Corporate Governance

The Wild Oats brand will begin appearing on Walmart shelves this month as the retailer plans to offer 100 low priced organic dry grocery items.

Pier 1 Imports president and CEO Alex W. Smith described fiscal 2014 as a transformational year for the company, emphasizing the company’s continued focus on its ‘1 Pier 1’ strategy, which has evolved its operating model from a broad portfolio of stores to a true omnichannel retail business.

But the company had a difficult fourth quarter marked what it described as an unusually high number of snowstorms, which impacted approximately two-thirds of its selling days in many of its key markets.

In the wake of acquiring Houston-based RediClinic, Rite Aid reported revenues of $6.6 billion for the fourth quarter ended March 1, resulting from a 2.2% lift primarily attributed to an increase in pharmacy same-store sales.

For the full year, Rite Aid reported $25.5 billion in revenues, up 0.5%.

Stein Mart said that its March sales were unfavorably impacted by the shift of pre-Easter selling from March to April this year, as well as cooler-than-normal temperatures in many parts of the country early in the month.

Stein Mart’s total sales for the five-week period ended April 5 were $136.3 million, compared to total sales of $135.4 million for the prior-year period. Comparable store sales increased 0.9%.

Patrick Byrne has relinquished his role as chairman of Overstock.com and Stormy Simon was named president of the online discount retailer.

Family Dollar plans to close 370 underperforming stores, cut jobs and lower prices on 1,000 basic items following a disappointing second quarter, which was adversely affected by the extra week in last year's quarter, severe weather, holiday promotions and a challenging consumer environment.

The company is also slowing its new store growth beginning in fiscal 2015 to bolster its return on investment. It now anticipates opening 350 to 400 new stores as opposed to approximately 525 stores in 2014.
 

Major expansions at several U.S. distribution facilities in California and Kentucky increase UPS’ distribution capacity by roughly 460,000 square feet.

The largest expansion came at the UPS facility in the southern California town of Mira Loma near the Los Angeles Ontario Airport. The regional air hub gained 309,000 square feet of space to enhance its ability to allow retail and manufacturing customers to move shipment originating from Asia throughout the U.S. due to its proximity to transcontinental rail connection and major highways.

Whole Foods Market might as well declare bankruptcy now judging from widespread media coverage of Walmart’s decision to sell roughly 100 organic dry grocery items under the Wild Oats brand.

The newest jewel in Amazon’s content crown is leading digital comics provider comiXology.

Amazon reached an agreement to acquire comiXology for an undisclosed sum. The company was founded in 2007 offers an extensive library of digital comic book content from more than 75 top publishers as well as top independent creators. According to Amazon, comiXology revolutionized the digital comics reading experience with its immersive Guided View technology.

J&R Music and Computer World may not be a retailer with which many are familiar, but it’s been a longtime institution in Lower Manhattan. After 43 years of business, owners Joe and Rachelle Friedman this week issued pink slips to all of the retailer’s employees and closed the doors of the block-long technology and music superstore.