Personnel Updates
• Amazon.com Inc. (512) has named Nader Kabbani as VP of Consumables, Special Projects. He will lead the company’s new pharmacy initiative.
• GameStop Holdings Corp. (31) has appointed George Sherman as CEO effective April 15, 2019. He succeeds Shane Kim.
• Jo-Ann Stores Inc. (83) has named Varadheesh Chennakrishnan as its new CIO.
• Michaels Stores Inc. (34) announced that Chuck Rubin has resigned as CEO. The retailer has appointed Mark S. Cosby as Interim CEO. Michaels also announced that it has appointed Philo T. Pappas as Interim President Merchandising and Supply Chain.
• Target Corporation (319) has appointed Kelly Caruso as the new CEO of Shipt, succeeding founder Bill Smith, who will continue in an advisory role.
• Walmart Stores Inc. (215) announced Jeremy King, Exec VP and CTO is leaving the company.
Financial Focus
• Brookstone Inc. announced that a bankruptcy court approved the reorganization plan, which includes selling its online and wholesales businesses and all property, to a partnership formed by private equity firm Bluestar Alliance and electronics manufacturer Apex Digital. The sale saves about 30 of Brookstone’s airport stores, the company’s website, wholesale operations and about 300 jobs.
• Z Gallerie Inc. will restructure after filing for Chapter 11 bankruptcy protection. The retailer is seeking court approval to proceed with closing 17 of its 76 stores. It expects the Chapter 11 process to last approximately four months.
Industry Insight
• Amazon.com Inc. is planning to open dozens of grocery stores in several major U.S. cities. The first store will be in Los Angeles and will open as early as the end of the year. The retailer also announced it will close all of its 87 pop-up locations in the U.S. by the end of April.
• Bed Bath & Beyond Inc. is launching it’s first-ever private-label brand. The new line, called Bee & Willow Home, features furniture, decor items and more.
Real Estate
• At Home Group Inc. has opened it’s first-ever store in California, in Foothill Ranch. The company plans to open four additional Southern California stores, in San Diego and Los Angeles, later this year.
• Build-A-Bear Workshop said the company expects to close up to 30 stores over the next two years, with about half of those outside of North America.
• Dollar Tree Inc. announced plans to renovate at least 1,000 Family Dollar stores to a new model in 2019. The company will rebrand about 200 Family Dollar locations to the Dollar Tree banner. Another 390 Family Dollar stores will be closed.
• Hobby Lobby Stores Inc. announced it plans to open an estimated 65 new locations this year, and will relocate an additional 16 stores.
• PetSmart Inc. opened a new 20,000 sq. ft. store location on Forest Avenue in Staten Island, NY.
• Walmart Stores Inc. is closing nine stores in the US. The stores include one Walmart Supercenter in Lafayette, Louisiana, and seven Walmart Neighborhood Market stores in Arizona, California, Kansas, South Carolina, Tennessee, Virginia, and Washington.
Technology News
• Sam’s Club announced that it will test technology designed to make its popular Scan & Go service faster and easier.
