retailers

Newspeopleretailers

Walgreens Names Former Starbucks COO as Chief Executive Officer

by Katie Lee

Deerfield, Ill. — Walgreens Boots Alliance, Inc. (WBA) has appointed Rosalind (Roz) Brewer as the company’s chief executive officer, effective March 15, 2021. Brewer will also join the WBA board of directors upon assuming the role. She succeeds Stefano Pessina who, as previously announced, will transition to the role of executive chairman of the board of WBA. Pessina has served as the CEO of the combined company for 6 years following the merger between Walgreens and Alliance Boots in December 2014. During his tenure, he transformed and modernized the company …

Continue Reading
0 FacebookTwitterPinterestEmail
Newsretailers

L’Occitane, Inc. Files for Chapter 11, Will Optimize U.S. Store Footprint

by Katie Lee

New York City — L’Occitane, Inc., a leading U.S. retailer of beauty and well-being products rich in natural and organic ingredients that preserves and celebrates the traditions of Provence, France, has filed for voluntary Chapter 11 bankruptcy this week and will optimize its store footprint to best position its business for the future. To implement this store footprint optimization plan, including the contemplated exit of unprofitable locations, the company commenced a voluntary case under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District …

Continue Reading
0 FacebookTwitterPinterestEmail
Newsretailers

AMC Theatres Raises $917 Million of Investment Capital, Says Bankruptcy is ‘Completely Off Table’

by Katie Lee

Leawood, Kan. — In an effort to remain financially afloat amid the COVID-19 pandemic, AMC Entertainment Holdings Inc. has raised or signed commitment letters to receive $917 million of new equity and debt capital. The Leawood, Kan.-based movie theater company says the increased liquidity should enable it to survive well into 2021. Of the $917 million, AMC raised $506 million of equity from the issuance of new common shares. Additionally, the company executed commitment letters for $411 million of incremental debt capital from upsizing and refinancing its European revolving credit …

Continue Reading
0 FacebookTwitterPinterestEmail
Newsretailers

American Eagle Outfitters to Close 225 Stores, Bolster Aerie Brand to $2 Billion Revenue

by Katie Lee

Pittsburgh — The Pittsburgh-based company’s chief financial officer, Michael Mathias, announced plans to close 200 to 225 of the company’s 880 existing American Eagle locations over the next 2 to 3 years during a virtual investor meeting held Jan. 21. “Our primary focus for the next few years with American Eagle will be to build on our large cash-flow base by focusing on inventory efficiency, improving merchandise margins, managing expenses and closing stores to strengthen profit flow-through,” says Mathias.The company’s American Eagle banner anticipates roughly flat growth compared to 2019, …

Continue Reading
0 FacebookTwitterPinterestEmail
Newspeopleretailers

Bed Bath & Beyond Appoints New SVP, GM of Harmon Health and Beauty Stores

by Katie Lee

Union, N.J. — Bed Bath & Beyond Inc. has named Mara Sirhal as senior vice president and general manager for Harmon Health and Beauty Stores, effective immediately. Sirhal will report to Joe Hartsig, executive vice president and chief merchandising officer at Bed Bath & Beyond Inc. and president of Harmon Health and Beauty Stores. Sirhal will be responsible for unlocking the potential of Harmon Health and Beauty Stores, leading all operational aspects of this value-driven business. This includes retail, online and distribution, as well as developing and implementing an improved customer value …

Continue Reading
0 FacebookTwitterPinterestEmail
Newsretailers

Office Depot Parent Company Rejects Staples’ $2.1 Billion Acquisition Offer

by Katie Lee

Boca Raton, Fla. — ODP Corp., the parent company of Office Depot, has rejected USR Parent Inc.’s off-market transaction offer to acquire the Boca Raton, Fla.-based retailer. USR, the parent company of office products retailer Staples and affiliate of Sycamore Partners, offered to buy ODP for $40 per share in an all-cash deal that would equate to roughly $2.1 billion. In a letter to Stefan Kaluzny, managing director of Sycamore Partners and a member of the board of directors at USR, ODP’s chairman of the board of directors Joseph Vassalluzzo …

Continue Reading
0 FacebookTwitterPinterestEmail
Newsretailers

Bed Bath & Beyond Inc. Completes Sale of Cost Plus World Market

by Katie Lee

Union, N.J. — Bed Bath & Beyond Inc. has completed the sale of Cost Plus World Market to Kingswood Capital Management, a Los Angeles-based private equity firm. Both companies have agreed to a transition services agreement following the close of the transaction to help ensure business continuity. “The completion of this transaction marks the conclusion of our work to streamline our portfolio,” says Mark Tritton, president and CEO Bed Bath & Beyond. “These efforts will help fund our transformation and put us in the position to start fiscal 2021 with …

Continue Reading
0 FacebookTwitterPinterestEmail
Newsretailers

Store Closings Begin at All Christopher & Banks Locations Nationwide

by Katie Lee

Chicago — On Jan. 13, 2021, Christopher & Banks filed for Chapter 11 reorganization and authorized store closing sales to be conducted by Hilco Merchant Resources. The store closing process has begun at more than 400 stores nationally. Christopher & Banks was founded in 1956. As of February 2020, the retailer had more than 450 locations. In a statement from Christopher & Banks, Keri Jones, president and CEO, said: “Since the start of the COVID pandemic, we have taken aggressive steps to protect our business while continuing to serve our …

Continue Reading
0 FacebookTwitterPinterestEmail
Newsretailers

Express, Inc. Receives $140 Million in Additional Financing to Bolster Liquidity

by Katie Lee

Columbus, Ohio — Fashion apparel retailer Express, Inc. has entered into a definitive loan agreement with Sycamore Partners as lead lender, along with Wells Fargo and Bank of America Merrill Lynch, that strengthens its liquidity position by an additional $140 million. The new financing includes a $90 million FILO Term Loan with a maturity date of May 24, 2024, and a $50 million Delayed Draw Term Loan, to be repaid upon receipt of a CARES Act tax refund expected to be received in the second quarter of 2021. This financing …

Continue Reading
0 FacebookTwitterPinterestEmail
Newspeopleretailers

URBN Makes Management Changes

by Katie Lee

Philadelphia — Urban Outfitters, Inc., a leading lifestyle products and services company which operates a portfolio of global consumer brands comprised of Anthropologie, BHLDN, Free People, FP Movement, Terrain, Urban Outfitters, Nuuly and Menus & Venues, has made key management changes. Trish Donnelly, chief executive officer of the Urban Outfitters Group, will be leaving the company as of January 31, 2021, to pursue a new career opportunity. Sheila Harrington will become CEO for both Urban Outfitters Group and Free People Group. Additionally, Gabrielle Conforti, currently the chief merchandising officer for …

Continue Reading
0 FacebookTwitterPinterestEmail
Newer Posts
Older Posts