Finance & Capital Management

The public feud between Eddie Lampert, chairman and CEO of Sears, and a top supplier seems to have been resolved.   In his May 15 blog, Lampert took aim at some of the chain’s vendors in a blog post. It read:  

Already navigating tumbling sales, Macy’s is preparing for even tighter margins.   At the company’s annual investor day, Macy’s CFO Karen Hoguet said that second-quarter gross margins are running about 1 percentage point below what they were last year. The company is slashing costs in a bid to maintain its earnings forecast, which it reaffirmed on Tuesday, according to Bloomberg.  

GBT Realty purchased 11.7 acres of land in Kemah, Texas, with plans to build a 79,000-sq.-ft. shopping center, reported mySA, a San Antonio news site. Purchase price was $2.1 million.   According to GBT, the center is 92% leased. Committed tenants include Petco, Marshalls, Ross Dress for Less, and Ulta.    Located south of Houston on Trinity Bay, Kemah has just 2,000 residents, but draws tourists with a boardwalk and entertainment district containing carnival rides, restaurants, and shops.

Billabong has a new finance chief.   The board sports apparel retailer has named Jim Howell as CFO, effective June 12. He will replace Peter Myers, who has served in the role since January 2013. Howell has spent the last 10 years leading the finance and treasury division at luxury retailer Nordstrom. In this role, he oversaw significant cost management improvements, capital management and growth initiatives.  

Coinciding with its recently announced growth plan, Dollar General opened a new distribution center.    The new $100 million facility resides in Janesville, Wisconsin. It is the company’s 14th warehouse. The approximately 1 million-sq.-ft. depot, which began shipping merchandise in January, serves approximately 800 stores in nine states in the upper Midwest, and employs more than 500 employees. Along with more than 130 store locations in the state, Dollar General now has more than 1,300 employees in the state of Wisconsin.

BCBG Max Azria Group LLC is getting a shot at keeping its brand alive.  

Walmart shared the results of its 47th annual shareholders meeting held June 2.  

It is the end of an era in retail. One of the most prominent — and legendary — chief executives in retail is stepping down.   Millard “Mickey” Drexler will step down after almost 15 years as J. Crew’s CEO as of July. He will continue in his role as chairman. Drexler is the former CEO of Gap Inc., which he built into a retail powerhouse. He was abruptly fired in 2002 by Gap founder Donald Fisher amid slumping sales and the chain's falling stock. (Prior to Gap, Drexler oversaw a turnaround of Ann Taylor.)

Duluth Holdings is losing its finance chief.    Mark DeOrio, the company’s CFO, will retire at the end of 2017. DeOrio will remain in his role until the next finance chief is appointed, and he will then assist with his successor’s transition until his retirement. DeOrio has held the role since August 2010. He also served as senior VP of operations from 2010 to January 2015.   

High-end kitchenware retailer Sur La Table is on a mission to optimize its individual market and expansion strategies.   “Now, more than ever, being able to localize is the key to success,” said Ben Rosenfeld, senior VP of stores at Sur La Table.