Corporate Governance

Benicia, Calif. – Cycle Gear, Inc. has opened its first Indiana store on East 82nd Street in Indianapolis, near the Castleton Square Mall.

Cycle Gear will host a grand opening celebration weekend Sept. 20-22. Indianapolis is the latest in a recent run of store openings in the Midwest for Cycle Gear. The retailer, with more than 100 locations in 30 states, opened two stores in the Chicago area and one near Milwaukee earlier in the year.

Pittsburgh – Dick’s Sporting Goods, Inc. will open a new store in El Paso, Texas, on Sept. 20.

The El Paso location at The Fountains of Farah will be the retailer's 20th store in the state of Texas and its 532nd nationwide. The new store will feature more than 40 in-store services performed by Dick’s certified pros.

Although retail sales in August increased, they came in at a much slower pace than anticipated, according to the National Retail Federation. Sales (excluding automobiles, gas stations and restaurants) increased 0.1% seasonally adjusted from last month, and increased 3.9% unadjusted year-over-year.

Toronto – Hudson’s Bay Company (HBC) reported net earnings of $3.9 million in the second quarter of fiscal 2013, compared to a net loss of $2 million in the second quarter of the previous fiscal year.

In addition, HBC reported consolidated sales of $947.7 million, up 3.9% from $911.9 million. The retailer credited consolidated same-store sales growth of 3.5% and e-commerce sales growth of 56.1% to $37.3 million as helping to drive its healthy overall performance.

Ulta Beauty CEO Mary Dillon outlined some of the key priorities for her first 100 days at the helm of the beauty retailer, following a 24.8% boost in second quarter net sales.

Dillon, a former PepsiCo executive, joined the company as CEO on July 1. She succeeded Chuck Rubin, who left the company to become CEO at Michaels Stores. Serving as interim CEO following Rubin’s departure was Dennis Eck.

Boston — A group of private equity companies, including Advent International and CDIB Capital, have joined together to acquire a significant equity position in International Coffee & Tea, which owns and operates stores under The Coffee Bean & Tea Leaf banner, with an eye on expanding in Asia. Other investors participating in the transaction include Mirae Asset Private Equity and the Sassoon family (the latter is the largest existing shareholder of The Coffee Bean, and is remaining as a substantial shareholder).

DANBURY, Conn. — Ethan Allen Interiors has appointed Dave Moore as the company’s VP and chief brand officer.

“Ethan Allen has been here for over 80 years,” Ethan Allen’s chairman, president, and CEO Farooq Kathwari explains, “but we must do everything we can to make sure our brand is as relevant today and tomorrow as it has always been.”

New York -- Steven Roth, chairman and CEO of Vornado Realty Trust, resigned from the board of J.C. Penney as company plans to sell its stake in the chain.

In a filing on Friday, with the U.S. Securities and Exchange Commission, Vornado said it will exit Penney in the “not-too-distant future. The company owns about 6.1% of Penney’s shares.