Union, N.J. — Bed Bath & Beyond Inc. has named Lynda Markoe as executive vice president, chief people & culture officer. She has extensive industry experience from over 30 years at major retailers and will join Bed Bath & Beyond in September 2020. As a key member of the leadership team, she will report to Mark Tritton, Bed Bath & Beyond’s president and CEO, and will be responsible for the company’s People growth pillar, which is focused on creating a talent engine and culture that attracts, retains and develops diverse …
retailers
Ascena Retail Group Files for Bankruptcy, Plans to Close ‘Significant’ Number of Stores
by Katie Lee
Mahwah, N.J. — Ascena Retail Group, the parent company of clothing brands Ann Taylor, Justice, Loft, Lane Bryant, Catherines and Lou & Grey, has filed for voluntary Chapter 11 bankruptcy in the United States Bankruptcy Court for the Eastern District of Virginia. The Mahwah, N.J.-based company has reopened 95% of its stores since the COVID-19 outbreak, though Ascena cited the pandemic as “severely” disrupting the company’s financial foundation. The exact number of store closings was not disclosed, but the company said it will close a “significant” number of Justice stores, …
Fremont, Calif. — Tailored Brands, the parent company of professional menswear retailers Men’s Wearhouse and Jos. A. Bank, has announced a corporate restructuring that entails closing up to 500 stores. The Fremont, Calif.-based firm says the “unprecedented and industry-wide” disruption caused by the COVID-19 outbreak was the catalyst behind the move. Tailored Brands has identified the 500 stores but did not disclose the retailers, locations or timing of those closures. Other brands in Tailored’s umbrella include K&G and Moores Clothing for Men. The company had 1,445 U.S. stores as of …
New York City — In a move to streamline its North American operations and adapt to an evolving retail landscape that has been accelerated by the COVID-19 pandemic, PVH Corp. announced on July 14, 2020 that it will close all of its 162 Heritage Brands outlet stores and reduce its office workforce by approximately 450 positions, or 12%. PVH’s Heritage Brands include Van Heusen, Izod, Arrow, Warner’s, Olga and Geoffrey Beene. The Heritage Brands retail locations are expected to operate through mid-2021. The workforce reductions, which are spread across all …
Atlanta — The Home Depot® will require shoppers to wear masks or facial coverings while inside all U.S. stores, beginning July 22. Small children or those who have a valid medical condition will not be required to wear a mask. Currently, about 85% of Home Depot stores already require facial masks in compliance with local and state regulations, and all Home Depot associates are required to wear masks in stores, distribution centers and other locations. “We appreciate all of our associates who have been working so hard to serve our customers with …
Boca Raton, Fla. — Office Depot, a wholly owned subsidiary of The ODP Corporation, a leading provider of business services, products and digital workplace technology solutions through an integrated B2B distribution platform, is providing $1.5 million to Feeding America®, the largest domestic hunger-relief organization in the country, in support of its COVID-19 Response Fund to help local food banks across the country distribute more than 1.3 billion pounds of food to communities in need. “We are proud to support the Feeding America network of food banks as it works tirelessly …
Deerfield, Ill. — In its fiscal 2020 third-quarter results, Walgreens Boots Alliance Inc. said its performance was “significantly impacted by the COVID-19 pandemic,” causing sales to be roughly $700 million to $750 million lower. The decline is largely attributed to its international stores. In April, sales at Walgreens stores in the United Kingdom were down 85%. Deerfield-based Walgreens says that pharmacy volume was impacted globally by a drop in doctor visits and hospital patient admissions. Profits were also hurt by a shift to low-margin items and higher supply chain and …
Union, N.J. — Bed Bath & Beyond Inc. has appointed industry veteran Neil Lick as senior vice president, Owned Brands. Lick, formerly of Williams-Sonoma, will lead a newly formed team that expects to develop and launch a portfolio of customer inspired owned brands from 2021. The company’s product growth strategy includes a sharper focus on product curation and differentiation as well as higher penetration of owned brands in core categories such as bed, bath and kitchen. “To rebuild Bed Bath & Beyond’s authority as the leading omnichannel home retailer, we …
Seattle — Sur La Table, a leading retail destination since 1972 for those passionate about cooking and entertaining, has filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey to restructure and sell 70 stores to Fortress Investment Group. According to The Wall Street Journal, Sur La Table will close its remaining 51 stores. Sur La Table has entered into a stalking horse asset purchase term sheet with affiliates of Fortress Investment Group, which is working in partnership …
Union, N.J. — Bed Bath & Beyond plans to close 200 stores over the next 2 years. The Union, N.J.-based company made the announcement during its earnings statement for its fiscal first quarter, which runs from March through May. The report shows sales plummeted in the quarter due to the novel coronavirus pandemic and subsequent shutdowns affecting non-essential retailers. For the 3-month period, net sales were approximately $1.3 billion, a 49% year-over-year decrease. Bed Bath & Beyond reports that 90% of its physical locations were closed for the majority of …