San Francisco — Gap Inc. has hired Asheesh Saksena to join the Gap Inc. senior leadership team as chief growth officer, a newly created position that will focus on executing the company’s strategic agenda, as well as leading growth initiatives for the future. In addition, the company also named Sandra Stangl as the new president and CEO of Banana Republic. Saksena most recently served as president of Best Buy Health where he led the formation and operation of the brand’s strategic diversification into digital health after serving as the company’s …
retailers
Guitar Center Files for Chapter 11 Bankruptcy Protection, Hires A&G to Evaluate Store Footprint
by Katie Lee
Westlake Village, Calif. — Musical instrument retailer Guitar Center has filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court for the Eastern District of Virginia. The Westlake Village-based company did not announce plans to close any of its 297 stores, but it has retained A&G Real Estate Partners to explore opportunities for its real estate portfolio. In court filings, Guitar Center cited its business of instrument purchases, rentals, repairs and music lessons suffered amid the upheaval stemming from government-mandated shutdowns in response to the COVID-19 pandemic, according to The …
St. Louis — Construction is complete on two new $1.2 million Jiffy Lube centers in Sycamore and Springfield, Ill. Knoebel Construction served as the general contractor for the 3,500-square-foot automotive service centers and completed all of the pre-construction site work. Knoebel has been selected to build six additional Jiffy Lube locations in four Midwestern states for Stonebriar Auto Services, a Jiffy Lube franchisee. Those locations in Cape Girardeau, Mo.; Nixa, Mo.; Lake Hallie, Wis.; Manitowoc, Wis.; Jeffersonville, Ind.; and Machesney, Ill., and will complete in early 2021. Each location features …
Vancouver, B.C. — Foot Locker has opened its first Canadian community power store in Vancouver, British Columbia. A second community-based power store will open in Toronto, Ontario, in early December. The Vancouver and Toronto locations follow successful openings of power stores in Detroit, Philadelphia, New York, London, Compton, Calif., Liverpool and Hong Kong. “We are so excited to bring our power store model to Canada over the next two months,” says Richard McLeod, vice president of marketing for Foot Locker, North America. “Although the shopping experience is different with current guidelines, …
Houston — Francesca’s Holdings Corp. will close 140 stores throughout the country by Jan. 30, 2021, the Houston-based women’s apparel and accessories retailer announced on Nov. 16. According to The Wall Street Journal, the 140 shuttered stores represent about 20% of the company’s total store count. Francesca’s also said that if the company is unable to raise sufficient capital to continue funding operations and paying obligations, it will likely seek to restructure its debt load by filing for Chapter 11 bankruptcy. Francesca’s stock price opened at $3.53 per share on …
Atlanta — The Home Depot® has entered into a definitive agreement to acquire HD Supply Holdings, Inc., a leading national distributor of maintenance, repair and operations (MRO) products in the multifamily and hospitality end markets. The acquisition is expected to position The Home Depot as a premier provider in the MRO marketplace. “The MRO customer is highly valued by The Home Depot, and this acquisition will position the company to accelerate sales growth by better serving both existing and new customers in a highly fragmented $55 billion marketplace,” says Craig …
Minneapolis and Bolingbrook, Ill. — Target Corporation and Ulta Beauty have formed a strategic, long term partnership to transform the beauty landscape with Ulta Beauty at Target. Ulta Beauty’s shop-in-shop concept will debut at more than 100 Target stores nationwide and online at www.Target.com beginning in 2021. The partnership brings Ulta Beauty’s best-in-class beauty authority to millions of guests who love the ease and convenience of Target’s one-stop shopping experience. It also provides beauty brands an opportunity to expand and grow in a new, industry-leading omnichannel retail experience. “The durable …
Parsippany, N.J. — Tru Kids Brands™, parent of the Toys”R”Us® brand, has expanded its leadership team with the appointment of Anand Shah as general counsel and Brian Maeda as chief business development officer. Shah returns bringing a wealth of experience in the retail and consumer products industries, as well as a deep understanding of the Toys”R”Us brand and its global footprint. As corporate counsel at Toys”R”Us from 2012 to 2017, he was responsible for global corporate governance, negotiating and implementing strategic partnerships, and supporting financing activities and licensing transactions. Most recently, he served …
Washington, D.C. — JOANN, an American specialty retailer of crafts and fabrics with 865 stores across the country, has partnered with Radius Networks, the leading location-based technology company in restaurants, grocery and retail, to launch its curbside and Buy Online Pickup In Store (BOPIS) solution, FlyBuy®. Amid the pandemic, JOANN made fast, innovative, strategic decisions that were essential to the store’s long term success. JOANN’s holiday season starts with Halloween, and it was important to have this automated and streamlined order-ahead and pickup program in place prior to the holidays. …
Nashville, Tenn. — Décor and furniture retailer Ballard Designs is celebrating its new Nashville, Tenn., store location opening in the Green Hills shopping area. The new Nashville store is Ballard’s 15th location since launching its national retail expansion in 2007. Visitors to the 10,000-square-foot store, which opened in October, can get inspiration for their own design projects by seeing how the retailer’s popular catalog is brought to life in fully decorated vignettes. Design experts are available in store to offer free advice. “Ballard already has quite a devoted following in Nashville,” says Karen …