News

The New Hampshire Motor Speedway will be home to the Sylvania 300 NASCAR race for five more years following the renewal of a sponsorship agreement.

North American lighting leader Osram Sylvania said it extended its title sponsorship of the race through 2017 with the operator of New Hampshire’s largest sports and entertainment facility. Osram Sylvania has sponsored the race for the past 10 years.

DALLAS —Tuesday Morning reported that for the second quarter, the company's net sales increased 4.5% to $285.3 million, from $273.1 million in the second quarter of fiscal 2012.

The company reportd that its net loss for the quarter was $21.5 million, or 51 cents per share.  The company reported net income of $15.9 million or 37 cents per share in the second quarter of fiscal 2012. 

Bentonville, Ark. -- Wal-Mart Stores is tightening the reins on its global suppliers. Effective March 1, the retailer is implementing a "zero tolerance" policy for any supplier who subcontracts work to factories without the company’s knowledge, the Associated Press reported. Previously, Wal-Mart gave suppliers three chances to correct mistakes.

As part of the new rules, Wal-Mart will require all factories in Bangladesh to undergo an electrical and building safety assessment from an independent agency.

Norwalk, Conn. -- BJ’s Wholesale Club has reached a multi-year agreement with LogicSource Inc. to provide enhanced print procurement and management services that will deliver significant cost savings to BJ’s. Terms were not disclosed.

LogicSource will provide onsite co-sourcing for all of BJ’s print procurement needs by collaborating with BJ’s to identify new potential supply chain partners and procurement efficiencies.

San Francisco -- Westfield San Francisco Centre is partnering with the Asian Art Museum, Bloomingdale’s and M.Y. China to celebrate the Chinese New Year with music and dance performances, storytelling, live cooking demonstrations, zodiac readings and more – all launching in January.

New York -- Consumer products executives expect their highest growth to come from the warehouse club channel compared with any other retail sales channel over the next three years, including mass merchandise, grocery, and e-commerce, according to new research from Deloitte.

City of Industry, Calif. -- Hot Topic announced that its chief financial officer, Jim McGinty, has resigned, effective March 29. The company said that George Wehlitz, VP finance will serve as interim CFO.

McGinty had worked for Hot Topic Inc. for the past 12 years. His resignation is effective March 29.

Wehlitz became VP finance at Hot Topic in 2008. He previously served as CFO at motorcycle clothing and accessories company Cycle Gear Inc.

New York -- Walmart on Tuesday updated its plans for its Canadian division, saying that it plans to complete at least 37 supercenter projects in the country during the company’s next fiscal year (February 1, 2013 to January 31, 2014). The announcement comes a couple of months before Target Corp.’s spring launch of its stores in Canada. 

The Grocery Manufacturers Association inducted J. M. Smucker Company chairman Tim Smucker and Wegmans CEO Danny Wegman into its Hall of Achievement and presented Harris Teeter president and COO Fred Morganthall the award for Industry Collaboration Leadership.

DALLAS — Kimberly-Clark has named Jennifer Sepull as the company's chief information officer and VP IT Services, reporting to Mark A. Buthman,SVP and CFO.