Corporate Governance

The weather posed a significant challenge for Fred’s in January. According to CEO Bruce A. Efird, Mother Nature not only disrupted consumer shopping patterns, but also resulted in more than 120 store closings during the final week of the month.

“Prior to the last week of January, sales were running in the mid-range of our forecast, with reconfiguration departments leading the way,” Efird explained.

Fred's total sales for January were $134.8 million compared with $173.5 million for the five-week year-earlier period.

Belmont, Calif. -- SunEdison, a solar technology manufacturer and provider of solar energy services, announced the completion of a 306 kW DC (direct current) solar system for Whole Foods Market in Brooklyn, N.Y.

SunEdison designed the system using an innovative parking canopy structure that collects rainwater while protecting customers from the elements. The two companies have worked together since 2004 and have jointly deployed 1.5 MW (megawatts) of solar projects.

Atlanta – Supply chain technology provider Manhattan Associates Inc. both signed and expanded implementation agreements with a number of retail clients during fourth quarter 2013. New retail clients signed during the quarter include Arcadia Group, Body Central Stores, Desigual, and Woodcraft Supply.

In addition, Manhattan expanded relationships with existing retail customers such as Aldi, Belk, Cornerstone Brands, Devanlay SA (Lacoste), HEB Grocery, Phillips-Van Heusen, and Toys "R" Us.

Despite severe weather that caused a 0.7% decrease in January sales, Stein Mart looks like it will report its seventh consecutive quarter of comparable-store sales increases when it closes the fourth quarter.

January sales were fueled by strong sales in linens, ladies' boutique and gifts, while jewelry, ladies' sportswear and men's performed lower than the chain. Geographically, January sales were strongest in Florida and the West, while most other areas experienced comparable sales declines due to winter storms combined with record cold weather.

By Dwayne Melancon, chief technology officer, Tripwire

Plano, Texas – J.C. Penney Company has entered into a new partnership to develop the vacant land around its Plano, Texas, home office in the Legacy Business Park. The new partnership will be managed by Team Legacy, a venture of the Karahan Companies, Columbus Realty, and KDC.

New York -- Fairway Holdings Corp., operators of Fairway Markets, announced that CEO Herbert Ruetsch will retire after fifteen years with the company, including the last two years as chief executive.  Ruetsch will remain a special advisor to Fairway and continue to provide input into certain merchandising and product initiatives.

William Sanford, president of Fairway, will assume the role of interim CEO while the board undertakes a search for a permanent replacement.

Foothill Ranch, Calif. – The Wet Seal Inc. reported declines in net and same-store sales for the fourth quarter and full fiscal year 2013, compared to the same periods in the prior year. During the fourth quarter, Wet Seal reported net sales of $122.8 million, down 22.8%, and a 16.5% drop in same-store sales.