Dollar Tree Stores Inc. completed the $55.7 million acquisition of 138 stores and related assets of the$-Nothing Over a Dollar chain, which was owned by Supervalue Inc. Dollar Tree acquired store assets, leasehold rights and inventory. The stores will continue to operate under the Deal$ banner. Dollar Tree now operates 3,097 stores in 48 states.
The Wet Seal Inc. promoted Gary White to the post of chief operating officer. White joined the company in July 2004 as senior vice president of sales and operations and was subsequently promoted to executive vice president.
Specialty apparel retailer Justice, which targets the “tween” girl market (ages 7 to 14) opened its 100th store at the Pinnacle at Turkey Creek lifestyle center in Knoxville, Tenn. Justice plans to open 65 to 70 new stores during 2006 and will launch a catalog. Justice is owned and operated by Too Inc., which also operates the Limited Too chain.
Jones Apparel Group Inc. named Andrew Cohen CEO of its wholesale footwear and accessories division and Heather Pech CEO of its company-owned footwear and apparel division. Both report to Peter Boneparth, president and CEO. The two are replacing Rhonda Brown, former CEO of the footwear, apparel andgroup. Jones Apparel Group is currently exploring strategic alternatives, including sale of the company.
RadioShack Corp. has closed 40 stores so far this year and another 440 closings are on the way. The retailer will post charges of between $50 million and $90 million in connection with the closings. The moves come after a rough first quarter for RadioShack, which saw its profits fall 85 percent because of weak sales.