Corporate Governance

Broomfield, Col. -- Level 3 Communications announced that Stein Mart will implement Level 3's Smart WAN Solution to support critical business applications used by the company's 262 department stores throughout the United States.

Stein Mart will use the solution to more efficiently and reliably access frequently used business applications, such as revenue reporting, data analytics, and inventory tracking, by connecting its store and data facilities over a single network.

New York City -- The U.S. Bankruptcy Court in White Plains, N.Y., approved the Great Atlantic & Pacific Tea Co.’s plan to exit bankruptcy plan. The supermarket company filed Chapter 11 in December 2010.

The reorganization plan includes $490 million in debt and equity financing from Ron Burkle’s Yucaipa Cos.

New York City -- British fashion retailer Topshop will open its fourth store in the United States, in The Grove shopping center in Los Angeles.

The 25,000-sq.ft. store is expected to open in time for the 2012 holiday season, according to The Los Angeles Times.

To date, Topshop has opened in New York City and Chicago. It will open in Las Vegas, on March 8.
 

Beachwood, Ohio -- Shopping center owner DDR Corp. said Tuesday that four new Shoe Carnival stores will open at DDR shopping centers in 2012.

The new stores are a result of DDR's focus to consolidate small shop space by reconfiguring and re-leasing space to national retailers, improving tenant mix and the quality of cash flow. At three of the shopping centers, multiple small shop units have been combined to accommodate the new Shoe Carnival stores. The fourth center is located in Puerto Rico.

Broomfield, Colo. -- Level 3 Communications said Tuesday that Stein Mart will implement its Smart WAN Solution to support critical business applications.

Stein Mart will use Level 3's Smart WAN Solution to more efficiently and reliably access frequently used business applications, such as revenue reporting, data analytics, and inventory tracking, by connecting its store and data facilities over a single network.

North Bergen, N.J. -- Vitamin Shoppe reported Tuesday that net income for the fourth quarter surged 57% to $9.4 million from $6 million a year earlier, boosted by strong online results and an extra week in the fiscal calendar.

The vitamin retailer, which saw revenue climb 19% to $214.9 million in the quarter, said it is planning to open 52 new stores in 2012.

Boca Raton, Fla. -- Office Depot Inc. reported Monday that it swung to a profit of $12.3 million in the quarter ended Dec. 31, compared with a loss of $108.6 million in the year-ago period.

Revenue edged up to $2.97 billion in the quarter, from $2.96 billion last year, missing Wall Street’s expected break-even on $3 billion in sales. Same-store sales dropped 5%, due in large part to a move away from promotions to shore up profitability, said the company.

MOORESVILLE, N.C. — Lowe's rebranding efforts and focus on delivering a better customer experience seem to be paying off as the company ended the year with strong fourth-quarter sales and earnings.

The company reported net earnings of $322 million for the fourth quarter, a 13% increase over the same period a year ago. Diluted earnings per share increased 23.8% to 26 cents from 21 cents in the fourth quarter of 2010. 

NEW YORK — Former Walmart.com CEO, Raul Vazquez has joined the advisory board of OrderGroove, a subscription commerce program that helps brands identify and interact with their most valuable customers.

NEW YORK — Former Walmart.com CEO, Raul Vazquez has joined the advisory board of OrderGroove, a subscription commerce program that helps brands identify and interact with their most valuable customers.