Personnel Updates
• Bed Bath & Beyond Inc. (63) announced that it has reduced its corporate workforce at its headquarters by about 7%. The retailer announced Eugene Castagna, President and COO, has left the company, and the role of COO has been eliminated.
• Best Buy Co. Inc. (55) announced Matt Bilunas, currently Senior VP of Enterprise and Merchandise Finance, has been promoted to CFO.
• Overstock.com (135) announced that its CEO, Patrick Byrne, has resigned from the company.
• Sur La Table (69) has appointed Jason Goldberger as CEO.
• Walmart Canada (40) announced the appointment of Horacio Barbeito to the position of President and CEO, effective in October.
• Walmart Stores Inc. (232) announced Barbara Messing is stepping down as Senior VP and Chief Marketing Officer.
Financial Focus
• Lolli and Pops, Inc. recently filed for Chapter 11 bankruptcy protection.
Mergers and Acquisitions
• 1-800-Flowers.com has acquired Shari’s Berries.
• Party City Holdco Inc. announced Canadian Tire Corp. will acquire the retail business and assets of Party City’s Canadian subsidiary, including its 65 stores. The transaction is expected to close by October 1, 2019.
• Rent-A-Center Inc. announced that it has completed its previously announced acquisition of substantially all of the assets of Merchants Preferred.
Industry Insight
• Costco Wholesale Corp. will soon make its debut in China, with a new store opening in Shanghai.
• Target Corporation is rolling out Drive Up to more than 300 new stores, making curbside pickup available at more than 1,550 stores total. As part of the expansion, for the first time Drive Up is coming to New England.
• Target Corporation announced plans to open dedicated Disney Stores at 25 Target locations in October, and 40 more opening by October 2020.
• Tiffany & Co. announced it is rolling out its first jewelry line for men. The collection will be available in October, and will include nearly 100 designs.
Real Estate
• Apple Inc. has announced that it will open two new stores in Japan before the end of 2019.
• BJ’s Wholesale Club Inc. announced that it will open new stores in Pensacola, FL, and Chesterfield, MI, in 2020.
• Dollar General Corp. has officially opened the doors to its 16th distribution center, located in Longview, TX.
• It’Sugar is set to open its largest location to date. The retailer plans for a 22,000 sq. ft. store, which is set to open in late October, in East Rutherford, NJ.
• Spice & Tea Exchange expects to open 7 new stores and end the year with a total of 75 locations. With a goal of 100 stores in 2020, the company is looking to grow in California, Arizona and Georgia.
• Target Corporation now has nearly 100 small-format stores across the country on college campuses and in urban neighborhoods. It plans to open about 30 more annually over the next few years.
• Target Corporation announced it will open a store at Flamingo Crossings Town Center in Orlando, at the western entrance of the Walt Disney World Resort, in 2021.
