Corporate Governance

Indianapolis — Simon Property Group has completed the separation of Washington Prime Group Inc., which is now an independent public company that will be traded on the New York Stock Exchange under the symbol “WPG.”

Washington Prime holds interests in 98 retail assets, including the strip center business formerly owned by Simon.
 

Solid sales growth at Costco during the second quarter and a 6% same store sales increase at U.S. clubs did not translate into strong profits for the warehouse club operator whose earnings fell shy of analysts’ estimates.

Supermarket industry veteran Peter Lynch was named to the board of directors at Retail Properties of America (RPAI).

The publicly held owner and operator of 227 properties encompassing 31.2 million square feet said Lynch’s extensive experience in the grocery industry would aid RPAI in its repositioning efforts.

Destination XL Group has named Peter H. Stratton Jr. as SVP, CFO and treasurer, effective June 1. Stratton replaces John E. Kyees, who was serving as interim CFO, and will report to president and CEO David Levin.

Stratton has been serving as the company’s SVP of finance, corporate controller and chief accounting officer since Sept. 2009. He joined the company in June of the same year as VP of finance.

Omnichannel retail company Delia’s, which markets apparel, accessories and footwear to teenage girls, is looking for a new CFO. Current financial chief David Dick has resigned and will remain with the company through Aug. 1.

Off-price department store operator Gordmans reported another quarter of weak sales under the control of private equity ownership as its searches for a full-time CEO and eyes e-commerce expansion in 2015.

Although controversial Abercrombie & Fitch CEO Mike Jeffries said he was pleased that the company’s earnings for the first quarter ended May 3 were in line with expectations, comparable-store sales dropped for the ninth straight quarter.

The company widened its loss in the quarter to $23.7 million, or 32 cents per share, from $7.2 million, or 9 cents per share, in the prior-year quarter. Total net sales decreased 2% to $822.4 million, while comparable-store sales decreased 4%.

Jo-Ann Fabric and Craft Stores has added two industry veterans to lead the company’s marketing and merchandising divisions. The company has named Jim Wright as SVP of marketing and advertising, and Megan Featherston as SVP of merchandising.

Walmart president and CEO Doug McMillon was among the dozens of high-profile business executives from the world of technology who participated in the inaugural Code Conference this week. Organizers of the event, which cost $6,500 to attend, made available a brief video of McMillon’s comments on a wide range of topics.

Fred’s wants to be what it calls “the convenient small box store of choice” and to achieve that goal, it has embarked on a two-pronged strategy focused on general merchandise and pharmacy.