GNC plans $350 million IPO
Pittsburgh GNC Acquisition Holdings said it plans to launch an initial public stock offering that could raise up to $350 million for the company.
In a filing with the Securities & Exchange Commission, the company said that its plans include increasing store square footage, expanding internationally and improving its e-commerce business. According to reports, GNC wants to add at least 4,800 company-owned and franchised locations to its U.S. store base.
GNC was publicly traded from 1993 until 1999 and has had several ownership changes since then. Two previous attempts to sell stock, including one in 2006, were canceled.
Holley named Walmart CFO
BENTONVILLE, Ark. – Veteran finance executive Charles Holley was named to replace Tom Schoewe as CFO of Wal-Mart Stores Inc., the company announced late Wednesday. Holley joined Walmart in 1994 and most recently served as EVP finance and treasurer. Schoewe joined Walmart in 2000 as CFO.
Walmart CEO Mike Duke called Holley a talented strategist who thoroughly understands the details of Walmart’s business and the financial markets.
“As treasurer, he has helped drive the strategy behind the company’s strong financial position and has made every organization he has led stronger,” Duke said.
The change will take effect on Nov. 30, and Schoewe will remain with the company until Jan. 31, 2011.
Beyonce’s mom gets exclusive line at Walmart
NEW YORK – Tina Knowles announced the introduction of her Miss Tina by Tina Knowles line exclusively at Walmart in October.
The collection will feature denim, graphic t-shirts, embellished tops, day dresses, tunics, jackets, leggings and track suits, with each item retailing for $20 or less.
Tina Knowles is the co-creative director and co-founder of the House of Dereon, Dereon, and Miss Tina fashion collections produced by Beyond Productions, a partnership with daughter Beyonce.