Corporate Governance

Hhgregg continues to reshape its executive team.    The consumer electronics and appliance chain promoted Kevin Kovacs to CFO. He is assuming the role from Robert Riesbeck, who was recently appointed president and CEO. Since joining Hhgregg in 2009, Kovacs held the roles of VP/controller and director of tax and treasury   In other moves, Hhgregg promoted Sam Johnson to chief retail officer. Since joining Hhgregg in 2010, Johnson has served in the role of senior VP of stores.   

Ikea’s upcoming store in Columbus, Ohio, has begun taking shape.   The company said that the structure’s steel framing has progressed far enough to allow for the installation of Ikea’s iconic blue composite panels. Installing the panels is a construction milestone that keeps the store on track to open in summer 2017.  

Two outlet mall projects in southern Michigan have been abandoned and another will miss its scheduled opening date, according to a report in the Detroit Free Press.  

Meijer is kicking off the fall campaign of its signature hunger relief program, Simply Give, across its six-state footprint in an effort to help local food pantry partners restock their shelves.

Gap Inc. unveiled preliminary results for the second quarter that were not very promising as Banana Republic continues to bleed. The retailer said revenue and same-store sales slipped for the month of July, and for the second quarter, which ended July 30. Gap’s net sales for the quarter were $3.85 billion, compared with $3.90 billion for the second quarter last year.

Gap Inc. unveiled preliminary results for the second quarter that were not very promising as Banana Republic continues to bleed.   The retailer said revenue and same-store sales slipped for the month of July, and for the second quarter, which ended July 30.   Gap’s net sales for the quarter were $3.85 billion, compared with $3.90 billion for the second quarter last year.  

Hhgregg announced several key executive appointments. The news comes on the heels of the appointment of interim CEO Robert Riesbeck as permanent chief of the consumer electronics and appliance retailer.    The moves include the promotion of former VP of marketing and nine-year company veteran Chris Sutton to senior VP of marketing, with oversight for all marketing initiatives as well as Hhgregg’s growing e-commerce channel. Sutton previously worked in advertising and brand marketing for The Walt Disney Company.  

Just as Amazon transformed e-commerce through its convenience, assortment and ease of use, look for the pairing of Jet.com and Walmart to introduce additional completion in the online shopping space that will give more options to consumers. Both companies stand to gain exposure to more and different customers as well as benefits in terms of service, delivery, and technological enhancements.   

Aeropostale is negotiating a potential sale to private equity firm Versa Capital Management LLC, Reuters reported. Versa specializes in distressed investments.      In court papers filed at the end of last week,the retailer said it has been in discussions with Versa regarding a possible stalking horse bid at the chain’s bankruptcy auction later this month. The bid by Versa could include a cash payment for Aéropostale’s inventory, and the assumption of more than 500  

In 2013, when Plainsboro (New Jersey) Plaza lost its grocery anchor, prospects appeared bleak for the once-thriving center. A new town center concept erected across the street in this affluent locale bordering Princeton had siphoned off shoppers in a big way. According to a report in the Trenton Times, two-thirds of the Plaza emptied while Plainsboro Village Center was 96% leased.