A&P Names New Executive Management
Montvale, N.J., The Great Atlantic & Pacific Tea Co., Inc. will be changing its senior executive management for business in the United States. The change is expected to be finalized by mid-August. The announcement comes after the company sold A&P Canada to Metro Inc.
Christian Haub will become executive chairman of A&P on Aug. 15. He is currently chairman and CEO. Eric Claus will become president and CEO of A&P. Claus was president of A&P Canada. In addition to the position changes, Brian Piwek, president and chief operating officer, will retire July 31.
Gap Buys Back More Stock
San Francisco, Gap Inc. approved an extra $500 million for its share repurchase program, effective immediately. Since October of last year, the company has bough back $2.5 billion in shares as part of an ongoing plan to repurchase a total of $3 billion.
Linens ‘n Things Posts $5.9 Million Loss
Clifton, N.J., Linens ‘n Things, reported a net loss for the second quarter ended July 2 was approximately $5.9 million, compared to earnings of $97,000 in the same quarter last year. Comparable net sales for the second quarter of 2005 declined 6.8%. Total net sales decreased approximately 0.9% to $573.3 million for the quarter, down from $578.7 million for the same period last year.