Corporate Governance

New York -- Toshiba Tec Corp. and IBM announced the initial closing of the transaction in which Toshiba Tec will acquire IBM's Retail Store Solutions (RSS) business. The agreement was announced on April 17, 2012.

Toshiba Tec has established Toshiba Global Commerce Solutions Holdings Corporation, a holding company, of which Toshiba Tec holds 80.1% ownership and IBM holds 19.9% ownership.

Goodlettsville, Tenn. -- Dollar General Corp. announced it is supporting the American Association of Retired Persons’ “Work Reimagined” program and the 50-plus worker pledge.

“Work Reimagined” is a social network-based jobs program that connects employers seeking experienced workers with qualified professionals searching for new or more satisfying careers. The site (will leverage the platform of social media site LinkedIn to make the best connections between experienced workers and the best employers.

Issaquah, Wash. -- Costco Wholesale Corp. posted a 5% increase in same-store sales in July, helped by strong sales at its U.S. stores. But the stronger dollar and lower gas prices pressured its results.

Same-store revenue at U.S. locations open was up 7% for the period ended July 29. The figure was flat for its international stores.

Taking out the impact of lower gas prices and a stronger dollar, same-store sales rose 7% for the month. In the U.S., the metric was up 8% while overseas it rose 7%.

WAYNE, N.J. — Toys"R"Us continues on its path to bring its Toys"R"Us and Babies"R"Us stores under one roof as part of its integrated store strategy. The company announced that by the end of the year it will have opened eight new stores and transformed 13 existing locations to the side-by-side model in 2012. In adding eight new stores and renovating 13 existing locations, the company will create more than 400 new jobs across the country.

JCPenney is not dead yet. New shops and free haircuts may help.

Retail pundits eager to write JCPenney’s obituary may want to wait until after the back-to-school season as the struggling retailer revealed several intriguing merchandising moves reminiscent of the tactics CEO Ron Johnson employed during his tenure running Apple stores. And in an unconventional buzz-building, traffic generating move the company said it would offer free haircuts to kids at its salons throughout August.

SAN DIEGO, Calif. — Walmart has unveiled its 100th solar-powered store on College Avenue in San Diego. By working with California-based SolarCity, the company’s focus on solar power has generated more than 3,000 contract construction jobs in California. In turn, SolarCity has hired 1,213 employees since announcing its first Walmart projects in September 2010. The San Mateo, Calif.-based company will install, manage, and maintain 70 of the 100 new solar power systems.

SEATTLE — Mercent, a technology company that enables retailers to profitably reach and convert more shoppers online, announced that it has appointed Jacqueline Borges as its VP partnerships.

Lowe’s made an offer, but Rona refused.

The two North American home improvement giants will continue to operate as competitors in Canada, where Lowe’s has been growing organically for the past several years amid rumors that just such an acquisition play was in the cards.

SUNBURY, Pa. — Weis Markets reported that it's net income increased 12.7% to $23.2 million in net income while its earnings per share increased 11.7% to 86 cents per share, compared with 77 cents per share for the same period in 2011. Second quarter operating income increased 11.4% to $35.3 million.

Second quarter sales increased 0.1% to $677.1 million while comparable-store sales increased 0.4%.

DALLAS — Haggar Clothing, which makes casual and fine apparel for men, has promoted two executives to key positions within the company's merchandising and sales organizations. 

Nancy Dowling has been promoted to VP merchandising and design. She previously served for three years as the director of design for men's casual for the Haggar brand.  Under her direction, the brand has increased market share by over 16%, adding innovative new products and collections to the Haggar brand offering.