Corporate Governance

Covington, La. - Smoothie King Franchises Inc. will roll out the Revel Systems iPad POS solution at 700 stores globally in fall 2014. Smoothie King selected the Revel platform for its scalability and ability to streamline operations.

Walmart already offers a prepaid debit card, credit card, check cashing and money transfers, but it’s expanding its financial services to include an exclusive checking account called GoBank, with Green Dot Corp., a prepaid-cards specialist.

The checking account is linked to MasterCard debit cards. GoBank, which will be available nationwide by the end of October, doesn’t charge overdraft fees or minimum balance fees and waives the monthly membership cost of $8.95 with qualifying direct deposits of $500 a month.

Dublin, Calif. – DD’s Discounts, a division of Ross Stores Inc. will open a new store in Las Vegas on Sept. 27. The store is located in the Winterwood Pavilion.

Including this new location, DD’s Discounts will operate 150 locations in 14 states and is on schedule to complete its expansion plan to open approximately 20 locations in 2014. Together, Ross Dress for Less and DD’s Discounts currently operate over 1,300 off-price apparel and home fashion stores in 33 states, the District of Columbia and Guam.

Procter & Gamble vice chairman Werner Geissler, who is also special adviser to the chairman and CEO, has announced plans to retire from the company Dec. 31, after more than 35 years of service.

New York – Cache Inc. has entered into a new, three year, $30 million revolving credit facility with Salus Capital Partners LLC. The new facility replaces the company’s existing $25 million revolving credit facility with Wells Fargo Bank, National Association.

“We are pleased to have secured this new credit facility with Salus Capital, which improves our financial flexibility as we continue to implement our turnaround plan to position Cache for profitable growth,” said Jay Margolis, chairman and CEO Cache.

Canton, Mass. – Dunkin’ Donuts is recruiting franchisees in Minnesota with an emphasis on Minneapolis and Mankato. Seven freestanding Dunkin' Donuts locations are planned to open during the next several years in the greater Duluth area.

To help fuel growth in Minnesota, special development incentives are available, which include reduced royalty fees for three years and up to $10,000 in local store marketing for stores that meet certain goals.

A massive share repurchase program at Bed Bath & Beyond enabled the company to overcome increased expenses and a decline in gross margins to produce earning per share growth that exceeded analysts’ estimates.

By Steve Sensing, VP, Ryder System