Content about Finance

June 13, 2013
Time to cash in for the retail industry

The retail industry is one sector where cash remains king and will continue to be ubiquitous for years to come. Yet despite this, the domain of cash management still remains a major challenge for retailers with cash being expensive to process and secure.

The retail industry is one sector where cash remains king and will continue to be ubiquitous for years to come. Yet despite this, the domain of cash management still remains a major challenge for retailers with cash being expensive to process and secure.

June 7, 2013
Board at Walmart greenlights new share repurchase program

Walmart’s board of directors has given the company the green light to repurchase $15 billion of its shares, effective June 6, the company announced at its annual shareholders meeting.

BENTONVILLE, Ark. — Walmart’s board of directors has given the company the green light to repurchase $15 billion of its shares, effective June 6, the company announced at its annual shareholders meeting. 

This program replaces the previous $15 billion program announced on June 3, 2011. As of June 6, the company had approximately $712 million remaining on the 2011 Authorization. Under the share repurchase program, repurchased shares are constructively retired and returned to unissued status.

June 5, 2013
NRF launches job board on revamped site

The National Retail Federation has launched Retail Jobs powered by NRF, a recruiting and search tool developed specifically for retailers and job seekers.

WASHINGTON — The National Retail Federation has launched Retail Jobs powered by NRF, a recruiting and search tool developed specifically for retailers and job seekers.

The job board will serve as a fundamental part of NRF’s This Is Retail: Careers, Community, Innovation campaign, launched in April.

May 29, 2013
Change of CFO at Kid Brands

Kid Brands announced late today that it has appointed James Christl as SVP and CFO. He replaces Guy Paglinco, who has resigned as CFO "to pursue other opportunities."

EAST RUTHERFORD, N.J. — Kid Brands announced late today that it has appointed James Christl as SVP and CFO. He replaces Guy Paglinco, who has resigned as CFO "to pursue other opportunities."

Paglinco has agreed to remain with the company full-time through July 5 to ensure a smooth transition, and has reportedly agreed to make himself available to the company for up to six months following his departure, if deemed necessary.

May 20, 2013
Former Nike exec rules development roost at Church’s Chicken

Former Nike executive Tony Moralejo has been appointed chief development officer at Church’s Chicken. Moralejo will be responsible for domestic and international expansion for the global chicken chain, as well as franchising, re-imaging, construction and real estate management.

Former Nike executive Tony Moralejo has been appointed chief development officer at Church’s Chicken. Moralejo will be responsible for domestic and international expansion for the global chicken chain, as well as franchising, re-imaging, construction and real estate management. 

He will report directly to president and CEO Jim Hyatt and will be a member of the brand’s executive team.

May 15, 2013
HSNi shakes up senior leadership

Interactive multichannel retailer HSNi has promoted Judy Schmeling to COO and CFO. Schmeling has served as HSNi's EVP and CFO since 2001.

ST. PETERSBURG, Fla. — Interactive multichannel retailer HSNi has promoted Judy Schmeling to COO and CFO. Schmeling has served as HSNi's EVP and CFO since 2001. In her new role, she will be responsible for supply chain operations and customer care functions in addition to providing ongoing leadership for finance and information technology. 

May 2, 2013
Former ConAgra exec heads to Dick’s, ConAgra fills empty slot

Dick's Sporting Goods has named former ConAgra executive Andre J. Hawaux as its new EVP of finance and administration and CFO. Hawaux will oversee Finance, Legal, Strategic Planning and Risk and Compliance. He succeeds Timothy Kullman, who is retiring, in June.

Hawaux has more than 30 years of experience, most recently as president of consumer foods at ConAgra, one of North America's leading packaged food companies. Previously, he served as ConAgra Foods' EVP and CFO and was responsible for the company's finance and information system and services organizations.

May 2, 2013
Leadership, board changes at Delia’s

Delia’s has appointed Tracy Gardner as the company’s new chief creative officer, and also as a member of the board of directors. Walter Killough, who back in January announced his intention to step down as CEO April 1, has agreed to remain in the role through August 2.

NEW YORK — Delia’s has appointed Tracy Gardner as the company’s new chief creative officer, and also as a member of the board of directors. Walter Killough, who back in January announced his intention to step down as CEO April 1, has agreed to remain in the role through August 2. 

The company also named Michael Zimmerman chairman of the board, replacing Carter S. Evans, who will remain on the board.

April 30, 2013
New CFO for Bebe amid management changes

Bebe has appointed current principal accounting officer and VP, corporate controller Liyuan Woo as its new CFO.

BRISBANE, Calif. — Bebe has appointed current principal accounting officer and VP, corporate controller Liyuan Woo as its new CFO. 

 

Woo has been with Bebe stores since 2010. She will retain the principal accounting officer title and will be responsible for global finance, accounting, treasury, tax, compliance, planning and strategic corporate development. She will report directly to CEO Steve Birkhold.

 

April 29, 2013
Former J. Crew exec new EVP, CMO at Cache

Former J. Crew executive Arnold P. Cohen has been named EVP and CMO at Cache, a specialty chain of women’s apparel stores.

NEW YORK — Former J. Crew executive Arnold P. Cohen has been named EVP and CMO at Cache, a specialty chain of women’s apparel stores.

 

April 24, 2013
Children’s Place CFO Scarpa named COO

Children's Place CFO Michael Scarpa has added COO to his credentials. Scarpa, who oversees finance, information technology, distribution, logistics and wholesale, will add store operations, store development and international to his responsibilities.

SECAUCUS, N.J. — Children's Place CFO Michael Scarpa has added COO to his credentials. Scarpa, who oversees finance, information technology, distribution, logistics and wholesale, will add store operations, store development and international to his responsibilities. Scarpa will continue to report to president and CEO Jane Elfers.

April 18, 2013
Walmart still a ‘buy’ near all-time high

A Web site affiliated with noted television investment pundit Jim Cramer has reiterated its buy recommendation on shares of Walmart.

A Web site affiliated with noted television investment pundit Jim Cramer has reiterated its buy recommendation on shares of Walmart.

TheStreet.com rated Walmart A+ and said the company’s strengths can be seen in areas such as revenue growth, notable return on equity, solid stock price performance, growth in earnings per share and net income.

"We feel these strengths outweigh the fact that the company shows weak operating cash flow," according to the TheStreet.

April 16, 2013
Beall’s exec joins Publix board

Publix has elected Beall’s CEO Steve Knopik to its board of directors.

LAKELAND, Fla. — Publix has elected Beall’s CEO Steve Knopik to its board of directors.

“We are pleased to have Steve join the Publix board,” said Publix chairman of the board Charlie Jenkins Jr. “His strong retail and financial background and commitment to the community will make him a strong addition to our board.”

April 12, 2013
Target accepts $760.7 million of debt for purchase

Target has accepted for purchase $760.7 million worth of debt as part of a $1.1 billion debt-refinancing plan announced last month, the mass merchandiser said.

MINNEAPOLIS — Target has accepted for purchase $760.7 million worth of debt as part of a $1.1 billion debt-refinancing plan announced last month, the mass merchandiser said.

The company announced plans in mid-March to purchase up to more than $1.1 billion worth of debt securities and will pay close to the full amount for those accepted for purchase.

The offer to purchase the debt from the people holding it expired Wednesday night at 11:59, the company said.

 

April 11, 2013
Walmart exec who cried 'sales disaster' is out

Jerry Murray, the Walmart finance VP who called the chain's early February sales "a total disaster" in an email made public by Bloomberg, has left the company, effective April 5, according to a Reuters report.

Jerry Murray, the Walmart finance VP who called the chain's early February sales "a total disaster" in an email made public by Bloomberg, has left the company, effective April 5, according to a Reuters report.

Wal-Mart Stores has confirmed the report, telling Reuters that it was Murray's decision to leave and that his last day at Wal-Mart was Friday.

April 11, 2013
Walmart exec who cried 'sales disaster' is out

Jerry Murray, the Walmart finance VP who called the chain's early February sales "a total disaster" in an email made public by Bloomberg, has left the company, effective April 5, according to a Reuters report.

Jerry Murray, the Walmart finance VP who called the chain's early February sales "a total disaster" in an email made public by Bloomberg, has left the company, effective April 5, according to a Reuters report.

Wal-Mart Stores has confirmed the report, telling Reuters that it was Murray's decision to leave and that his last day at Wal-Mart was Friday.

March 29, 2013
Ahold names new CIO

Ahold USA has appointed Paul Scorza as its chief information officer, the supermarket operator said Friday.

CARLISLE, Pa. — Ahold USA has named Paul Scorza as its chief information officer, the supermarket operator said Friday.

Ahold USA, the U.S. subsidiary of Netherlands-based Royal Ahold, said Scorza would assume the new position on Monday, based in Quincy, Mass., overseeing all Ahold USA information management functions, with a focus on systems and business processes to improve efficiency, effectiveness, controls and operations, reporting to EVP finance and CFO Paula Price.

March 29, 2013
Toys'R'Us sales slip in Q4

Toys“R”Us reported that sales for the the fourth quarter decreased $155 million to $5.8 billion and that net earnings fell to $239 million from $343 million in the prior year.

WAYNE, N.J. — Toys“R”Us reported that sales for the the fourth quarter decreased $155 million to $5.8 billion and that net earnings fell to $239 million from $343 million in the prior year.

March 28, 2013
Weis Markets names VP/corporate controller

Weis Markets has promoted Paul Stombaugh to VP/corporate controller.

SUNBURY, Pa. — Weis Markets has promoted Paul Stombaugh to VP/corporate controller. 

Stombaugh will take on an expanded role in the company’s decision support and its strategic development. He also will continue to oversee its financial accounting and reporting functions, internal controls, treasury and budgets, Weis reported. He will continue to report to Scott Frost, SVP and CFO.

March 26, 2013
Bluebird singing sweeter financial song for Walmart

Who needs a bank? Walmart and American Express have added a host of capabilities to the Bluebird financial service product they introduced last year as an alternative to debit and checking accounts.

Who needs a bank? Walmart and American Express have added a host of capabilities to the Bluebird financial service product they introduced last year as an alternative to debit and checking accounts.

March 24, 2013
Target debt for sale

Target announced that it will sell off about $209.3 million worth of debt as the company moves to refinance $679 million worth of debt due between 2028 and 2031, the mass merchandise retailer said.

MINNEAPOLIS — Target announced that it will sell off about $209.3 million worth of debt as the company moves to refinance $679 million worth of debt due between 2028 and 2031, the mass merchandise retailer said.

Target announced plans to purchase $170 million in 6.75% debentures due 2028, $154.9 million in 6.65% debentures due 2028 and $354 million in 7% debentures due 2031.

The company said the $209.3 million tendered so far represented 20.31%, 25.22% and 38.32% of the totals of the three respective security titles.

 

 

March 21, 2013
Supervalu sale complete

Supervalu has completed the sale of its Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market stores and related Osco and Sav-on in-store pharmacies to AB Acquisition LLC, an affiliate of a Cerberus Capital Management-led investor consortium, in a stock deal valued at $3.3 billion, including $100 million in cash and $3.2 billion in debt assumption.

MINNEAPOLIS — Supervalu has completed the sale of its Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market stores and related Osco and Sav-on in-store pharmacies to AB Acquisition LLC, an affiliate of a Cerberus Capital Management-led investor consortium, in a stock deal valued at $3.3 billion, including $100 million in cash and $3.2 billion in debt assumption. 

March 19, 2013
Redbox names finance, marketing execs

Redbox, a wholly-owned subsidiary of Coinstar, has named Kiera Hynninen as its SVP marketing and Pamela Smith as its SVP finance.

OAKBROOK TERRACE, Ill. — Redbox, a wholly-owned subsidiary of Coinstar, has named Kiera Hynninen as its SVP marketing and Pamela Smith as its SVP finance. Hynninen will report into Anne Saunders, president of Redbox, and will oversee the company's marketing efforts, including brand growth and a continued focus on strengthening consumer relationships. Smith will report into Galen Smith, incoming CFO of Coinstar, and will be responsible for managing financial planning and analysis, budgeting, financial strategy and deal support for the Redbox line of business.

March 18, 2013
Innotrac names CFO

Innotrac Corp., a best-of-breed commerce provider integrating digital technology, fulfillment, and contact center solutions to support global brands, has announced the appointment of Steve Keaveney as its new CFO.

ATLANTA — Innotrac Corp., a best-of-breed commerce provider integrating digital technology, fulfillment, and contact center solutions to support global brands, has announced the appointment of Steve Keaveney as its new CFO.

Keaveney brings to Innotrac more than 25 years of experience in finance, accounting and operations for both publicly and privately held companies.  He has extensive experience in financial leadership, revenue growth, analysis and budgeting.

March 14, 2013
Hancock Fabrics sews up financial department with new CFO

Hancock Fabrics has announced that James B. Brown will be joining Hancock Fabrics as EVP and CFO on March 18, reporting to Steve Morgan, president and CEO.

BALDWYN, Miss. — Hancock Fabrics has announced that James B. Brown will be joining Hancock Fabrics as EVP and CFO on March 18, reporting to Steve Morgan, president and CEO. Brown will oversee the areas of accounting-finance, loss prevention, IT, human resources, and in addition, will have oversight responsibility to the planning and allocation function.