Personnel Updates
• Coach Inc. named Kevin Wills as its new CFO, replacing interim CFO Andrea Resnick.
• Macy’s Inc. announced it will cut 6,200 positions, adding to the 3,900 job cuts associated with 100 store closings that were previously announced.
• Nordstrom Inc. announced its Chief Technology Officer, Kumar Srinivasan, is leaving the company. The retailer also announced it has named Geevy Thomas to the newly created position of Chief Innovation Officer.
• Rue 21 announced it has promoted Dirk Armstrong to COO. The retailer also announced Brett Trent has been named to the newly created position of Chief Marketing Officer.
Financial Focus
• The Neiman Marcus Group has announced it will not proceed with the initial public offering at the current time.
Mergers and Acquisitions
• Destination Maternity Corporation announced it will be acquired by French children’s clothing company Orchestra-Premaman SA. Destination Maternity will maintain its headquarters in Moorestown, NJ, and its distribution facility in Florence, NJ.
• Gildan Activewear will acquire American Apparel, LLC. The transaction will include ownership of the brand and some of its manufacturing operations.
• Private-equity firm Warburg Pincus has agreed to acquire Gabriel Brothers Inc.
Industry Insight
• The Neiman Marcus Group will roll out beauty services by cosmetics brand Le Metier de Beaute. The services will include brow waxing, manicures, peels, pedicures and blowouts.
• Sears Holdings Corporation announced Stanley Black & Decker will acquire the company’s Craftsman tool brand in a deal worth about $900 million.
Real Estate
• JustFab Inc. has announced plans to roll out 12 new Fabletics retail locations in 2017. The new stores are slated to open in key markets such as Frisco, TX; Indianapolis, IN; Lexington, KY; Schaumburg, IL; Boulder, CO; Portland, OR; Scottsdale, AZ; Paramus, NJ; and the California cities of Cerritos, San Diego, San Francisco, and San Jose, all of which are expected to average just over 2,200 sq. ft. each.
• Limited Stores, LLC announced it has closed all of its store locations, and stated that it will continue to operate online.
• Marshall Retail Group will introduce a new 22,000 sq. ft. Fred Segal store in Los Angeles, CA. The store, which is slated to debut in fall 2017, will also include a bakery-cafe, coffee bar, gym, salon, wine shop, florist, and restaurant.
• Nordstrom Inc. has announced plans to relocate its Nordstrom Rack location in Lakewood, CA, to the Long Beach Exchange in Long Beach, CA. The new location will be 28,000 sq. ft., and is slated to open in spring 2018.
• Saks Incorporated will soon open its first Saks Fifth Avenue Off 5th location in Montreal, QC. The approximately 30,000 sq. ft. store will open this summer.
• Sears Holdings Corp. announced it plans to close an additional 26 Sears stores.
• Sportsman’s Warehouse announced it will open three new retail stores in the second half of 2017 in Everett, WA; Pueblo, CO; Visalia, CA.
Green Initiatives
• Recreational Equipment Inc. announced its Goodyear, AZ, distribution center has achieved LEED Platinum certification.
