Personnel Updates

• Citi Trends Inc. (39) has appointed David Makuen as CEO. He will succeed Peter Sachse, who has been named Executive Chairman.

• Forever 21 Inc. (53) has named Daniel Kulle as its new CEO.

• JCPenney Company, Inc. (71) announced Shawn Gensch, its Chief Customer Officer, has resigned.

• L Brands, Inc. (49) announced Les Wexner will no longer be Chairman and CEO but will remain as Chairman Emeritus.

• Orgill Inc. (19) announced Phillip Walker has assumed the role of President of Tyndale Advisors. Chris Freader has been promoted to VP of Merchandising Services. John Sieggreen was named Orgill’s Exec VP of Retail and will continue to serve as President of CNRG.

• Rue 21 (43) announced it has named John Fleming as its Interim CEO.

Financial Focus

• L Brands, Inc. announced it will sell a 55% stake in its Victoria’s Secret and Pink brands to Sycamore Partners for $525 million. Victoria’s Secret will become a privately held company with L Brands retaining a 45% interest.

Mergers and Acquisitions

• American Construction Source has acquired Homewood Holdings LLC from Building Industry Partners.

• e.l.f. Cosmetics, Inc. is acquiring the cruelty-free and clean beauty brand W3ll People.

• Nation’s Best Holdings LLC has acquired Groom & Son’s Hardware & Lumber Inc., a three-location hardware and building supply dealer with locations in East Dallas, Mabank and Athens, TX.

Industry Insight

• Macy’s Inc. will open a new tech center in Atlanta, GA, and another in New York. The company recently announced plans for a $14 million technology hub in Atlanta that would create 630 new jobs. The majority of the positions are centered on software development.

Real Estate

• Bob’s Discount Furniture is celebrating the grand opening of four new stores. New Bob’s stores have opened in Florence, KY, Dayton, OH, Colerain, OH and Rockford, IL, in addition to a store relocation in Norwalk, CT.

• Modell’s Sporting Goods Inc. announced it is closing 24 stores. The stores scheduled to close include five in New Jersey, eight in New York and four in Pennsylvania, with the remaining in Washington, DC, and New England.