Finance & Capital Management

The retailer opened 11 new stores in the U.S. and Canada for the quarter ending Aug. 1, 2016. This adds to the 12 new stores it opened in the first quarter, bringing the total for the year to 23.    PetSmart is on track to achieve its goal of 80 net new stores in 2016.   The new stores average around 14,000 sq. ft., with service offerings such as grooming and pet training.  

Dick’s Sporting Goods has a permanent CFO.   The retailer on Monday appointed Lee J. Belitsky as executive VP, CFO, effective immediately.   Belitsky assumes the responsibilities from André Hawaux, Dick’s executive VP, COO, who has served as the financial officer on an interim basis since August 2016. Hawaux will continue to serve as COO.  

Bass Pro Shops has agreed to acquire Cabela’s in a deal that will allow the privately held Bass Pro to nearly double its store count.    Bass Pro plans to purchase Cabela’s for about $65.50 a share in cash, which represents a 19% premium over Friday’s closing price. The agreement will create an outdoor retail powerhouse that specializes in fishing, hunting and boating merchandise. Both companies are known for their elaborate, wilderness-themed store interiors.   

Big 5 Sporting Goods Corp. is losing a 46-year company veteran.   The retailer announced the retirement of Richard A. Johnson as executive VP. As part of the transition following Johnson’s retirement, Michael P. Marrone is being promoted to senior VP of store operations.      Marrone began his career with Big 5 in 1973 as a store sales associate.  He held numerous leadership roles of increasing responsibility at the company, and was named VP of store operations in 2002.

A couple from Georgia were charged with a complex scheme to defraud Staples of more than $1.4 million worth of product rebates and customer loyalty rewards.   The U.S. Attorney's Office in Massachusetts said John Douglas and an associate created more than 1,100 Staple rewards accounts using fake names, addresses and contact information, Masslive.com reported. His wife is accused of selling much of the fraudulently obtained Staples merchandise on eBay.  

Rue 21 announced a series of leadership changes as it looks to reinvigorate its brand.    In a surprise announcement on Saturday, the retailer said it had appointed CFO Keith McDonough as interim CEO, succeeding Bob Fisch, who has served as president and chief executive of Rue 21 since 2001.     

​Bass Pro Shops is entering into a 10-year agreement with Capital One, a move that will make the card provider the exclusive issuing partner of co-branded credit cards to Cabela's customers.

Don’t believe the rumors. Kmart is not going out of business.   That’s according to Eddie Lampert, the beleaguered  CEO of Kmart parent company Sears Holdings Corp.