Management

Signet Jewelers to Shutter 150 Stores
April 8, 2019 at 1:36 pm

Signet Jewelers Limited, the world's largest retailer of diamond jewelry, said last week that it's planning to close 150 underperforming stores during its current fiscal year and that by fiscal year's end it plans to reduce its store base by 13 percent over a three-year period, according to a company press release. Signet, which has 3,300 stores…

More Bang for Your Buck: How to Unlock Maximum Value From External Consultants
April 8, 2019 at 10:07 am

Retailers are under pressure like never before. The continued growth of online stores such as Amazon.com coupled with rising brick-and-mortar store rents are creating an unforgiving market. It seems that every week another big brand announces it's closing stores or going into liquidation. The effects ripple across the industry, as the loss of an anchor…

Sears is Opening Stores. Yes, You Read That Right
April 5, 2019 at 12:04 pm

Sears is opening stores again. The department store chain that has closed hundreds of Sears and Kmart locations over the past few years announced this week that it will open three “Sears Home & Life” stores in May. The stores will be located in Anchorage, AK; Lafayette, LA; and Overland Park, KS. The new  stores will offer…

Target Raises its Minimum Wage to $13 an Hour
April 4, 2019 at 11:48 am

Target Corp will raise its U.S. minimum wage to $13 an hour in June, from $12 currently, increasing its payroll costs and putting new pressure on rival Walmart to attract retail workers in a tight labor market. Minneapolis-based Target employs over 300,000 workers and runs 1,845 stores in the United States. The company is investing…

Fashion House Roberto Cavalli Closes its U.S. Stores
April 2, 2019 at 11:06 am

The ailing Italian luxury fashion house Roberto Cavalli has shuttered its North American operations, hours after the brand said it was seeking a deal with creditors to stave off a bankruptcy filing and less than a week after the departure of its creative director, Paul Surridge. On Friday, the brand confirmed that it intended to…

Report: Bed Bath & Beyond Laid Off 150 Employees
April 1, 2019 at 2:18 pm

Bed Bath & Beyond laid off about 150 of its 65,000 employees last week, CNBC reported. Anonymous sources familiar with the matter told CNBC that a little less than 50 workers, largely in the field-support team, which helps staff stores at namesake Bed Bath & Beyond stores, lost their jobs. In addition, fewer than 100 department and…

Ascena Retail Group to Sell Majority Interest in maurices
March 25, 2019 at 12:57 pm

Ascena Retail Group announced today that it’s selling a majority interest in its maurices discount apparel brand to an affiliate of private equity firm OpCapita for approximately $300 million, according to a company press release. Ascena expects to receive $200 million in cash after expenses from the deal, as well as a minority interest in maurices.…

Rent the Runway Valued at $1B After Funding Round
March 22, 2019 at 1:16 pm

Rent the Runway, the online service that provides designer dress and accessory rentals, announced on Thursday a $125 million investment co-led by Franklin Templeton Investments and Bain Capital Ventures that values the company at $1 billion. The financing is the largest funding round Rent the Runway has raised to date, and will bring total equity raised to…

Pier 1 Imports to Cut Corporate Workforce
March 21, 2019 at 12:30 pm

Pier 1 Imports interim CEO Cheryl Bachelder is reorganizing the home furnishings retailer's corporate staff in Fort Worth, Texas to cut costs, "better align its operations with its long-term strategy" and become more agile. It's not clear how many are losing jobs in the reorganization or how many remain in the Fort Worth office, which…

Workforce Management Solution Helps Kum & Go Reduce Costs, Lower Employee Turnover
March 21, 2019 at 11:05 am

Kum & Go is a 24/7 convenience store chain that operates 400-plus locations in the Midwest. Like many convenience store businesses that are open around the clock, Kum & Go was challenged with staffing issues. In particular, store general managers were being forced to pick up uncovered shifts when employees called out and didn't have…