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Saying his goals are to "shrink the company's physical footprint and substantially reduce our cost structure," Best Buy interim CEO Mike Mikan provided details about the struggling retailer's plans to reduce costs by $800 million over the next three years. Mikan and his team are in the process of creating a turnaround blueprint designed to use IT, customer services and predictive analytics to more closely connect Best Buy to consumers. During Q1 of fiscal 2013, which ended May 5, 2012, the retailer closed 41 of the 50 underperforming big-box stores.

Pep Boys announced that it's agreed to terminate the proposed merger between itself and The Gores Group. As settlement for any and all potential claims that Pep Boys could assert under the terms of the merger agreement, previously announced on January 30, 2012, The Gores Group has agreed to pay Pep Boys a fee of $50 million and to reimburse Pep Boys for certain merger-related expenses.

Chesapeake, Va. -- Dollar Tree has approved a 2-for-1 stock split in the form of a 100% common stock dividend. The new shares will be distributed June 26 for shareholders of record as of the close of business on June 12. With the stock split, the number of outstanding shares of the company's common stock will increase from approximately 116 million shares, pre-split, to approximately 232 million shares, post-split. “Dollar Tree is committed to building value for long-term shareholders,” stated Bob Sasser, president and CEO. “The stock dividend announced today is designed to increase the liquidity of the company's

Hampstead, Md. -- Jos. A. Bank Clothiers reported Wednesday that net income for the quarter ended April 28 shrank to $14.8 million, from $17.8 million in the year-ago period. Revenue rose 4.2% to $201.4 million, from $193.3 million. Same-store sales dipped 1%.

Charlotte Business Journal by , Staff Writer Related: Retailing & Restaurants photo JEN WILSON Belk is the nation’s largest privately owned department-store chain, with 303 stores in 16 Southern states. Staff Writer- Charlotte Business Journal Email | Twitter Belk Inc.’s Belk Inc. Latest from The Business Journals Belk charity sale raises more than M for nonprofitsAcosta's Chartrand says business leaders raised M in private funds for educationDemand returns for IT Follow this company net income rose 26 percent to $40.3 million for its fiscal first quarter ended April 28.

HanesBrands, the parent of Champion and Hanes, said it plans to narrow the focus of its worldwide imagewear business by restructuring to exit noncore segments and reduce risk. The company announced the sale of its European imagewear division and, in the U.S, the exit from the private-label category and the planned divestiture of its OuterBanks brand. Imagewear, which sells basic apparel to wholesalers in the screen-print market, accounts for 8 percent of the company’s sales before the actions. Hanes expects to incur pretax charges in the second quarter of up to $85 million to $95 million.

Ashley Furniture Industries plans to open about 50 bedding stores under the Zzz's By Ashley banner, according to Furniture Today. The sleep shops will average about 4,500 square feet each, and will offer a wide selection of mattresses and sleep accessories. “I think we can open several thousand in the next 10 years,” Ben Thorud, the Ashley executive who is heading the new initiative, told Furniture Today. 

St. Louis -- Brown Shoe Co. said Wednesday that CFO Mark Hood has resigned the company, effective June 11. Russ Hammer has been named the successor. “I’m confident [Hammer] will be able to make an immediate contribution across the company and to the work we’ve been completing in our portfolio realignment efforts,” said Diane Sullivan, president and CEO. Hammer most recently served as CFO of Orbitz Worldwide. Prior to that role, he was CFO of Crocs, where he led the company's restructuring efforts and supported its turnaround.