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CINCINNATI — Macy's Inc. has invested in the future of America, by hiring more than 1,000 college and university students for its Executive Development Program and for summer internships nationwide.

PHILADELPHIA — Comparable sales slipped 2.8% at Pep Boys during the first quarter ended April 28, as customers were slow to come to the retailer for parts and services. The comps decline consisted of a 1.2% comparable-service revenue decrease and a 3.2% comparable-merchandise sales decrease. Total sales for the quarter increased by $11.1 million, or 2.2%, to $524.6 million from $513.5 million for the same period last year.

New York -- Eugene Ferkauf, founder of the E.J. Korvette chain, died Tuesday at the age of 91, said Yeshiva University, where he was a longtime former trustee and benefactor, the New York Times reported.

"He was a brilliant entrepreneur, innovator and pioneer of the discounting concept," said Burt Flickinger, III, managing director of the retail consultancy Strategic Resource Group, in the report.

The retail industry lost one of its legends this week when Eugene Ferkauf, founder of the E.J. Korvette chain of stores passed away at his Manhattan home.

Before Sam Walton or Harry Cunningham opened their first discount stores 50 years ago, Ferkauf established the principles of discount retailing with his stores in the New York area. The first Korvette’s store opening in 1948 and at its peak the company operated 45 stores.

HOUSTON — The Men’s Wearhouse raised prices to preserve margins in the face of weak first quarter demand, but it wasn’t enough to prevent profits from falling short of estimates.

The company reported first quarter earnings per share of 52 cents, below guidance of 53 cents to 54 cents a share provided when the company reported fourth quarter results on March 7. Analysts’ expected the company to earn 55 cents a share.

FULLERTON, Calif. — A store-level workforce reduction is planned for Albertsons' Southern California division.

San Francisco -- Gymboree Corp. reported Thursday net income of $4.2 million for the quarter ended April 28, compared with a loss of $10.4 million in the same period last year.

Sales rose 10.2% to $297.8 million, and same-store sales edged up 1%.

The retailer said it is on track to open 105 stores in fiscal 2012, which include 80 Crazy 8 locations. Crazy 8 is Gymboree’s discount concept.