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Mickey Drexler is Leaving J.Crew
January 21, 2019 at 11:56 am

J.Crew, still without a CEO, has also lost a chairman: former CEO Mickey Drexler. The retailer announced Friday that Drexler has officially retired from his role as chairman, which he's had since stepping down as CEO in June 2017. Drexler, who joined J.Crew in 2003, has been credited with turning it into the massive, iconic brand…

MZ Wallace Looks Internationally for Growth
January 21, 2019 at 10:47 am

MZ Wallace is a designer, manufacturer and retailer of handbags and fashion accessories. In this interview with YuJin Yong, director of digital at MZ Wallace, she discusses the brand's growth strategy, and why cross-border selling is integral to the company's future. Total Retail: Tell me…

Signet Jewelers to Close Stores Following Weak Holiday Results
January 18, 2019 at 11:58 am

Signet Jewelers, the owner of the Kay Jewelers, Zales and Jared chains, reported weak holiday sales and hinted that it will speed up store closings. Sales at stores open for at least 12 months fell 1.3 percent in the nine weeks ended Jan. 5. Signet pointed to “reduced traffic during key December gifting weeks.” Its higher…

Shopko Files for Bankruptcy Protection
January 17, 2019 at 3:15 pm

Shopko, the general merchandise retailer with stores located throughout the Central, Western and Pacific Northwest regions of the U.S., announced that it, along with its subsidiaries, has filed for Chapter 11 bankruptcy protection. In its filing, Shopko cited excess debt and ongoing competitive pressures as the reason for the measure. Shopko reported assets of less than $1…

Sears is Saved: Nearly $5B Deal Reached With Chairman Eddie Lampert
January 16, 2019 at 1:14 pm

Sears Holdings reached a deal with its Chairman Eddie Lampert and his hedge fund ESL Investments early Wednesday, according to a source familiar with the situation, reports CNBC. The $5 billion agreement will leave roughly 400 stores open and keep the iconic retailer in business, saving close to 50,000 jobs. This comes after Sears rejected…

Marvin Ellison on Lowe’s, Leadership and a Life in Retail
January 16, 2019 at 12:06 pm

In a wide-ranging discussion this week at the National Retail Federation’s Big Show in New York City, Marvin Ellison, president and CEO of Lowe’s, offered insights into his plans for rebuilding the home improvement retailer, shared advice for the next generation of retail leaders in the audience, and reflected on how retail has changed his…

Omnichannel Gains, Private-Label Brands Help Drive Target’s Resurgence
January 15, 2019 at 12:47 pm

In a keynote presentation and interview at the National Retail Federation (NRF) Big Show in New York City, Target Corp. Chairman and CEO Brian Cornell detailed how the general merchandise retailer has followed a plan of reinvesting in the business, from people to technology to product, and the benefits it’s now realizing as a result.…

Gymboree to File for Bankruptcy, Liquidation Likely for All of its Stores
January 15, 2019 at 10:57 am

Children's clothing retailer Gymboree Group is expected to file for bankruptcy protection as soon as this week, in what would be its second bankruptcy filing in less than two years, a person familiar with the situation told CNBC. As part of the bankruptcy process, the company expects to close much of the roughly 900 stores…

Yellen: Economic Uncertainty a Concern for Some Retailers
January 14, 2019 at 2:33 pm

Some retailers are heading into 2019 concerned about the uncertainty of the economy, according to Janet Yellen, the former chair and board of governors for the Federal Reserve System. Yellen was speaking to a packed crowd of retailers at the NRF Big Show in New York City today. While the global economy was firing on…

Chico's FAS to Close 250 Stores Over 3-Year Period, Review Operations
January 11, 2019 at 1:46 pm

Fort Myers, Fla.-based women's retailer Chico's FAS has announced plans to close at least 250 stores and to expand a review of its operations. In a news release, the company said the strategic initiatives are designed to "build on the company's omnichannel platform" and ensure it has "the agility, customer service and speed needed for long-term success…

J.C. Penney to Close More Stores Amidst Slowing Sales
January 10, 2019 at 2:53 pm

J. C. Penney announced  on Tuesday that it plans to close three stores by the spring as part of an ongoing evaluation of its performance. The retailer didn't report which stores it planned to close, but said it's currently assessing locations that "may not meet required financial targets or represent a market opportunity to capitalize…

Lowe's to Hire 65,000 New Employees in 2019
January 7, 2019 at 1:39 pm

Lowe's said last week that it plans to hire more than 65,000 associates this year to improve customer service and product availability. Roles are focused on enhancing customer service and include seasonal associate, merchandising support, store leadership and technology careers. According to a press release from the company, Lowe's hiring investments include: More than 50,000 seasonal…

A Chat With Jeremy Parker, Founder of Swag.com
January 7, 2019 at 10:43 am

Jeremy Parker is the founder of Swag.com, a custom promotional products e-commerce retailer. He spoke with Avenue Code about the importance of passionate entrepreneurship and of focusing on consumers’ core needs. Anna Vander Wall: Swag.com customizes an impressive breadth of promotional products for Facebook, Google, Amazon.com, WeWork, Microsoft, Harry’s, Starbucks, Netflix, and more. How did…

Road to U.S. Emergence in Global E-Commerce: How Cross-Border Payments Can Lead the Way
January 4, 2019 at 11:51 am

While nations across the world have traded purchasing and sharing goods for thousands of years, only recently can they do so instantaneously. It’s a potential game changer for online retailers across the globe. From telecommunications to healthcare, the global marketplace continues to offer more and more innovative ways to bring people together. So why aren’t…

Blake Nordstrom, Co-President of Nordstrom, Dies at 58
January 3, 2019 at 2:01 pm

Blake W. Nordstrom, the 58-year-old co-president of Nordstrom, died early Wednesday morning, the retailer announced. Executive leadership of Nordstrom will continue under company co-presidents Pete and Erik Nordstrom. In December, in an SEC note, Blake announced that he had been diagnosed with lymphoma. He told employees, customers and shareholders that he planned to undergo chemotherapy and reduce…

Gymboree Seeks Bankruptcy Loan, May Close Most of its Stores
December 21, 2018 at 9:58 am

Gymboree is shopping for a bankruptcy loan as it prepares for a second chapter 11 filing in less than two years. The bankruptcy filing, which could come as early January, would allow the struggling children’s apparel retailer to close most of its stores, the people said. However, the company is seeking a bankruptcy loan that…

Lessons to Learn From Sears’ Demise
December 18, 2018 at 4:45 pm

At its height, Sears was the Amazon.com of its day. The 125-year-old retail giant amassed a catalog audience of more than 25 percent of the U.S. population — without using the internet or modern technology. It achieved the extraordinary feat of fulfilling more than 105,000 orders a day by changing the way business was done…

Sears to Pay $25.3 Million in Bonuses to Top Employees
December 17, 2018 at 12:34 pm

A U.S. Bankruptcy Court judge on Friday approved Sears Holding Company's request to pay up to $25.3 million in bonuses to top executives, even as the company reported losing nearly $1.9 billion in the first three quarters this year, according to the Chicago Tribune. Sears, which filed for bankruptcy protection in October, said the funds will…