Corporate Governance

CHARLOTTE, N.C. — The Belk Bowl today announced that they have finalized a deal that will bring an SEC team to the Belk Bowl beginning in 2014. The agreement extends for six years.

"We are thrilled to have the SEC as a partner for the Belk Bowl. We look forward to bringing the best of college football to Charlotte," said Tim Belk, Belk's chairman and CEO.

NEW YORK, N.Y. — Coupon Express, Inc. has appointed Glenn Gardone as its CEO and chairman of the board.

Gardone is a consumer packaged goods sales and marketing executive with more than 20 years of experience working in all retail and wholesale channels throughout North America. Prior to joining Coupon Express, he worked at PepsiCo, Coca-Cola, Kellogg and Del Monte. 

New York City -- Scathing letters continued flying back and forth on Friday, between activist investor Bill Ackman and the J.C. Penney board of directors — each attacking the other’s handling of the CEO search process and timing.

Then, CNBC reported that Perry Capital, a 7% Penney stakeholder, has weighed in as well, and will file a 13-D urging the board to immediately remove Mike Ullman as CEO, and replace his leadership with Allen Questrom as chairman and Footlocker’s Ken Hicks as CEO.

New York City -- Fashion retailer Marc Jacobs will enter the beauty category with his first store dedicated to cosmetics and beauty items.

The nearly 500-sq.-ft. store has opened at 385 Bleecker Street in Manhattan and, according to a Women’s Wear Daily report, will showcase the designer’s 121-SKU color cosmetics collection, as well as his fragrances with Coty Prestige. 


Advance Auto Parts announced plans to open its 4,000th store on Friday, one day after reporting disappointing sales at its 3,999 locations.

Total sales for the second quarter increased 6.1% to $1.55 billion due largely to the addition of 175 new locations. However, same store sales declined 0.3% on top of a prior year decline of 2.7%.

SEATTLE -- Amazon's grocery service might be making its way to New York next year, according to published reports.

Citing analysis from SunTrust analyst Robert Peck, EcommerceBytes.com reported that the Seattle-based online retailer may start offering Amazon Fresh in New York in 2014, based on his finding that the company had expanded into a New Jersey warehouse previously used by C&S Wholesale Grocers.

San Francisco -- Gap Inc. reported net sales of $3.87 billion for the second quarter of 2013, up 8% from $3.58 billion for the second quarter last year. Net sales for July of this year totaled $1.12 billion, close to 6% higher than $1.06 billion in July of the previous year.

San Bruno, Calif. -- Walmart.com is giving fans of its Facebook page early access to a "Back to Class Cyber Monday" event being held Monday, Aug. 12. Customers will receive online discounts of up to 60% on close to 300 back-to-school items ranging as high as almost 60%, while supplies last. Fans of Wal-Mart’s Facebook page can gain early access to the sale by visiting the page on Sunday, Aug. 11 and clicking a special link.

Milwaukee -- Roundy’s reported generally disappointing financial results for the second quarter of fiscal 2013. Net income plummeted 40% from $18.9 million in the second quarter of the previous year to $13.5 million, while net sales for the second quarter of 2013 were $980.3 million, a decrease of $16.5 million, or 1.7%, from $996.8 million for the second quarter of 2012.

City of Commerce, Calif. -- 99 Cents Only Stores had a positive first quarter of fiscal 2014, swinging from a net loss to net income and also reporting gains in net and same-store sales. The retailer reported net income of $3.16 million, compared to a net loss of about $4.9 million a year earlier.