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* Leading Mexican retailer Grupo Gigante said it hired Roberto Salvo as its chief executive, snatching him from rival Cifra, where he had worked for 14 years. Salvo will work closely with Gigante’s president and chairman, Angel Losada, who has been de facto CEO.
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* Irving, Texas-based Michaels Stores Inc. reported second-quarter profit of $958,000, or 3 cents a share, compared with $634,000, or 2 cents, a year ago. Revenue rose to $359.1 million from $314.2 million.
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