Corporate Governance

DALLAS —Tuesday Morning reported that for the second quarter, the company's net sales increased 4.5% to $285.3 million, from $273.1 million in the second quarter of fiscal 2012.

The company reportd that its net loss for the quarter was $21.5 million, or 51 cents per share.  The company reported net income of $15.9 million or 37 cents per share in the second quarter of fiscal 2012. 

Dallas – Blockbuster will shutter about 300 of its stores in the United States in the coming weeks. The closures will result in the loss of about 3,000 jobs and leave the chain with some 500 U.S. locations, according to a spokesman for Blockbuster parent company Dish Network Corp.

The closures will affect underperforming stores or those nearing the end of their lease. Specific locations have not yet been announced.

Bentonville, Ark. -- Wal-Mart Stores is tightening the reins on its global suppliers. Effective March 1, the retailer is implementing a "zero tolerance" policy for any supplier who subcontracts work to factories without the company’s knowledge, the Associated Press reported. Previously, Wal-Mart gave suppliers three chances to correct mistakes.

As part of the new rules, Wal-Mart will require all factories in Bangladesh to undergo an electrical and building safety assessment from an independent agency.

Norwalk, Conn. -- BJ’s Wholesale Club has reached a multi-year agreement with LogicSource Inc. to provide enhanced print procurement and management services that will deliver significant cost savings to BJ’s. Terms were not disclosed.

LogicSource will provide onsite co-sourcing for all of BJ’s print procurement needs by collaborating with BJ’s to identify new potential supply chain partners and procurement efficiencies.

New York -- Hammacher Schlemmer iconic midtown Manhattan store will undergo an extensive floor-to-ceiling renovation. It will reopen May 16.

The renovation of Hammacher Schlemmer's landmark store will include new lighting, more modern display cases, and a new floor consisting of solid stone and hardwoods. The new store layout will provide more square footage for customers to peruse the latest gadgets and problem-solving products.

Hartford, Conn. -- SCIO Health Analytics, a health analytics services company, has entered into a relationship with Walgreens to help employers gain maximum return on investment through worksite health centers and wellness programs, identifying opportunities to improve workforce health while also reducing costs.

New York -- Consumer products executives expect their highest growth to come from the warehouse club channel compared with any other retail sales channel over the next three years, including mass merchandise, grocery, and e-commerce, according to new research from Deloitte.

City of Industry, Calif. -- Hot Topic announced that its chief financial officer, Jim McGinty, has resigned, effective March 29. The company said that George Wehlitz, VP finance will serve as interim CFO.

McGinty had worked for Hot Topic Inc. for the past 12 years. His resignation is effective March 29.

Wehlitz became VP finance at Hot Topic in 2008. He previously served as CFO at motorcycle clothing and accessories company Cycle Gear Inc.

Dallas -- Tuesday Morning Corp. announced the appointment of John C. Rossler as executive VP, COO, effective immediately.

Rossler has been serving as an executive advisor to Tuesday Morning since October, 2012, and his focus has been primarily on operational efficiencies, including overall cost control, supply chain and real estate.

Menomonee Falls, Wis. -- Kohl’s Corp. announced a $2 million donation to Discovery World in Milwaukee, over three years to continue support for Kohl’s Design It!, an educational program allowing kids to use advanced technology to turn design into reality. The donation comes from the Kohl’s Cares cause merchandise program which sells special merchandise, including plush toys and books, and donates 100% of the net profit to benefit children’s health and education initiatives nationwide.