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.

Eric Bakken will serve as its interim chief executive officer while the Edina-based hair-care company continues its search, Twin Cities Business reports. Bakken already serves as chief operating officer, executive vice president, general counsel, and business development officer.

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."

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.

In a gesture of love, a third grader in Cloquet has given her maternal grandmother her locks. The Pine Journal says Lizzie Hey went to a salon earlier this month to get more than a foot of her hair cut off for Sue Ratajczak, who started chemotherapy treatments to treat her recently diagnosed breast cancer.