Hudson's Bay, the owner of the Lord & Taylor and Saks Fifth Avenue department stores, has named Jerry Storch, the former top executive at Toys"R"Us, to serve as its new chief executive. The department store operator said Storch will take the reins beginning Jan. 6, succeeding Richard Baker, who will stay on as executive chairman.
CNBC's Courtney Reagan speaks with former Saks CEO Steve Sadove; former Toys"R"Us CEO Jerry Storch; former Bloomingdale's CEO Michael Gould; and former Sears Canada CEO Mark Cohen about the outlook for retail.
The Toys"R"Us board has chosen interim Chief Executive Officer Antonio Urcelay as chief executive, but has paired him with a former Wal-Mart executive as the head of the Wayne, N.J.-based company's U.S. retail operations. The announcement this week follows an eight-month search that followed the resignation of former CEO Jerry Storch in February. Urcelay, who previously headed Toys’ global operations, was named interim CEO soon after Storch stepped aside, but has kept a relatively low profile in the interim position. Hank Mullany, a former executive vice president of Wal-Mart, U.S., was named president of Toys"R"Us, U.S., effective Nov. 5.
WAYNE, N.J. — Toys“R”Us reported that sales for the the fourth quarter decreased $155 million to $5.8 billion and that net earnings fell to $239 million from $343 million in the prior year. Jerry Storch, chairman and CEO, Toys“R”Us Inc., stated, “We are...