Corporate Governance

Gap veteran joins Lululemon board
A veteran retailer has been named co-chairman of Lululemon Athletica. The retailer has appointed Glen Murphy to its board as co-chairman, effective immediately. Murphy served as chairman and CEO of Gap Inc. from 2007 to 2014. Prior to that, he was CEO of Canadian drugstore chain Shoppers Drug Mart. Currently, Murphy is head of FIS Holdings, where he is responsible for leading the high-impact consumer-focused investment firm deploying a combination of operating guidance and capital flexibility.
Department store retailer enters new market
Von Maur has opened its first location in Wisconsin. The family-owned company opened a 150,000-sq.-ft. store at The Corners of Brookfield in Brookfield, Wisconsin. Von Maur has been expanding with its eye on a national footprint. After expanding beyond its Midwestern footprint in 2011 with the opening of its first location in Georgia, Von Maur has since grown in additional new states including New York, Alabama and Oklahoma.

Forever 21 in big rollout of sister banner

Forever 21 announced a major expansion of its F21 Red division. The fast-fashion retailer plans to open more than 40 F21 stores across the United States in 2017. The first three are scheduled to open in April, in San Antonio, Texas; Bronx, New York, and Chicago. New locations will continue to open throughout the year in key cities, bringing the brand’s total store count to more than seventy locations by year-end.
Report: Eastern Outfitters LLC seeks speedy store closures

Eastern Outfitters could soon be adding to the surge of store closings among U.S. retailers. The company won a court order on Thursday, April 6, for an expedited hearing on its plan to shutter 48 of the 86 stores its operates under the Bob's Stores and Eastern Mountain Sports brands, according to Reuters.
Bids on Payless sites are being accepted until May 15

Bids are being accepted on the leases for 425 Payless ShoeSource locations through May 15, according to RCS Real Estate Advisors, which has been retained to handle the disposition. The stores range in size from 2,000 to 5,000 sq. ft. and are situated in both mall and street environments. Payless this week filed for Chapter 11 bankruptcy protection, listing liabilities between $1 billion and $10 billion. It will continue to operate its business as usual at its nearly 4,000 other locations.
L Brands’ March comps sink

L Brands’ recent exit from swimwear continues to take its toll on the company’s sales. The specialty retailer, which operates Victoria’s Secret, Pink, Bath & Body Works, La Senza and Henri Bendel, reported its net sales decreased 7% to $951.4 million for the five weeks ended April 1, 2017. This is compared to net sales of $1.027 billion for the five weeks ended April 2 , 2016.
Stage Stores closes Gordmans deal

Stage Stores is officially adding Gordmans stores to its portfolio. Stage Stores closed on its previously announced acquisition of selected assets of Gordmans Stores, the Omaha, Nebraska-based department store chain that filed for Chapter 11 on March 13.
Luggage e-retailer purchased by iconic travel brand

eBags is about to embark on a new journey. The online luggage retailer is being acquired by Samsonite International. The deal, which is valued at $105 million, is part of Samsonite’s ongoing strategy to accelerate the growth of its direct-to-consumer, e-commerce business, and strengthen its existing digital capabilities, the company reported.
Former Hhgregg exec to head up operations for sporting goods retailer

Academy Sports + Outdoors is bolstering its executive team. The sporting good chain appointed Sam Johnson as its executive VP of retail operations, effective April 24. In his new role, Johnson will oversee the day-to-day operations of Academy's more than 225 stores, as well as lead the store support team.
CEO of specialty apparel chain out

The fashion retailer known for its bold, colorful designs is losing its chief executive. Benetton Group’s Marco Airoldi will resign as of May 16. The board accepted his resignation on Tuesday. Airoldi joined the company in 2013 – first as a consultant, then as CEO and managing director. During his tenure, he has contributed to the definition and subsequent launch of the company’s refocus and relaunch plan, which targets a selection of markets, stores and the Benetton Group brands.
Regional drug chain chief exec resigns

Bartel Drugs is on the hunt for a new CEO. Brian Unmacht resigned his post two weeks ago after two years on the job, senior communications manager Ric Brewer confirmed to Drug Store News. “He left Bartells two-weeks ago to pursue professional and personal goals that he has,” Brewer said. “Our Executive Team is now running day-to-day operations until the search for a new CEO begins.”
Unemployment dips to 4.5%, but retail jobs continue to take a hit

The country’s unemployment rate fell to 4.5% in March, but a volatile retail landscape continues to negatively impact merchant’s payrolls. The U.S. economy added 98,000 jobs last month, versus 180,000 expected by economists surveyed by Reuters. However, the number of unemployed persons declined by 326,000 to 7.2 million.