The new Chief Operating Officer told the Star Tribune the Edina-based company will close less than 10 percent of its 7,500 company-owned stores. An exact figure or locations were not disclosed. Regis also plans to eliminate half of its 50 brand names and convert most of the affected salons. The struggling company wants to reduce costs and simplify its business model.

The troubled Edina-based hair salon operator reported it lost $63.6 million in the fourth quarter because of a hefty impairment charge and fewer customers, the Twin Cities Business reports. Excluding non-operational items, Regis earned 40 cents per share, topping Wall Street estimates of 31 cents.

This is the 16th consecutive quarter in which same-store sales declined for the troubled Edina-based hair salon, the Star Tribune reports. Earnings will be disclosed when the full report is released next month. In a statement, interim Regis CEO Eric Bakken wrote, "Meaningful change is underway at Regis, and, as we look forward to fiscal 2013, we expect these changes will drive improvement in our same-store sales results."

The struggling Edina-based hair care giant has chosen Royal Caribbean Cruises executive Daniel Hanrahan as its new chief executive officer. Hanrahan will join Regis Corporation on August 6. Most recently, he was president and CEO of the Celebrity Cruise brand. Interim COO Eric Bakken was tapped to serve as interim CEO of Regis earlier this month.

Napster will be merged with Rhapsody -- creating the largest on-demand music service in the U.S. The Richfield-based electronics retailer will receive a minority stake in the company.

Three thieves used a knife to snip a length of colored human hair from a display in a Woodbury beauty supply store. The 18-inch lock of burgundy hair has an estimated value of $70.

Minnetonka-based Digital River says a rare hardware failure knocked out service to some of its smaller customers around the world, but did not affect its biggest clients. The company, which runs online stores for retailers, says service has been restored nearly everywhere.