Finance & Capital Management

Gap Inc. is planning to close 175 of its Gap stores and streamline its workforce by as many as 250 positions as the struggling retailer moves to re-ignite productivity and growth at its namesake brand.

The company says the series of strategic actions are part of a comprehensive effort to deliver more consistent and compelling product collections and engage customers across all channels.

San Antonio, Texas — CST Brands Inc., through its CrossAmerica Partners LP wholly-owned subsidiary, has acquired the Charleston, West Virginia-based One Stop convenience store network. CST is also moving 29 recently constructed stores into its wholly-owned CrossAmerica partnership via two “dropdown” transactions.

Target’s annual meeting was pretty much a non-event on June 10, aside from the fact that a corporate structure in which Brian Cornell serves as both chairman and CEO doesn’t sit well with many shareholders. 

Toano, Va. – The executive shakeup continues at Lumber Liquidators as the company integrates the leadership of its merchandising and marketing departments. Marco Q. Pescara, the company's chief marketing officer since 2006, has been promoted to serve as chief merchandising and marketing officer effective June 19.

Pescara will lead the company's marketing and merchandising functions. The employment of William K. Schlegel, current chief merchandising officer, will be terminated effective June 19.

Philadelphia — The Pep Boys: Manny, Moe & Jack named Hertz Corp. veteran Scott P. Sider, 54, as its new CEO, effective June 15. He most recently served as group president of Hertz Corporation’s largest division, Rent A Car Americas, with over 3,200 locations.

The announcement comes more than eight months after Pep Boys CEO Michael Odell resigned on the heels of disappointing second quarter earnings.

U.S. consumers have more options for grocery shopping than ever before. But German discount grocer Lidl, aiming to emulate the U.S. success of the growing Aldi chain, says it will “create a unique experience for American consumers that will be unlike anything else in the market.”

San Francisco — Gap Inc. on Monday lowered the boom on its biggest and most troubled division, announcing it would close 175 of its 675 namesake stores in North America over the next few years, with 140 of the closures occurring in the current fiscal year. In line with the closings, the brand’s headquarters workforce will be reduced by about 250 roles this year.

The closings will not impact Gap Outlet and Gap Factory Stores. Gap will also close a limited number of European locations, but it did not give a specific store count.

A nine month search is over for automotive retailer Pep Boys who turned to rental car giant Hertz for a new CEO to lead the 800 unit parts and service chain.

Pep Boy had been looking for a new CEO since last September when former CEO Mike Odell stepped down after seven years with the company and longtime board member John Sweetwood was tapped to fill the CEO position on an interim basis.