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Hhgregg Q4 profit surges on insurance payout
Indianapolis -- Hhgregg Inc.'s fiscal fourth-quarter earnings jumped as the chain collected $39.6 million in life insurance proceeds due to the death of executive chairman and former CEO Jerry W. Throgmartin.
Throgmartin, who died Jan. 22 at age 57, served as chairman and CEO of Hhgregg from 2003 to 2009 and led it through a 2007 initial public offering of stock. Hhgregg said Wednesday it collected the proceeds from a "key man" life insurance policy.
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Macy’s in deal with online retailer in China
Cincinnati -- Macy's Inc. will start selling some of its private brand merchandise directly to shoppers in China through a deal with an online retailer there.
The chain said it will the goods through a Macy’s section on Omei.com, a newly established China-based online retailer of in-season luxury and fashion brands operated by VIPStore Co., a Chinese e-commerce firm and parent company of Omei.com