Personnel Updates
• 84 Lumber Co. (53) has named James Abbott as VP of Engineered Wood Products.
• 99 Cents Only Stores (65) has named Barry J. Feld as CEO. He replaces Interim CEO Felicia Thornton, who will remain as Vice Chairman of the board.
• Ashby Lumber Co. (5) has named Emily Morgan as its new CEO. Dan Easley, President of the company, has retired.
• Gap Inc. (206) announced it has named Sonia Syngal as CEO. The company also announced that board member Bobby Martin will take the role of Executive Chairman.
• Hanesbrands Inc. (99) announced that its CEO, Gerald W. Evans Jr., plans to retire at the end of its current fiscal year.
• Tapestry, Inc. (119) announced that Joshua Schulman, CEO and Brand President of Coach, will leave the company after a transition period. Jide Zeitlin will continue as Chairman and CEO.
Financial Focus
• Modell’s Sporting Goods Inc. has filed for Chapter 11 bankruptcy protection, and will initiate store-closing liquidation sales.
Mergers and Acquisitions
• La-Z-Boy Inc. announced it intends to acquire the business that operates six independently owned La-Z-Boy Furniture Galleries stores, and one warehouse in the Seattle, WA, market.
Industry Insight
• Burlington Stores, Inc. said it is winding down its e-commerce operations to focus on growing its business at store locations.
• CVS Health announced it will buy the retail and specialty pharmacy business from Schnuck Markets. CVS plans to buy 99 Schnucks pharmacies and convert them to the CVS banner. In addition, it will acquire prescription files from another 11 Schnucks pharmacies and transfer them to nearby CVS Pharmacy stores.
• Nordstrom Inc. announced it will close its freestanding Trunk Club stores and incorporate service into its nearby department stores.
Real Estate
• American Eagle Outfitters Inc. plans to open 60 to 70 Aerie stores in 2020, with a heavy emphasis on stand-alone locations.
• Bridgestone Retail Operations LLC is planning to open approximately 50 U.S. stores this year.
• Burlington Stores, Inc. expects to open 80 new locations and close or relocate 26 stores in fiscal 2020.
• Dick’s Sporting Goods Inc. is opening four stores in March. The openings include two Dick’s Sporting Goods stores, at Hamilton Place Mall in Chattanooga, TN, and at Valley Mall in Hagerstown, MD, and Golf Galaxy stores at Swedesford Plaza in Berwyn, PA, and at Warwick Mall in Warwick, RI.
• Dollar General Corp. recently opened its first store in Wyoming, in Pine Bluffs.
• The Neiman Marcus Group is closing the majority of its 22 Last Call outlet stores before the beginning of its next fiscal year, which starts in early August. Select Last Call locations will remain open to serve as a selling channel for Neiman Marcus residual inventory. In addition, the retailer has started the process to sell two distribution centers in Longview, and Las Colinas, TX.
• Ross Stores Inc. plans to open approximately 100 new stores, including 75 Ross and 25 dd’s Discounts locations, during fiscal 2020.
Technology News
• Fleet Feet Inc. has debuted a new retail format that combines personalized in-store fitting with home delivery. Located in Portland, OR, the new Fleet Feet Drop Shop inventory-less store concept offers the brand’s 3D foot scanning technology and personalized outfitting experience with free, two-day home delivery.
• Walgreens Boots Alliance, Inc. is growing its partnership with Postmates to bring on-demand delivery from its stores to 13 new cities. The expansion will include Los Angeles, CA, San Diego, CA, San Francisco, CA, Phoenix, AZ, Las Vegas, NV, Portland, OR, Washington, DC, Chicago, IL, Atlanta, GA, Charlotte, NC, Miami, FL, Fort Lauderdale, FL, and Houston, TX.
