BJ’s CEO Paid $4.4 Million
Boston, B.J. Wholesale Club chairman and CEO Herbert J. Zarkin was compensated $4.44 million in 2006, which included more than a half-million dollars to pay for private jet flights that, among other trips, logged flights from Zarkin’s Florida home in Boca Raton and the company’s headquarters in Natick, Mass. The analysis is based on a regulatory filing.
In response to press inquiries about the expenditures, the company issued the following statement: “In establishing its travel policies, BJ’s weighs carefully the costs and benefits of executive travel options including factors such as convenience, efficiency and the safety and security of key executives. According to the company’s strict policy, noncommercial air travel is authorized for the chairman of BJ’s board of directors and CEO, as well as certain other key BJ’s executives.”
RadioShack Cutting 280 Jobs
Fort Worth, Texas, RadioShack Corp. is cutting about 280 jobs this month, primarily at the company’s headquarters, according to a Securities and Exchange Commission filing Thursday.
The cuts will be made across all of its “various support functions,” the company said, noting that the move is expected to generate annual pretax savings of about $30 million.
The company said that it expects to incur a pre-tax charge of about $8.5 million for one-time termination benefits as the result of the reductions.
Hart Reports Record Sales
Laval, Quebec, Hart Stores Inc. reported record sales of $166.4 million for the fiscal year ended February 3, 2007, an increase of $18.4 million or 12.5% over sales a year earlier. Comp-store sales were up 3.0% in the same period.
The company recorded net earnings of $4.4 million in fiscal 2007, compared with net earnings of $7.0 million the previous year. The change in net earnings is primarily attributable to the start-up costs associated with the opening of the new 220,000 sq. ft. head office and distribution facility, and the non-recurring income of $950,000, as well as the non-recurring write-down and expenses related to the balance of the lease term from the former head-office facility.
Operating income for fiscal year 2007 was sustained at $10.2 million.
Last year the company opened five new stores in Ontario, growing its total network of stores to 75 locations.