Consumer Affairs & Relations

Chico’s FAS is nominating two new independent board members as two current members prepare to retire and an investor says it will nominate its own two candidates.
 

L Brands subsidiary Victoria’s Secret has named a veteran of the specialty and intimate apparel verticals as its new CEO.

Jan Singer, who served as CEO of Spanx from June 2014 – March 2016, is now CEO of Victoria’s Secret. Previously, she held corporate VP positions at Nike from February 2004 – June 2014.

American Eagle Outfitters announced that Kyle Andrew has been appointed executive VP, chief marketing officer, effective June 6.   Andrew served as senior VP, brand director for Kate Spade Saturday from 2013 through 2015. She joined the company in 2008 as head of global brand marketing and played an integral role in the re-positioning of the Kate Spade brand from a $100 million handbag company to a billion dollar global lifestyle brand.  

The long-awaited changes to federal overtime rule will be unveiled later today at an event in Columbus, Ohio, headlined by Vice President Joe Biden, Labor Secretary Thomas Perez and Ohio Senator Sherrod Brown (D). The most notable change is a nearly doubling of the current salary threshold from its current $23,360 to $47,476 under which virtually all workers will be eligible for time and a half pay. The dramatic change would make nearly five million currently exempt employees nationwide eligible and will go into effect Dec. 1.

Lowe’s takeover of Canadian home improvement chain gets regulatory OK With regulatory hurdles out of the way, Lowe's Cos. is one step closer to completing its acquisition of Canadian home improvement retailer Rona Inc. Lowe's has officially been granted approval under the Investment Canada Act and clearance from the Competition Bureau. Rone operates nearly 500 stores in Canada.

Presumptive Republican presidential nominee Donald Trump is no fan of Amazon, its founder and CEO Jeff Bezos, and The Washington Post, which Bezos also owns. Trump told Fox News personality Sean Hannity that "Amazon is getting away with murder, tax-wise. He's using The Washington Post for power so that the politicians in Washington don't tax Amazon like they should be taxed.”

Even luxury department stores got no love from shoppers in the first quarter. Following a pattern set by Macy’s and Kohl’s, Nordstrom reported dismal results for the first quarter, including a steep drop in profit, with the only positive sign being the company’s off-price division. The retailer lowered its full-year outlook.

The risk associated with a possible security breach claimed the top spot for the first time ever in an annual ranking of the top 25 risk factors by retailers. Security risks shared the top spot with general economic conditions, which have remained tied at the top since 2013.