CEO of Duckwall-ALCO Resigns
Abilene, Kan. Bruce Dale has resigned as president and CEO of Duckwall-ALCO Stores, the company announced Friday. Dale joined Duckwall-ALCO in 2005 at the start of its initiative to revitalize the company.
The company said it has begun a search for a new CEO. Donny Johnson, senior VP and CFO, will assume the role of interim CEO until a replacement is found.
Warren Gfeller, board chairman, stated, “We are grateful to Bruce for his energy, his leadership and his commitment to repositioning Duckwall-ALCO Stores. As Bruce departs, we are fortunate to have Donny Johnson serve as interim CEO.”
Sears Names New Board Member
Hoffman Estates, Ill. Former Dell Inc. CEO Kevin Rollins has been elected to the board of directors at Sears Holdings Corp., the company said Wednesday.
Rollins stepped down at Dell in January 2007 and currently is a senior adviser to the private-investment firm TPG Capital LP, formerly Texas Pacific Group.
His election brings the number of Sears Holdings directors to eight.
Tween Brands CFO Resigns
New Albany, Ohio Tween Brands Inc. said Wednesday CFO Paul C. Carbone has resigned, effective immediately.
Tween Brands said the resignation was not related to “a disagreement with inaccuracies or omissions in the company’s financial reporting and accounting systems.”
The company said it has started to search for a new CFO to replace Carbone. In the interim, Tween Brands said Kenneth T. Stevens, president and COO, will take on the role of principal financial officer.
The company also announced that its fourth-quarter profit dropped 11% due to a hefty restructuring charge that outweighed a boost in sales.
For the quarter ended Feb. 3, net income fell to $25 million from $28.2 million in the prior-year quarter. Revenue rose 16% to $315.8 million from $272.3 million in the fourth quarter of 2006.
Meanwhile, same-store sales rose 8% in the quarter for Tween Brands. Same-store sales at its Justice brand rose 29% and same-store sales at Limited Too rose 2%.
For the year, profit fell 19% to $52.6 million from $64.8 million in the prior year.