Corporate Governance

Luxury department store puts a restructuring plan in motion
Neiman Marcus is making moves to offset its debt and improve its capital structure. The luxury department store’s first step was to eliminate 225 positions. Affected employees — which span all brands and operating divisions — will receive severance packages, and also be considered for other job openings within the company, according to the Dallas News.
Duluth Holdings names former Nordstrom exec as CFO
A casual clothing and workwear retailer has ended its hunt for a new finance chief. Duluth Holdings has appointed Dave Loretta as senior VP and CFO. Loretta will succeed retiring CFO Mark DeOrio. Prior to joining Duluth Trading, Loretta launched and operated his own company, Pacific Time, LLC, a unique food and beverage business, from 2014 to 2016. Prior to managing his own firm, Loretta held various roles at Nordstrom.

Study: Most consumers believe their payment data is at risk

Consumers across the globe agree that volume of criminals trying to steal their credit and debit card data is increasing — and retailers aren’t equipped to fight back. This was according to “Consumer Payment Card Data Security Perceptions, from Transaction Network Services (TNS). The study interviewed 1,037 U.S. adults, 1,002 Australian adults, and 1,010 U.K. adults between May 4-May 8.
Houston power center changes hands

Dunhill Partners has acquired The Center at Pearland Parkway in Houston, which houses T.J. Maxx and Ross Dress for Less and is shadow-anchored by an HEB grocery store. Seller Stream Realty Partners did not disclose the sale price. "Due to the ideal spacing between the two closest major retail nodes, the Center at Pearland Parkway offers tenants the ability to capture this under-served community with limited competition," said Stream managing director Mark Sondock.
J.C. Penney appoints former Walmart exec as CFO

J.C. Penney has a new finance chief. The department store retailer named Jeffrey Davis as executive VP and CFO. Davis will report to Marvin R. Ellison, Penney’s chairman and chief executive officer.
Nourishing food retailers with profitable growth

The recipe for success in food retail is changing at breakneck speed. Economic drivers, such as commodity deflation, make revenue growth difficult. At the same time, demographic trends – including the rise of both millennials and centennials – undermine tried-and-tested business models. And now they are faced with the game changing move by Amazon with its planned acquisition of Whole Foods.
Big new center takes shape in Tucson

Bourn Companies has broken ground at a retail center on Tucson’s south side that could eventually add 600,000-sq.-ft. of retail space to the city. About 220,000-sq.-ft. of that space is taking shape and expected to be completed by the end of the year at Fashion Park Shopping Center, located on Irvington Road at the intersection of Interstate 19. Complete build-out is expected by 2020.
Walmart amps up strategy for upcoming Chinese e-commerce festival

Walmart is making big moves to ensure that it can serve Chinese shoppers efficiently during a crucial timeframe. The discounter is further integrating its platform, supply chain and customer resources in China with partner JD.com — efforts that will prepare the companies to serve shoppers during the launch of the first JD-Walmart 8.8 omnichannel shopping festival on Aug. 8. The event will offer savings across all the different JD and Walmart channels, and reward customers for shopping multiple touchpoints.
Michael Kors snags luxe shoe brand for $1.3 billion

Michael Kors expects its newest acquisition to give it a stronger hold in the luxury sector. The brand, which built its reputation on lines of high-end apparel, handbags, shoes and fashion accessories, has acquired luxury shoemaker Jimmy Choo for approximately $1.350 billion. The transaction, which is expected to close in the fourth quarter of 2017, has been approved by the boards of directors of both Michael Kors and Jimmy Choo.
Discounter ups the ante on hydrogen fuel cells for lift trucks

Walmart is stepping up efforts to drive energy efficiency across its distribution network. The discount giant is adopting fuel cells and hydrogen stations from provider Power Plug — a move that will bolster its energy efficiency at up to 30 more locations. Walmart already has Plug Power fuel cells installed at 22 distribution centers, according to USA Today.
Investor to nation’s largest bookstore chain: ‘Sell yourself!’

One investor wants Barnes & Noble to embark on a new chapter — with a new owner. Activist investor Sandell Asset Management issued a letter to Barnes & Noble’s board of directors on Tuesday, urging the company to sell itself. The firm believes a sale would not only improve the value of the brand, but protect itself against a volatile marketplace that continues to take a toll on sales.
VF Corp.’s profits climb, raises outlook

Strong performance across its largest global brands, digital and international divisions lifted VF Corp.'s profits in the second quarter. For the quarter ended July 1, VF Corp.’s revenue increased 2% to $2.4 billion, surpassing the Zacks Consensus Estimate of $2.289 million. While earnings per share dropped 11% to 29 cents, this still beat analyst expectations of 28 cents. The company’s direct-to-consumer division’s revenue increased 13%. Digital revenue jumped by 34%.