Labor & Employment

There is a new finance chief at Claire’s Stores.    The retailer has appointed Scott Huckins as its executive VP and CFO, effective Oct. 5. He joins Claire's from Sears Holdings where he served as VP, treasurer and president for Sears Re, (a wholly owned captive reinsurance company) for the last four years. In that role, he had responsibility for global treasury, capital markets, credit, risk management and reinsurance for the company.    

Ascena Retail Group, whose brands include Ann Taylor, Justice, and Lane Bryant, announced organizational changes expected to provide cost-savings of $100 million to $150 million by fiscal 2019.   The changes will see a number of executives leave the company, although Ascena did not disclose who would be leave. Also, Brian Lynch, CEO and president of Justice, has been appointed company COO.  

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.

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.     

The House of Representatives has passed a bill that would delay by six months the effective start date of the Department of Labor's (DOL's) new overtime regulations.   The new rule will require employers to pay overtime to salaried workers earning less than $47,500 a year, double the current threshold of $23,660.      Five House Democrats joined 241 Republicans to support moving the rule's effective date from Dec. 1 to June 1.