Personnel Updates
• Citi Trends Inc. (45) announced that Bruce Smith has decided to resign from his position as CEO. He will remain with the company until a successor is found.
• Express Inc. (81) has appointed Timothy Baxter as CEO. He will succeed Matthew Moellering, who will remain as Exec VP and COO.
• JCPenney Company, Inc. (103) announced that Victor Ejarque Lopez has been named Senior VP, GMM for Women’s Apparel.
• Lands’ End Inc. (66) has appointed Sarah Rasmusen to the newly-created position of Chief Customer Officer.
• Nike Inc. (70) has announced that Ratnakar Lavu will become the company’s first global Chief Digital Information Officer.
• PVH Corp. (140) announced that Cheryl Abel-Hodges is the new CEO of Calvin Klein.
• RTW Retailwinds, Inc. (86) announced the appointment of Traci Inglis as President, Chief Marketing and Customer Officer.
• Rue21 (55) announced Brian Rogers has joined the company as Senior VP and Chief Human Resources Officer. Robert Brous is now VP E-commerce and Digital. Michael Cingolani has joined Rue21 as VP of Guys Merchandising.
• True Religion Apparel Inc. (47) announced it has named Farla Efros as interim CEO. She succeeds Chelsea Grayson, who is resigning.
Financial Focus
• Hudson’s Bay Company has received a proposal to go private.
• Topshop announced it has filed for bankruptcy.
Industry Insight
• Sears has unveiled its next chapter, Sears Home & Life, opening stores in Lafayette, LA, Overland Park, KS, and Anchorage, AK. The stores range from 10,000 sq. ft. to 15,000 sq. ft. and are apparel-free and focused on selling major and small kitchen appliances, mattresses, tools, home products and home services.
Real Estate
• Burlington Stores, Inc. announced it will open a net of 50 new stores during the fiscal year.
• The Cato Corporation announced it expects to close about 50 underperforming stores this year. It also plans to open 12 new stores.
• Golf & Tennis Pro Shop Inc. has announced the opening of four new experiential PGA Tour Superstore locations over the next two months in Austin, TX, Boston, MA, Denver, CO, and Sarasota, FL.
• Kohl’s Corporation announced it will close its four Off/Aisle by Kohl’s locations on August 3rd.
• Topshop will be closing its 11 stores in the U.S. as part of a restructuring plan.
