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L Brands to Spin Off Victoria’s Secret into Publicly Traded Company

by Katie Lee

Columbus, Ohio — The board of directors for L Brands Inc. has unanimously approved a plan to separate the company into two independent, public companies consisting of Bath & Body Works and Victoria’s Secret. L Brands expects to create these companies through a tax-free spinoff of Victoria’s Secret to the shareholders of L Brands. “The spinoff will enable each company to maximize management focus and financial flexibility to thrive in an evolving retail environment and deliver profitable growth,” L Brands stated in a news release. As separate businesses, each will …

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Bed Bath & Beyond Creates New Role of SVP Finance, Chief Accounting Officer

by Katie Lee

Union, N.J. — Bed Bath & Beyond Inc. has named John Barresi as senior vice president of finance, chief accounting officer, effective June 7, 2021. He will report to Gustavo Arnal, executive vice president and CFO. In the newly created role, Barresi will lead a team responsible for the development and execution of all corporate accounting and financial reporting functions, including maintenance of fiscal records, management of transactional shared services, preparation of internal and external financial reports, SEC and other regulatory reporting, among other corporate accounting activities. The company has …

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Barnes & Noble Owner to Acquire Paper Source

by Katie Lee

Chicago, New York and London — Elliott Investment Management L.P., the owner of Barnes & Noble, plans to acquire the assets and business operations of Paper Source Inc., which will allow the stationery and gift retailer to emerge from Chapter 11 with the support of a well-capitalized owner. Paper Source has approximately 130 stores across the U.S. Elliott is also the owner of Barnes & Noble, the leading bookseller in the U.S. with bookstores in every state. The businesses are highly complementary, with shared product ranges and a common commitment …

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Bed Bath & Beyond Names New SVP, General Merchandise Manager

by Katie Lee

Union, N.J. — Bed Bath & Beyond Inc. has named Stacey Shively as senior vice president and general merchandise manager for Home, effective May 17, 2021. Shively will report to Joe Hartsig, Bed Bath & Beyond’s executive vice president, chief merchandising officer and president of Harmon Stores Inc. Shively will be responsible for further accelerating merchandising plans for key categories including bed, bath, seasonal, décor, kitchen, dining, organization, electrics and general merchandise as part of the company’s 3-year transformation strategy. Shively joins Bed Bath & Beyond with more than 25 …

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construction and designNewsretailers

Macy’s Proposes Overhaul of Herald Square Store in Manhattan

by Katie Lee

New York City — Macy’s Inc. has unveiled plans to overhaul its flagship Herald Square store at the corner of 34th Street and Seventh Avenue in Midtown Manhattan. The plan would add a commercial office tower atop the store. The size and design features of the office component were not disclosed. The plan includes a private investment totaling $235 million by Macy’s that would modernize the public spaces around the flagship store, including upgraded subway access, improved transit connections and pedestrian-friendly and car-free streetscapes at Broadway Plaza and Herald Square. …

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DICK’S Sporting Goods Opens 4 Stores in 4 States in May, Including a New Off-Price Store

by Katie Lee

Pittsburgh — DICK’S Sporting Goods will expand its nationwide footprint with the grand opening of one DICK’S Sporting Goods location, one Warehouse Sale location and two locations of a new off-price store concept — Going, Going, Gone! — in May. The retailer also will roll out new experiential “Soccer Shops,” located inside current DICK’S Sporting Goods stores, and debut six redesigned Golf Galaxy locations and expanded technology offerings in eight additional Golf Galaxy locations in select cities across the country. The new DICK’S Sporting Goods location will open May 21-23 at …

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Authentic Brands Group and SPARC Group to Acquire Eddie Bauer

by Katie Lee

New York City and Seattle — Authentic Brands Group, LLC (ABG), a global brand owner, marketing and entertainment company, and SPARC Group, LLC (SPARC), a leading retail enterprise, have agreed to purchase Eddie Bauer, the iconic American outdoor brand, from PSEB Group (PSEB), an operating company owned by San Francisco-based private equity investment firm Golden Gate Capital. The transaction is expected to close by June 1, 2021. No financial terms were disclosed. ABG will own Eddie Bauer’s intellectual property, and the brand’s core operating business will become a part of …

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Curb Appeal

by Katie Lee

— By Jayson Hill — Five store redesigns and upgrades retailers will implement in 2021.   If 2020 was a year of survival and adaptation for retailers, 2021 will be the year they make sense of the seismic shifts they’ve endured, fine tuning various strategies as they embed them into the DNA of their companies and storefronts. North Highland’s 2021 Beacon survey helps reveal what senior retail managers are thinking. Eighty-nine percent of respondents said operational efficiency was a high or very high priority, suggesting they intend to spend the …

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Tuesday Morning Taps Former Burlington COO as its New CEO

by Katie Lee

Dallas — Tuesday Morning, a leading off-price retailer of home goods and décor, has named Fred Hand as its new chief executive officer and a member of the board of directors, effective May 17, 2021. Hand is one of the most experienced and well respected off-price retail executives, most recently serving as chief operating officer of Burlington Stores, Inc. “We are confident Fred is the ideal choice to lead Tuesday Morning’s future growth,” says Sherry Smith, chairperson of the board. “Fred is an exceptional retailer with outstanding operating, merchandising and …

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Ashley Stewart Names New Chief Creative Officer

by Katie Lee

Secaucus, N.J. — Leading fashion retailer Ashley Stewart, Inc., which has 82 physical stores in addition to its e-commerce presence, has appointed Lloyd Boston as chief creative officer (CCO). Boston will assume responsibility for the creative direction of the Ashley Stewart brand. Boston joins Gary Sheinbaum, Ashley Stewart’s newly appointed chief executive officer (CEO). The two unite forces once more after time shared building the Tommy Hilfiger brand. Boston began his career as Tommy Hilfiger’s first hand-picked intern in 1989, rising to the brand’s first vice president of art direction. …

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