FINANCE

Duckwall-ALCO Cuts Exec Team

BY CSA STAFF

Abilene, Kan. Duckwall-ALCO Stores has terminated the positions of senior VP of store operations, senior VP of merchandising, VP and divisional merchandise manager for soft lines, and VP of marketing.

The company said the responsibilities of the eliminated positions will be assumed by other executives.

Duckwall-Alco said the move was part of a turnaround plan aimed at cutting costs and improving profitability.

“During our recent re-evaluation of plans for fiscal 2009, we recognized that reducing corporate staff is imperative,” said Donny Johnson, interim CEO of Duckwall-ALCO Stores. “We are implementing a plan to cut expenses and improve operations, streamline the organization and strengthen our senior-management team. An analysis of the company’s operations conducted jointly with the new board of directors and management has identified numerous opportunities for cutting costs and improving operations. These changes will strengthen the company and improve profitability, with the ultimate goal of dramatically improving shareholder value.”

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Tuesday Morning promotes Bowman to cfo

BY CSA STAFF

DALLAS Tuesday Morning has promoted Stephanie Bowman to the position of evp and cfo. Bowman was previously serving as vp of finance for Tuesday Morning, prior to that she served as vp of finance for Summit Global Partners.

“Stephanie has an extensive knowledge of financial management and because of her current position with Tuesday Morning, understands the company’s systems, personnel, and culture. She is positioned to hit the ground running,” stated Michael Marchetti, evp, coo and acting cfo.

Tuesday Morning reported that net sales for the third quarter ended March 31 were $178.4 million compared to $189.2 million for the quarter ended March 31, a decrease of 5.7%. Comparable-store sales for the quarter ended March 31 decreased by 8.2% comprised of a 6.6% decrease in traffic and a 1.6% decrease in ticket.

Based on the third quarter sales results, the company currently expects diluted earnings per share for the third quarter to be in the range of (10 cents) to (12 cents).

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Best Buy names Mikan to to board

BY CSA STAFF

MINNEAPOLIS Best Buy has announced the appointment of Mike Mikan to its board of directors. Mikan currently serves as evp and cfo of UnitedHealth Group.

We are delighted to welcome Mike Mikan to Best Buys board of directors, said Richard Schulze, Best Buys founder and chairman of the board. With his deep financial experience, Mike will be a valuable addition to our board. We think his guidance and judgment will be important as we continue to grow Best Buy into the future. 

Mikan was appointed evp and cfo of UnitedHealth Group, in November 2006. Mikan previously served as cfo for UnitedHealthcare and chief financial officer for Specialized Care Services (now OptumHealth).

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