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Financial/Banking

  • Biggs named Walmart CFO

    After more than two decades in top finance roles at Walmart, Charles Holley, 59, is stepping down as CFO at the world’s largest retailer.

    Succeeding Holley will be Brett Biggs, a well-rounded finance executive who joined Walmart in 2000 and has held key roles in each of the retailer’s divisions.

  • BrandsMart to fund $2 million store retrofit with PACE financing

    BrandsMart USA is giving its store in West Palm Beach, Florida, a comprehensive energy-efficient retrofit without tapping into its own capital.

    The chain is the recipient of low-cost financing for the retrofit through the Florida Green Energy Works Program. BrandsMart received $2.225 million from a private investor for the project, which will include new HVAC systems, energy-efficient lighting and a new roof.

  • Report: Retailers of digital goods spend $10 million annually on fraud

    Everyone knows fraud is costly, but it be more expensive than you think.

    In addition to typical fraud costs, such as the loss of goods and chargeback fees, merchants that sell digital goods, such as MP3 files and streamed movies, each spend an average of $10.1 million every year on fraud-related costs.

  • Tanger closes on sale of five centers

    Tanger Factory Outlet Centers has closed on the sale of five non-core outlet centers for a total cash sales price of $150.7 million.

    The five properties sold are located in Barstow, California; Kittery, Maine (two properties); Tuscola, Illinois; and West Branch, Michigan.

  • Another reason for shoppers to flock to the Container Store

    The Container Store attracts a lot of loyal customers, and soon those shoppers will have another reason to buy more closet organizers and kitchen jars, thanks to a partnership with Synchrony Financial.

    The retailer announced a new, multi-year agreement with Synchrony Financial to offer a private label credit card program for customers. The card will be available for use in the retailer’s stores and online and is scheduled to launch in the spring of 2016.

  • Another reason for shoppers to buy at Container Store

    The Container Store attracts a lot of loyal customers, and soon those shoppers will have another reason to buy more closet organizers and kitchen jars, thanks to a partnership with Synchrony Financial.

    The retailer announced a new, multi-year agreement with Synchrony Financial to offer a private label credit card program for customers. The card will be available for use in the retailer’s stores and online and is scheduled to launch in the spring of 2016.

  • New CEO can't save City Sports -- or can he?

    Boston-based sporting goods retailer City Sports has filed for Chapter 11 bankruptcy protection and plans to liquidate at least a quarter of its stores.

    According to the Wall Street Journal, City Sports said it has a deal with liquidators Tiger Capital Group to hold going-out-of-business sales at eight of the company’s 26 stores, which are scattered throughout the Northeast from Massachusetts to Washington, D.C.

  • American Apparel files Chapter 11

    In a not unanticipated move, American Apparel filed for bankruptcy protection in Delaware on Monday. But the company said its stores will not be affected by the filing, and no store closings or layoffs were announced.

    The Los Angeles-based retailer, which has not reported a profit since 2009, has been struggling under the weight of big debts sluggish sales and a protracted — and costly — legal battle with its founder and ousted CEO, the controversial Dov Charney.

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