Corporate Governance

Big Lots continued to see positive results from the steps it has taken to improve its business in the first quarter, with the retailer posting increases in profit and sales.

Same store sales rose by 1.6% in the first quarter ended May 2, reflecting better performance in its remaining stores, and income from continuing operations jumped by 13% to $32.3 million, producing earnings of $0.60 per share, beating estimates by a penny.

Richmond, Va. - InvenTrust Properties Corp. has acquired Westpark Shopping Center, a 176,935-sq.-ft., 95% leased shopping center located in Glen Allen, Virginia, for $33.75 million.  
 

Toys“R”Us is launching an innovative social media campaign to raise money for one of the retailer’s most popular causes.

The retailer is hosting its fifth consecutive fundraising campaign to benefit Alex’s Lemonade Stand Foundation (ALSF), a nonprofit organization dedicated to finding a cure for childhood cancer.

Deerfield, Ill. – Walgreens Boots Alliance plans to keep its headquarters in the U.S. and never went beyond the consideration stage of moving operations outside the U.S. in an “inversion” to reduce corporate taxes. At  the Walgreens annual shareholder meeting May 28, Walgreens chairman James Skinner said Walgreens headquarters will remain in Deerfield, Illinois.

Outdoor specialty retailer Gander Mountain remains on a path for national expansion with its recently opened store in El Paso giving the operator of 160 units its westernmost presence.

Most of St. Paul, Minn.-based Gander Mountain’s stores are concentrated in the upper Midwest and Mid-Atlantic state, but recent years have seen a steady incursion into new markets in the south and West. Prior to the opening of the 61,000-sq.-ft. El Paso location on May 26, Gander Mountain’s westernmost market was Denver where it operates two stores.

Canton, Mass. – Destination XL Group Inc. shrunk its net loss to $574,000 in the first quarter of fiscal 2015, compared to $3.5 million the same quarter a year earlier. A shift to operating income from operating loss helped reduce total net loss.

During the current fiscal year, Destination XL intends to open approximately 32 DXL retail and eight DXL outlet stores. It also plans to close approximately 42 Casual Male XL and three Rochester Clothing stores.

New York -- Brand agency CBX has hired Andy Austin, who oversaw tech rollouts at 2,200 AT&T stores nationwide, as its new group director of experience technology.

Hot home furnishings retailer Wayfair has outgrown its chief technology officer, who also happens to be one of the company's co-founders.

So the retailer has hired Jeremy Delinsky to be the company’s new chief technology officer.

Delinsky joins Wayfair with more than a decade of leadership experience, formerly serving as CTO and, most recently, chief product officer (CPO) at athenahealth. Delinsky will report directly to Steve Conine, Wayfair’s co-founder and co-chairman.