Management

Fred's Files for Bankruptcy Protection, to Close All of its Stores
September 10, 2019 at 9:17 am

Discount retailer Fred’s announced Monday it is filing for Chapter 11 bankruptcy protection and closing all of its stores. The company said liquidation sales at retail locations will be completed over the next 60 days. The bankruptcy is a sign that cost-cutting measures such as the shuttering of hundreds of unprofitable stores and inventory clearance sales couldn't save the retailer.…

Tapestry Appoints Jide Zeitlin as New CEO
September 4, 2019 at 2:20 pm

Tapestry, the parent company of brands Coach, Stuart Weitzman, and Kate Spade, announced the appointment of Jide Zeitlin as its new CEO, effective immediately, reports CNBC. Zeitlin replaces Victor Luis, who worked at the company for 13 years and became CEO in 2014. During his tenure, Luis oversaw the transformation of the company name from…

Forever 21 Said to Be Preparing for Bankruptcy Filing
August 29, 2019 at 11:44 am

Forever 21 Inc. is preparing for a potential bankruptcy filing as the fashion retailer’s cash dwindles and turnaround options fade, according to people with knowledge of the plans. The company has been in talks for additional financing and working with a team of advisers to help it restructure its debt, but negotiations with possible lenders have so…

Overstock CEO Patrick Byrne Resigns Amidst Unusual Circumstances
August 23, 2019 at 10:23 am

For two decades as the CEO of Overstock.com, Patrick Byrne has never been far from controversy. He posted elaborate theories on his personal website, railed against an unnamed Wall Street figure he named the Sith Lord and then, last week, delivered the most eyebrow-lifting tale of all. Byrne — operating on the advice, he said,…

Barneys New York Files for Bankruptcy
August 6, 2019 at 9:56 am

Barneys New York, an icon of New York retail, filed for bankruptcy early Tuesday morning, with a plan to significantly reduce its physical footprint, as it looks for a buyer to stave off liquidation. The retailer said it will focus on running only five of its more than 10 namesake stores: on New York’s Madison…

Poshmark Suffers a Data Breach
August 5, 2019 at 2:27 pm

In a post to its company blog last week, popular fashion resale platform Poshmark announced that its servers had been accessed by an "unauthorized third party." The hackers stole private data from users in the U.S. that included personal email addresses, Poshmark account usernames, clothing size preferences, and social media account information. Poshmark, which is…

Nordstrom Family Reportedly Wants to Increase Stake in Retailer
August 1, 2019 at 12:50 pm

A group of Nordstrom family members are interested in increasing their stake in the department store, according to CNBC. Currently the group owns 31.2 percent of Nordstrom, and they're reportedly working on a proposal to raise their ownership stake to at least 50 percent. Last year, the family decided not to take Nordstrom private after an initial offer of…

Dave Ramsey’s Retail: Baby Steps to Leave a Retail Legacy
August 1, 2019 at 12:41 pm

“To be in a different place, you must believe and do things differently.” — Dave Ramsey It isn’t often you read about the meaning of life in a trade publication, but I think we can mostly agree that leaving a legacy floats near the top of everyone’s “bucket list.” Whether that legacy is a healthy inheritance…

Ask the Experts: 3 Questions About Retail Cash Flow and Inventory
July 29, 2019 at 11:40 am

The retail sector is undergoing tremendous change, with a growing volume of sales shifting to e-commerce sites. But for owners of all types of retail businesses, issues related to cash flow and inventory remain a primary concern. According to an exclusive Kabbage survey of independent retailers, more than 40 percent cite inventory as their largest…