorte will oversee Ascena’s accounting, financial reporting and accounting shared service functions.

For the last seven years, LaPorte held the position of senior VP/controller at Saks Inc. Prior to Saks, LaPorte worked at the Movado Group Inc. as VP of finance and principal accounting officer and Barnes & Noble, where he spent six years in finance.

Plano, Texas – J.C. Penney Company Inc. is raising capital by selling $350 million worth of senior notes due in 2019. The proceeds will mostly be used by pay off fees and expenses related to previous senior notes offering coming due in 2015, 2016 and 2017.

Merrimack, N.H. – Brookstone has named Blue Wolf Communications as an agency for public relations, social media and event marketing.

The relationship launches with major initiatives for the 2014 holiday season, the announcement of high-profile spokespeople, the introduction of many new products, and high-impact events for fall and winter.