Safeway names former Starbucks finance chief as CFO
Pleasanton, Calif. — Safeway Inc. announced Monday that it has named Peter J. Bocian as EVP and CFO, effective Feb. 19.
Bocian, who will report to Safeway president Robert Edwards, spent a year with Starbucks as the coffee purveyor’s CFO and chief administrative officer. Most recently, he was head of real estate finance for JP Morgan Chase.
Vitamin Shoppe cleared for Super Supplements takeover
North Bergen, N.J. — The Vitamin Shoppe said Monday it was notified by the FTC that it has been cleared to acquire Super Supplements, with a targeted closing date of Feb. 15.
In December, the vitamin retailer had announced it would purchase the assets of Super Supplements, a specialty retailer of vitamin, mineral and supplements, for $50 million.
Super Supplements operates 31 stores in Washington, Oregon and Idaho, and expands Vitamin Shoppe’s presence in the Pacific Northwest where it currently operates 17 stores.
Wet Seal needs new fit for COO
FOOTHILLS RANCH, Calif. — The Wet Seal Inc. on Friday announced that its COO is resigning as the struggling retailer initiates a corporate workforce reduction as part of a broader cost-saving initiative. In other moves, it will shutter two poor-performing Arden B stores.
The struggling chain, which also authorized a $25 million stock buyback program, said president and COO Ken Seipel resigned effective immediately. His position will not be filled. Instead, Seipel’s duties will be shared between CEO John Goodman and CFO Steve Benrubi.
The Wet Seal said it cut 32 positions in its corporate offices and three in the field. The total workforce reductions, including the elimination of the COO position, are expected to result in annualized pre-tax savings of approximately $3.8 million beginning in fiscal 2013. The company expects to record a one-time charge of $1.3 million in its fourth quarter for severance charges.
The retailer also announced planned fiscal 2013 cost reductions of approximately $2.5 million for store labor through staffing efficiency measures and approximately $2.1 million for several other cost savings plans.