Barnes & Noble signs CEO to new employment pact
New York — Barnes & Noble Inc. signed an employment agreement with CEO William Lynch to remain in his post for another two years, according to a filing with the U.S. Securities and Exchange Commission.
Lynch will receive the same compensation and benefits as before, but get an additional cash bonus of $1.8 million for his role in attracting investments from Microsoft Corp. and Pearson PLC in forming Nook Media LLC, according to a Reuters report.
The agreement follows the news last February that Barnes & Noble chairman Leonard Riggio planned to make an offer for the company’s main retail business, but not its Nook and e-book business. The new agreement provides Barnes & Noble with the right to assign Lynch as chief executive of Nook and the e-book business if the company is separated.
Charming Charlie names CFO
Houston — Charming Charlie announced that Tom Fitzgerald has joined the company as EVP, chief administrative officer and CFO.
Tom most recently was the chief administrative officer of Sears Canada, where he was responsible for store operations, IT, merchandise planning and allocation, logistics, sourcing, and store innovation.
Prior to his role at Sears Canada, Tom held several leadership positions at Liz Claiborne, and Bath & Body Works.
Since launching in 2004, Charming Charlie has grown to over 240 stores in 36 states with more than 5,000 employees.
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Dick’s to open 40 stores in 2013 and debut Field & Stream format
Pittsburgh — Dick’s Sporting Goods Inc. on Monday forecast a full-year profit for the current fiscal year that was less than expected, and also revealed it will debut a new retail concept in fiscal 2013 under the Field & Stream banner.
In 2013, the company said it will open two Field & Stream stores, 40 Dick’s Sporting Goods stores, one Golf Galaxy store and two True Runner locations. The chain also plans partial remodels of 75 existing Dick’s stores.
Dick’s said that its fourth quarter profit rose to $129.7 million from $111.1 million a year earlier. Sales for the quarter increased 12% to $1.8 billion, with a 1.2% increase in same store sales.
The company said that its growth investments in 2013 include:
- Strengthening its omni-channel platform, including investments in advanced mobile capabilities, the piloting of pick-up in-store, and growth of the e-commerce team;
- Remodeling existing stores;
- Implementing new systems, and
- Developing new concepts.
Net sales for the 53 weeks ended February 2, 2013 increased 12.0% from last year’s 52-week period to $5.8 billion, with a 4.3% increase in consolidated same-store sales.
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