FINANCE

Retailers Ration Rice Sales

BY CSA STAFF

Bentonville, Ark. and Seattle Buying bulk quantities of rice became more difficult on Wednesday when warehouse retail chains Sam’s Club and Costco began limiting the amount of rice that could be purchased. The restrictions were placed on large 20-lb bags of rice, which are often purchased by small businesses or restaurants rather than by individual consumers.

The move to ration rice sales was a response to rising costs and concerns that domestic supplies would diminish. Reuters reported on Wednesday that rice prices have risen 68% since the beginning of 2008. 

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Sam’s Club limits rice sales

BY CSA STAFF

BENTONVILLE, Ark. According to reports, Sam’s Club is limiting its sale of Jasmine, Basmati and Long Grain White rices to four bags per member visit.

The limits are due to supply and demand trends and Sam’s Club is reportedly working to ensure that it has enough of the aforementioned rice products in stock.

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Pep Boys names Odell interim ceo

BY CSA STAFF

PHILADELPHIA The Pep Boys – Manny, Moe & Jack has named Mike Odell, Pep Boys’ coo, as interim ceo, effective immediately. The move was made after Jeff Rachor resigned to become a principal in an automotive dealership venture. Pep Boys also announced that Ray Arthur was named evp – cfo, and is scheduled to begin on April 28.

Odell joined Pep Boys in September 2007 as evp and coo after spending 13 years at Sears Holdings. His last position at Sears was as evp and general manager of Sears Retail & Specialty Stores, a $26 billion business with 1,900 locations. Mike initially joined Sears finance department in 1994 where he worked until moving over to its operations team in 1998. There, he served in various positions of increasing responsibility, including vp of stores, finance, and operations of Sears Automotive Group.

The entire board is highly confident in Mikes ability to step seamlessly into the role of interim ceo, said chairman of the board Bill Leonard. Mike was instrumental in helping to develop the companys long-term strategic plan and the board is pleased with the progress the company has made in executing its initial steps. Mikes leadership in driving Pep Boys strategic initiatives and our ongoing return to operational excellence makes him the obvious choice for this position. He is a serious candidate for the permanent chief executive position and the company has no plans to conduct a search at this time. The board would also like to thank Jeff for his service to Pep Boys and for his assistance during this executive transition. 

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