FINANCE

Wet Seal chairperson to step down; chain lowers Q2 forecast

BY Marianne Wilson

Foothill Ranch, Calif. — Wet Seal Chairperson Lynda Davey is resigning from her post, effective Oct. 1. The announcement of her resignation comes on the heels of the departure of the troubled teen retailer’s CEO. Davey will be replaced by Adam Rothstein.

The company also lowered its second-quarter forecast. Wet Seal now foresees a second-quarter adjusted loss of 15 cents per share. Its prior outlook was for an adjusted loss between 9 cents and 12 cents per share. Revenue totaled $121.2 million. Analysts polled by FactSet expected a loss of 10 cents per share on revenue of $124.3 million.

Wet Seal also announced a private placement in which it expects gross proceeds of approximately $18.5 million. In addition, it plans a rights offering between $25 million and $30 million.

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SUPPLY CHAIN

Patagonia receives GTNexus supply chain award

BY Dan Berthiaume

Ventura, Calif. – Outdoor apparel retailer Patagonia has been awarded the Supply Chain Innovation Award from supply chain management technology provider GT Nexus for continued efforts in creating a responsible supply chain. The Supply Chain Innovation Award recognizes Patagonia’s commitment to partnering with its suppliers as it improves supply chain processes.

Patagonia uses the GT Nexus AppXpress platform for document management, social and environmental compliance, and quality control audit. Patagonia’s program is built around a four-fold supplier certification process to ensure quality and responsibility. The program focuses on production capabilities, quality processes, social responsibility, and environmental responsibility.

"Every business decision we make hinges on our drive to become more socially and environmentally responsible," said Doug Freeman, COO of Patagonia. "’Walking the talk’ means building deep, collaborative partnerships with our suppliers to continually seek improvement in working conditions and reducing environmental impact."

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FINANCE

ACI Worldwide to deliver new European card payments platform to Auchan Group

BY Marianne Wilson

Naples, Fla. — ACI Worldwide, a leading global provider of electronic payment and banking solutions, announced that Auchan Group, one of the world’s largest food retailers, has selected the company to deliver its new SEPA-compliant European card payments platform, the first of its kind in Europe.

Auchan Group, the world’s eleventh largest food retailer, selected ACI’s Postilion, as the foundation of this new centralized card payments platform to manage all electronic transactions, through all channels (in-store, online and mobile) across Europe. The platform supports the new European standard EPAS protocol, which addresses the region’s numerous local standards and increasing regulations that have previously stymied growth for retailers.

"Based on our successful pilot testing in France and Portugal, we knew that a centralized European card payments platform would soon become not only a reality, but a necessity. This new platform, which complies with SEPA standards, is a continuation of our corporate electronic payments strategy for safer, more open and more accessible European centralized acquiring,” said Arnaud Crouzet, head of group global payments Development, Auchan Group. "Working with ACI, an international company that fully understands and promotes European standards, will allow us to grow and innovate as we build on this broad initiative."

The platform will be jointly operated by ACI and OneyBanque Accord, the banking subsidiary of Auchan Group. It will run in ACI’s secure and fully compliant data center, which hosts banking and payment solutions for more than 4,000 financial institutions, retailers, and billers.

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