Management

Old Navy to Split From Gap Inc.
March 1, 2019 at 10:50 am

Gap Inc. yesterday announced plans to create two independent, publicly traded companies: Old Navy and a yet-to-be-named company ("NewCo") that will consist of the Gap brand, Athleta, Banana Republic, Intermix and Hill City. Gap said the spin-off will enable each company to maximize focus and flexibility, align investments and incentives to meet its unique business needs,…

L Brands to Shutter 53 Victoria's Secret Stores
February 28, 2019 at 12:40 pm

L Brands, owner of the lingerie chain, announced Wednesday plans to close 53 Victoria’s Secrets stores in North America this year, more than three times the 15 it has historically closed in an average year. Victoria’s Secret square footage in North America will drop by about 3 percent with this latest round of store closures. A weak…

Foot Locker Announces $12.5M Investment in Rockets of Awesome
February 27, 2019 at 11:15 am

Foot Locker announced Tuesday that it's investing $12.5 million in New York City-based children's apparel brand Rockets of Awesome, according to CNBC. The athletic footwear retailer will open Rockets of Awesome clothing shops within Kids Foot Locker locations, making it the largest retailer of the children's brand's products in the U.S. In addition, Foot Locker will…

Macy's to Cut 100 Management Jobs in Corporate Restructuring
February 26, 2019 at 11:49 am

Macy's said Tuesday it will cut about 100 management jobs as looks trim costs and improve profitability amid declining sales. The department store chain was able to top lowered expectations for its fourth quarter, but same-store sales came up short of expectations. Macy's is targeting $100 million in annual cost savings, starting in fiscal 2019, with its…

Levi's Hires Chief Artificial Intelligence Officer
February 22, 2019 at 11:25 am

Levi’s has hired its first artificial intelligence (AI) officer. Katia Walsh, who was most recently Vodafone’s chief data and analytics officer, will begin her tenure at Levi’s on April 29. According to a company statement, Walsh will focus on building “data, analytics and artificial intelligence enablers” that will strengthen the company’s present and future business…

Serena Williams Joins Poshmark's Board of Directors
February 21, 2019 at 2:26 pm

Tennis superstar and businesswoman Serena Williams is joining the board of directors of Silicon Valley-based social commerce platform Poshmark, the company announced Wednesday. “Poshmark is disrupting retail by making shopping and selling social again, and I love working with a company that gives anyone an opportunity to become an entrepreneur,” Williams said in a press release…

Report: Amazon Paid No Federal Taxes on $11.2B in Profits Last Year
February 18, 2019 at 2:26 pm

Amazon.com, the e-commerce giant helmed by Jeff Bezos, the world’s richest man, paid no federal taxes on profit of $11.2 billion last year, according to an analysis of the company’s corporate filings by the Institute for Taxation and Economic Policy (ITEP), a progressive think tank. The news of the report was first publicly reported in The Washington Post,…

REI CEO Stritzke Resigns Over Undisclosed Personal Relationship
February 15, 2019 at 2:06 pm

Outdoor retailer Recreational Equipment, Inc., or REI, says its president and CEO Jerry Stritzke has resigned for failing to disclose a personal relationship with the head of another organization in the outdoor industry, according to a company statement. REI's board accepted Stritzke’s resignation “following an investigation into the facts and circumstances surrounding a personal and…

Amazon Pulls Out of Planned New York City Headquarters
February 14, 2019 at 2:51 pm

Amazon.com on Thursday canceled its plans to build an expansive corporate campus in New York City after facing an unexpectedly fierce backlash from some lawmakers and union leaders, who contended that a tech giant didn't deserve nearly $3 billion in government incentives. The retail giant, as part of its extensive search for a new headquarters, had…