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J.C. Penney to Close Up to 140 Stores, Offer Buyouts
February 24, 2017 at 11:46 am

J.C. Penney plans to close 130 to 140 stores and offer buyouts to 6,000 workers as the department store industry sags in competition with online sellers and nimble niche retailers. The company said Friday that it would shutter 13 percent to 14 percent of its locations and introduce new goods and services aimed at the shifting…

Kohl's, Macy's Turn Landlords to Generate Revenue
February 24, 2017 at 11:24 am

Kohl's and rival Macy's are carving out prime space within their sprawling stores and leasing them to other retailers as a means to generate revenue. Kohl's said on Thursday it would operate 500 of its nearly 1,150 stores with much lower square footage and would look to lease out the remaining space to other retailers. Macy's is…

Lowe’s Lays Off More Than 500 Employees
February 23, 2017 at 12:27 pm

Lowe's is cutting back on staff. The home improvement retailer has laid off more than 500 full-time corporate employees companywide in its latest efforts to streamline operatios. The Charlotte Observer reports the layoffs includes 430 workers at Lowe's headquarters in Mooresville, N.C., as well as 70 support staffers in Wilkesboro, N.C. and 25 corporate support…

Trump's Policy Reform Means Big Changes for Small Retailers
February 23, 2017 at 12:09 pm

President Donald Trump's plan to repeal the Wall Street Reform and Consumer Protection Act of 2010, otherwise known as Dodd-Frank, is just about complete. While language in the Act has imposed a few regulations on bigger businesses that seem unnecessary, there was one key component that was created to help protect small to midsize retailers…

Retail Execs Share Views on Compensation Transparency
February 22, 2017 at 2:56 pm

Our coverage of Total Retail’s first annual Salary Benchmark Report this week examines retail executives’ — CEOs/presidents/founders; chief marketing officers; C-level execs other than CEOs and CMOs; and vice presidents — opinions on how transparent their companies are when it comes to employee compensation. This data can be looked at in two different ways: one, how…

CMOs the Shortest Tenured Professionals, Study Finds
February 22, 2017 at 2:55 pm

Chief marketing officers are the shortest-tenured C-suite professionals, at least according to a recently released report from people and organizational advisory firm Korn Ferry. By contrast, CEOs are the longest-tenured C-suite professionals. The report featured data from a survey conducted by the Korn Ferry Institute of the top 1,000 U.S. companies by revenue. The survey…

Ralph Lauren Hires First Chief Marketer
February 22, 2017 at 2:47 pm

Ralph Lauren Corporation has hired its first chief marketing officer to further solidify the leadership team in support of the brand’s Way Forward Plan. Jonathan Bottomley has been appointed to the newly created role, and will be responsible for evolving the brand’s voice, leading the global marketing team and building marketing strategies across brands. Bottomley comes…

AutoNation Appoints Bill Berman President
February 22, 2017 at 1:23 pm

AutoNation recently announced that it has named Bill Berman president and COO. Berman held the positions of COO and executive vice president since 2015, and previously lead the West Coast division of AutoNation. During this time, Berman built several used car and customer care processes that AutoNation implemented throughout its dealer body. Berman engineers the…

Tiffany & Co. Adds 3 Board Members
February 22, 2017 at 11:51 am

Tiffany & Co. this week announced that it's appointing three new members to its board of directors, effective no later than March 6. The addition of Roger Farah, James Lillie and Francesco Trapani will increase the board’s size from 10 to 13. Farah is the co-CEO of the fashion brand Tory Burch, and Lillie is the…

Macy's a Victim of the Country's Trump Divide
February 22, 2017 at 10:41 am

In a polarized country with consumers divided over President Donald Trump, Macy’s may have to give up its nonpartisan identity to survive. Ad Age reports that Macy’s has long been the “quintessential midpriced department store,” appealing to both red and blue state shoppers. Macy’s removed Donald Trump-branded merchandise in 2015 after the then-nominee made comments…

Sycamore Partners Wins Bankruptcy Auction for The Limited
February 22, 2017 at 10:06 am

Sycamore Partners has won the auction for the e-commerce business and intellectual property of bankrupt retailer The Limited with a bid of $26.8 million. Sources close to the situation said Sycamore Partners outbid clothing firm Sunrise Brands LLC. The sale isn’t final yet — it must be approved by a U.S. bankruptcy court judge first.…

Toys"R"Us Lays Off Up to 15% of Corporate Staff
February 21, 2017 at 11:31 am

Toys“R”Us Inc. recently laid off between 10 percent and 15 percent of its corporate employees, the latest traditional brick-and-mortar retailer to cut jobs as shopping rapidly shifts from physical stores to online ones. About 250 jobs were eliminated at the Wayne, N.J.-based company, people familiar with the matter said. The layoffs were announced Friday. Toys"R"Us CEO David…

Sunrise Brands Bids for The Limited
February 20, 2017 at 11:51 am

Clothing firm Sunrise Brands LLC has bid for the e-commerce business and intellectual property of bankrupt U.S. retailer The Limited, challenging a $26.3 million offer from private equity firm Sycamore Partners. The Limited was forced to close its 250 brick-and-mortar stores earlier this year and filed for bankruptcy last month, with Sycamore Partners as the initial…

MC Sports to Close All 68 Stores After Liquidation Sales
February 20, 2017 at 11:37 am

Michigan Sporting Goods Distributors, which operates 68 sporting goods stores in seven Midwestern states, has begun store liquidation sales at its MC Sports, MC Sporting Goods, MC Sport Outdoors Centers and Traverse Bay Tackle stores. The company plans to close all of its stores after the liquidation sales. The sporting goods chain filed for Chapter 11…

Walgreens-Rite Aid Deal May Be a Go
February 17, 2017 at 11:46 am

Walgreens’ $10 billion acquisition of Rite Aid is nearing approval by federal regulators, sources say. Reports say the $91 billion chain is optimistic about the new package of stores it's selling to regional pharmacy chain Fred's. The parties involved are hopeful the Federal Trade Commission will approve the deal in the next two weeks to…

Tiffany's Allegedly Pushed Out Employee With Cancer Mutation
February 17, 2017 at 11:26 am

Luxury jewelry retailer Tiffany & Co. is in hot water. A former employee says the jewelry maker pushed her out after she had her breasts and ovaries removed to avoid getting cancer, according to a Business of Fashion report. Lisa O'Rourke alleges in a federal lawsuit that Tiffany & Co. discriminated against her because she carries…

GNC Posts Woeful Q4 Results; Announces Store Closures
February 17, 2017 at 11:04 am

GNC announced Thursday a $433.4 million loss in its fiscal fourth quarter, marking the end of a rocky 2016. In total, the Pittsburgh-based health supplement retailer's share price declined 64 percent year-over-year. GNC recorded a net loss of $286.3 million, compared with a $219.3 million profit the year before, as sales declined 6.5 percent and…

Retail CEOs Leave Meeting With Trump Optimistic About Border Tax
February 16, 2017 at 10:02 am

A group of executives from big-name retailers such as Target, Gap, Walgreens and Best Buy met with President Trump on Wednesday to make their case that a Republican plan for tax reform would be detrimental to their businesses and to the wider economy. The tax proposal, known as the border adjustment, would effectively create a…

How Retail Execs Are Awarding Raises
February 15, 2017 at 5:30 pm

Our coverage of Total Retail’s first annual Salary Benchmark Report this week examines how retail executives — CEOs/presidents/founders; chief marketing officers; C-level execs other than CEOs and CMOs; and vice presidents — view the approaches taken by their companies to award raises. This data can be looked at in two different ways: one, how their own…

Co-Founder of Coach Handbags Dies at 95
February 15, 2017 at 5:09 pm

Miles Cahn, who with his wife founded the Coach Leatherware Company, died on Friday at his home in Manhattan. He was 95. His death was confirmed by his son-in-law, the chef Mario Batali. The New York Times reports Mr. Cahn and his wife, Lillian Cahn, founded Coach in 1961 after buying a small wallet manufacturer…