Management

Neiman Marcus Closing Most of its Last Call Outlet Stores
March 13, 2020 at 4:00 pm

Neiman Marcus is largely getting out of the discount store business. The Dallas-based upscale department store chain announced on Wednesday that it was closing most of its 22 remaining Last Call discount stores, saying it preferred to focus on its high-end business. The closings will result in 500 jobs being eliminated by the end of…

Where Artificial Intelligence Meets Emotional Intelligence: 3 Steps to Strategic Retail Pricing Transformation
March 12, 2020 at 2:20 pm

For all the talk about the power of artificial intelligence (AI) to drive meaningful transformation for retailers that want to reinvent themselves for today's demanding renvironment, many companies fall short of harnessing the full benefits of AI and analytics for actionable insights. That’s because many of these attempts fail to take into account the human…

Burlington Stores is Shutting Down its E-Commerce Site
March 10, 2020 at 1:21 pm

In a world where retailers are taking the fight for market share online, Burlington Stores says it’s going to end its e-commerce operation and focus on growing its brick-and-mortar business. Burlington’s Chief Executive Michael O’Sullivan said on the company’s earnings call last week that e-commerce only accounts for 0.5 percent of sales, and the company’s efforts…

Gap Names Old Navy Exec Sonia Syngal its New CEO
March 6, 2020 at 11:18 am

Gap Inc. has tapped its Old Navy chief, Sonia Syngal, to be CEO, effective March 23, the company announced yesterday. Syngal has been leading Old Navy’s business since 2016, and has been with Gap Inc. since 2004. She will also be joining Gap’s board of directors later this month, the company said. The announcement comes…

Hudson's Bay Co. to Be Taken Private
March 2, 2020 at 4:00 pm

Hudson’s Bay Co. (HBC) said last week that it won shareholders’ approval to become a private company owned by the group of continuing shareholders led by HBC Governor and Executive Chairman Richard Baker. Other shareholders will get CA$11 ($8.23) per share in cash in the deal, which is subject to customary closing conditions, including court approval.…

NRF Predicts 2020 Retail Sales Will Grow as Consumers Continue to Drive Economy
February 27, 2020 at 1:33 pm

Despite uncertainty from the coronavirus, presidential election and lingering trade war, the National Retail Federation (NRF) forecasts that retail sales will increase between 3.5 percent and 4.1 percent to more than $3.9 trillion in 2020, it announced in a press release yesterday. Matthew Shay, NRF president and CEO, said in the press release that consumers continue…

Pier 1 Imports Files for Bankruptcy, Seeks Buyer
February 18, 2020 at 9:42 am

Pier I Imports has filed for Chapter 11 bankruptcy and said it already has the approval of its lenders to pursue a sale of the company. The home furnishings retailer is in the process of closing up to 450 stores, including all of its stores in Canada. Pier 1 has received about $256 million in debtor-in-possession financing…

Andrew Clarke Named President and CEO of Francesca's Holdings
February 17, 2020 at 1:53 pm

Francesca's Holdings Corp. last week announced the appointment of Andrew Clarke as president, chief executive officer and member of the board, effective March 9. Clarke replaces Michael Prendergast, who has served as interim CEO for the past year. Clarke, who was most recently president of Ascena Retail apparel brand Loft, has 25 years of retail experience, much of it in…

Walmart Discontinuing its Personal Shopping Service, Jetblack
February 14, 2020 at 9:01 am

Walmart said it will discontinue its personal shopping service, Jetblack, on Feb. 21. The announcement follows a report by The Wall Street Journal that the company ended talks to spin off the business and will now restructure it. Walmart had conversations with potential investors, including Microsoft, United Parcel Service and venture capital firms, according to the report. Jetblack notified customers…

Kohl's to Lay Off 250 Workers Following Weak Holiday Sales
February 13, 2020 at 2:08 pm

Kohl's is laying off 250 workers as it restructures parts of its business following a dismal holiday season, reports CNBC. As part of the job cuts, Kohl’s is getting rid of a layer of regional store leadership roles as well as restructuring teams in its merchant organization. The changes will help Kohl’s streamline communications and eliminate the…