Finance & Capital Management

Just when things seem to be looking up for Sears Holdings, chairman Edward Lampert will assume the additional responsibilities of CEO following the revelation that current chief executive Lou D’Ambrosio will leave the company for family medical reasons.

News of D’Amrosio’s departure comes as the Sears Holdings preannounced improved profitability for the fist nine weeks of the fourth quarter and fiscal year ending February 2, D’Amrosio’s last day.

GRAPEVINE, Texas — Lower in-store traffic at GameStop during the holiday resulted in a decline in same-store sales during the first nine weeks of the company’s fourth quarter.

Total global sales for the nine-week period ended December 29 decreased 4.6%, compared to com 2011 holiday sales period. Comparable store sales decreased 4.4%, with U.S. comps of -3.5% and international comps of -6.4%.

ROCKFORD — Wolverine Worldwide is making organizational changes to drive its future growth and global brand building.

Capitalizing on the momentum following Wolverine’s October 2012 acquisition of the Performance & Lifestyle Group, it will migrate from four to three brand operating groups. Wolverine expects the new operating group alignment to maximize brand synergies and leverage global growth opportunities. Veteran company leaders Ted Gedra, Mark Neal and Jim Zwiers will lead the new operating groups.

Procter & Gamble name Macy’s chairman, president and CEO Terry Lundgren as the newest member of its board of directors.

Lundgren fills a position vacated by current P&G Director Johnathan Rodgers who is not seeking re-election when P&G’s holds its annual shareholder meeting in October.

New York  -- Procter & Gamble named Macy’s chairman, president and CEO Terry Lundgren as the newest member of its board of directors.

Lundgren fills a position vacated by current P&G director Johnathan Rodgers who is not seeking re-election when P&G’s holds its annual shareholder meeting in October.

San Francisco -- Gymboree Corp. announced Tuesday that it has appointed Mark Breitbard as CEO, effective Jan. 14. Breitbard joins Gymboree from Gap Inc., where he was president of Gap North America.

He also has served as EVP of GapKids and babyGap.

Breitbard succeeds interim CEO Kip M. Garcia, who will resume his former duties as president. Garcia stepped in when former CEO Matthew McCauley resigned last September.

Interim COO Yvonne Hao will return to her role as an operating partner at Bain Capital.

Suffern, N.Y. -- Ascena Retail Group Inc. said Tuesday that CFO Armand Correia is retiring after 21 years with the company that is parent to Dressbarn, Justice and other brands.

Restaurant veteran Dirk Montgomery will succeed Correia, effective Jan. 16. Montgomery most recently served as EVP and chief value chain officer of Bloomin' Brands, which operates the Outback Steakhouse and Bonefish Grill chains.

Washington, D.C. -- Online marketplace LivingSocial said Tuesday that former Best Buy EVP and CMO Barry Judge has been appointed its new chief marketing officer.

Judge is charged with extending LivingSocial’s leadership in the local commerce space by overseeing online and offline advertising, brand management, social media and communications.
 
Judge first joined Best Buy in 1999 to help the company launch Bestbuy.com.

Deerfield, Ill. -- Walgreens and BMW Manufacturing on Tuesday celebrated the grand opening of a comprehensive worksite health center on the BMW campus in Spartanburg, S.C.
 
The 25,000-sq. ft. facility, managed by Walgreens Employer Solutions Group, will provide BMW associates, dependents and eligible retirees a wide range of health services, including primary and occupational care.

Fort Worth, Texas -- Columbus, Ohio-based Glimcher Realty Trust announced Monday the acquisition of University Park Village, an open-air center located in Fort Worth, Texas.

The 173,220-sq.-ft. center is 97% occupied, generates sales of more than $800/sq. ft., and is tenanted by Apple, Anthropologie, J. Crew, Lululemon Athletica and Madewell, among others.

Glimcher purchased University Park Village for $105 million.