Corporate Governance

Anaheim, Calif. -- Pacific Sunwear of California Inc. on Wednesday reported a loss of $26 million in its fiscal fourth quarter.

The teen apparel retailer reported revenue of $231.6 million in the period, which topped Street forecasts. Same-store sales increased 6%.

Robert “Bob” Piccinini, the longtime chairman of Save Mart Supermarkets, has died. He was 73.

In a statement, the company said that Bob was most passionate about two things: his family and his company. He purchased Save Mart from the Piccinini and Tocco families in 1985 after working his way up through the ranks as a box boy, truck driver, store manager, vice president of real estate and on to president and CEO.

Fred's Super Dollar has signed an agreement to acquire Reeves-Sain Drug Store, a private specialty and retail pharmacy company based in the Nashville, Tenn., area.

Conshohocken, Pa. -- Ikea announced plans to install a fuel cell system at its location in Emeryville, California. Consistent with the retailer’s focus on emerging energy technologies, is the first Ikea in the world to convert biogas into electricity through a clean electro-chemical process. The fuel cell system will be installed, commissioned and activated by this summer, 2015.

Ikea contracted Bloom Energy, Sunnyvale, California, for the design, development and installation of the fuel system.

Destination XL Group Inc. reached a new level of performance in the fourth quarter with a whopping 16.4% same store sales increase.

By Neil Axler

“You can’t get your nails done online, you can’t get dry cleaning done online and you can’t eat the Internet.” These are the dominant themes from retail clients (property owners) over the last few years. Today’s shopping center acquirers are looking for “necessity centers” with a stable rent roll. These centers consist of restaurants, nail salons and other destination retail that is not competing with e-commerce.

New York -- Thor Equities has signed a contract to acquire a prime retail and office property at 102 Avenue des Champs-Elysees in Paris. “102 Avenue des Champs-Elysees is at the center of one of the most desirable locations in the world, just blocks from the Arc de Triomphe and Place Charles de Gaulle,” said Joseph Sitt, CEO of Thor Equities.  “We continue to believe strongly in the Paris retail market, in particular prime shopping and tourist destinations such as the Champs-Elysees and Boulevard Haussmann.”
 

Sam’s Club’s newest credit card program has been recognized as an innovator in the fast-changing world of payment technology.

Sam’s Club’s 5-3-1 card earned a Gold Medal in the Best Comeback Story category in the PYMNTS.com 2015 Innovator Awards.