Finance & Capital Management

J.C. Penney's finance head of three years is leaving to "pursue other interests."    Edward Record stepped down as CFO of Penney effective July 11, according to a regulatory filing. He will remain in an advisory capacity with the company until Aug. 7. Andrew Drexler, Penney's senior VP and chief accounting officer and controller, will serve as interim CFO while the retailer searches looks for Record's replacement.  

Cushman & Wakefield has tapped Dominic Delgado as senior director of its retail brokerage for Palm Beach and Broward County, Florida.   Delgado moves over to Cushman from LDR Partners, a Florida firm that focused on acquisition of low-performing retail, office, and hospitality real estate during the recession. As executive VP there, Delgado represented a mix of national and regional developers and REITs.  

PetSmart was busy opening stores during its first quarter.   The retailer opened 18 new stores in the U.S. and Canada in its fiscal quarter ending May 1, 2017. PetSmart opened 70 net new stores in 2016 and expects to open more than this number in fiscal year 2017.     

The chairman and CEO of Sears Holding Co., is reportedly considering a deal with bankrupt Sears Canada.  

A former Advance Auto and Starbucks executive has joined the executive team of the nation's largest bookstore chain.    Barnes & Noble said that Carl Hauch has been named VP stores, effective immediately. Hauch will be responsible for the entire retail store organization and profitable growth of the business, driving sales, training, developing talent and recruitment.     

Abercrombie & Fitch Co. has taken itself off the selling block.   The teen retailer said it has ended talks regarding a potential sale and will instead continue to focus on turning around its business as a standalone business.    

Consumer confidence remains strong, but that's not stopping retailers from worrying about the economy.   General economic conditions ranked as a top risk factor for the 9th consecutive year in an annual ranking of the top 25 risk factors by retailers, cited by 100% of respondents. Cybersecurity and regulatory concerns shared the top spot with the economy.  

Two Hispanic supermarket chains are merging with an eye to extending their footprint beyond their home base.    Private equity firm KKR announced it is combining Cardenas Markets and Mi Pueblo, which KKR (and Victory Park Capital) acquired at the end of last year. The combined business will operate as Cardenas Markets LLC and will become one of the largest Hispanic supermarket chains in the country.