News

MINNEAPOLIS — After nearly 30 years, Brian Dunn has resigned as CEO and director of Best Buy. According to the company, Dunn's decision to resign was mutually agreed upon with the company and was not the result of any disagreement with himself and Best Buy. Director G. Mike Mikan has been named interim CEO to lead the company while a search for a new CEO is underway. Richard Schulze, the founder of Best Buy, continues to serve as chairman.

Boca Raton, Fla. -- Office Depot said Tuesday it has joined Supplier Connection, a group of 15 large businesses committed to driving small business growth by simplifying access to their global supply chains.

Supplier Connection streamlines the application process for small businesses seeking to become suppliers to the group. Through the web-based portal, small businesses have the opportunity to present their goods and services to many large enterprises with the goal of winning contracts, expanding business and creating jobs.

MINNEAPOLIS  — Costs related to workforce reduction contributed to $424 million, or $2 per diluted share loss, at Supervalu for its fourth quarter of fiscal 2012. For the quarter, net sales were $8.2 billion. For the fourth quarter of fiscal 2011, the company reported net sales of $8.7 billion and net earnings of $95 million or 44 cents per diluted share.

If you’re like me and watch more TV than you should, you’ve probably seen the unusual new Target commercials with the hot air balloon. These “Color Changes Everything” spots feature a troupe of lively individuals landing in a hot air balloon (which, when seen from above, sports a gigantic version of the distinctive Target bullseye logo) and cavorting through an urban setting in acrobatic fashion, magically transforming the clothing, accessories and household goods of the people they encounter into stuff that is brighter, hipper and generally cooler and more fun.

BOCA RATON, Fla. — Office Depot has joined Supplier Connection, a group of 15 large businesses committed to driving small business growth by simplifying access to their global supply chains.

Dallas -- Tuesday Morning Corp. reported Tuesday that same-store sales for the quarter ended Mar. 31 dropped 3.2% on spending and traffic decreases.

According to the discount retailer, traffic dipped 1.8% for the third quarter and average tickets fell 1.4%. Total revenue edged down 1% to $172.7 million, compared with $174.3 million in the year-ago period.
 

MATTHEWS, N.C. — Family Dollar Stores has named Mary Winston to the position of EVP and CFO. Winston will report to Howard Levine, chairman and CEO, and will have executive responsibility for Family Dollar’s financial operations, including accounting, treasury, tax, financial planning, investor relations, and internal audit.

WOONSOCKET, R.I. — CVS Caremark has confirmed that Stuart McGuigan, SVP and CIO, will be leaving the company April 13.

CVS Caremark has initiated a search for his replacement, according to a company spokesperson.

McGuigan has served as SVP and CIO since December 2008. Before that, McGuigan was SVP and CIO of Liberty Mutual Group from September 2004 to December 2008, and was deputy CIO and SVP of Liberty Mutual from February 2004 to September 2004. From 2000 to February 2004, he was SVP information technology at Medco Health Solutions.