Personnel Updates:
Best Buy announced that the company founder Richard M. Schulze, has resigned as Chairman after an internal investigation was released that stated that he knew about a former chief executive’s improper relationship with an employee but did not report it to the board.
Brookstone has hired Stephen Bebis as its new President and CEO.
Disney Stores announced that President James D. Fielding has left the company to become CEO at Claire’s Stores.
Hart Stores Inc. announced that Mr. Robert Harritt, VP Finance and Chief Financial Officer, left the company
Hart Stores Inc. announced the appointment of Mr. Pat Filippelli as Interim Chief Financial Officer of Hart Stores Inc.
Michaels Stores has announced the establishment of an interim office of the CEO to provide ongoing leadership and continuity for the business in the absence of current CEO John Menzer. Sharing the interim CEO duties will be Lew Klessel, Managing Director with Bain Capital Partners, and Charles “Chuck” Sonsteby, the company’s Chief Administrative Officer and CFO.
Menzer suffered a stroke in April and is currently in stable condition, receiving continued medical care. He is on medical leave from the company and is expected to be out for an extended period of time. His status will be reevaluated by the board of directors on a periodic basis, according to the company announcement.
QVC has announced the promotion of Steve Hofmann to CEO of QVC Europe.
In the newly created position, Hofmann will oversee QVC’s European markets, including the United Kingdom, Germany, and Italy, and accelerate growth opportunities throughout Europe. He maintains his current responsibility as CEO of QVC Italy and will continue to be based in Milan.
Also announced were the promotions of Gregg Bertoni to Chief Merchandising Officer, QVC Italy, and Paolo Penati to COO and CFO, QVC Italy.
Sam’s Club named Charles Redfield as Exec VP Merchandising to replace Linda Hefner.
Target announced that veteran merchandising and supply chain executive Rick Maguire has announced plans to retire from his current position as Senior VP Supply Chain at Target Canada.
Williams-Sonoma has appointed Anna Last Senior VP and Executive Creative Director.
Mergers and Acquisitions:
Pep Boys-Manny, Moe & Jack announced that the sale of the company to private equity firm Gores Group has been called off.
Things Remembered Inc. was purchased by Madison Dearborn Partners which bought the company from New York-based Bruckmann Rosser Sherrill & Co. and Boston-based GB Merchant Partners.
Industry Insight:
The Build-A-Bearlocation in Ann Arbor, MI has closed.
Target Corp. announced that it has initiated remodels at 90 general merchandise stores across the U.S., which are expected to be completed on by the end of June 24, 2012. Upon completion of the construction, these stores will offer a full selection of affordable and quality fresh foods. The June stores will be the second of three cycles of remodels for Target this year. The company said that nearly 1,000 Target stores currently offer an expanded food layout.
Target Clinic In addition to the new openings in Virginia and North Carolina, Target Clinic also will expand in Illinois and Minnesota. Target Clinic currently operates 44 locations throughout Minnesota, Maryland, Illinois and Florida.
Green Initiatives/Sustainability:
Walmart plans to install solar panels on about half of its stores in Massachusetts, making it the largest user of solar power in the state. Walmart is partnering with Greenskies Renewable Energy LLC, Middletown , Conn.
