Finance & Capital Management

The chief executive of the nation's largest specialty pet retailer of services and solutions has left the building.   PetSmart announced that Michael J. Massey has stepped down from his position as CEO, president and board member. Raymond Svider, managing partner at BC Partners, will serve as executive chairman and oversee the company’s operations with the senior leadership team while the board searches for a new chief executive.   

The month of July saw a big turnover at the top.  

Increased traffic gave a boost to Kohl's, which reported sales and earnings that topped analysts’ estimates in the second quarter.   The company's net income rose to $208 million, or $1.24 per share, in the quarter ended July 29, from $140 million, or 77 cents per share, in the year-ago period.  

Southeastern Grocers has made a temporary appointment permanent.   The supermarket operator, parent company of Winn-Dixie, Bi-Lo, Fresco y Más, and Harveys, has appointed Anthony Hucker president and CEO, effective immediately. Hucker has served as interim president and CEO since July 1, 2017.  

A premium outerwear best known for its signature goose-down jacket with fur-trimmed hood is expanding its fledgling store footprint.    Canada Goose Holdings Inc. announced plans to open three additional retail stores this fall, with locations in Boston, Calgary (Canada), and Tokyo, Japan. Also opening this fall are two previously announced stores in Chicago and London.   

After a torrid opening quarter, Macy's second quarter numbers come as a relief. Certainly, a same-store sales decline of 2.8% is far from good, but it is one of the better performances Macy's has turned in over recent periods. Of course, the question is whether this gentler decline represents a genuine turning point for Macy's, or whether it is simply a bottoming out after years of sharp deterioration.  

At Home Group continues to expand its store network in the Lone Star state.    The fast-growing retailer announced the grand openings of three locations in the greater Houston area, including a newly redeveloped store in Katy, Texas, that opens on July 19. Construction is underway on stores in Pearland and Richmond, Texas, that are slated to open in the fall. The Katy location is one of seven At Home stores in the greater Houston area, and one of 26 in Texas.   

After eliminating in excess of $435 million in funded debt.   Payless ShoeSource has emerged from bankruptcy — with a slimmed down U.S. portfolio and a cleaner balance sheet.