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Walton Enterprises

said to select leader

Stephan Roche will become president of Walton Enterprises LLC, according to two people with knowledge of the hiring.

Roche's addition -- not announced publicly by Walton Enterprises -- has been revealed internally. The sources said he is joining the holding company that manages the Walton family's fortune after working as chief operating officer of the Bill and Melinda Gates Investment Office in Seattle.

Roche's move comes as Richard Chapman, who has been with Walton Enterprises since 1983, prepares to leave his role leading the Walton family office in Bentonville. One of the sources said Chapman will remain through a period of transition and continue to support Walton Enterprises in other capacities.

The formation of the company dates back to 1953 when Wal-Mart founder Sam Walton and his wife, Helen, began a partnership with their four children, according to Walton's book Made in America. It was later incorporated as Walton Enterprises.

Walton Enterprises owns more than 1.4 billion shares of Wal-Mart stock worth about $141 billion using Thursday's closing stock price of $99.54 per share.

-- Robbie Neiswanger

Cabot Kmart store is

1 of 64 to close in '18

The Kmart store in Cabot will shut its doors later this year as part of another round of closings announced Thursday by Sears Holdings Corp.

The company told employees at 64 Kmart stores and 39 Sears locations that their stores will close between early March and early April as part of its continued cost-cutting moves. Liquidation sales at the closing stores will begin as early as Jan. 12.

Sears spokesman Larry Costello said the majority of the affected jobs were part-time.

The company announced in November that it was closing Sears stores in Fayetteville and Fort Smith. Those locations will close Jan. 28, leaving the state with two full-line Sears stores, in Hot Springs and North Little Rock. Only one Kmart -- in Russellville -- will remain in Arkansas after the Cabot store closes.

-- Robbie Neiswanger

State index off 1.68,

ends day at 407.57

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, dropped 1.68 to 407.57 on Thursday.

"Strong employment data combined with strength in overseas markets fueled another advance in equities as the S&P 500 Index closed at a new high with financials outperforming other sectors," said Leon Lants, managing director at Stephens Inc. in Little Rock.

The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

Business on 01/05/2018

Print Headline: Cabot Kmart store is 1 of 64 to close in 18 Cabot Kmart 1 of 64 stores closing in '18 Walton Enterprises said to select leader State index off 1.68, ends day at 407.57 Roche joins Walton Enterpris...

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