Corporate Governance

Office supply giant names tech exec as new CEO
Office Depot has named a successor to CEO Roland Smith, who previously announced his intention to retire from the company. The company also named a new chairman. The retailer has appointed Gerry P. Smith as CEO, effective Feb. 27. Smith currently serves as executive VP and COO of Lenovo Group, a $45 billion global technology company.
Macy’s sells chocolate brand
Macy’s is exiting the chocolate business. The department store retailer is selling its Frango chocolate brand to Garrett Brands, owner of Garrett Popcorn Shops, for an undisclosed amount. Macy’s had inherited Frango, whose roots date back to 1918, from Marshall Field & Co., which was acquired by Macy’s in 2005.

Beauty retailer preps to launch new holding company

Ulta Beauty is launching a new holding company. On Sunday, Jan. 29, the beginning of the company’s new fiscal year, the retailer will form a new holding company, Ulta Beauty Inc. “Business operations will not change, and the primary purpose of the reorganization is to create a more efficient corporate structure,” the company said. All outstanding shares of common stock will automatically convert, and the stock will continue to trade under the "ULTA" ticker.
Tractor Supply Company hits store milestone

Tractor Supply Company is celebrating the opening of its 1,600th store, which opened in Brentwood, Calif. The new store will hold its grand opening on Saturday, Feb. 4th.
Chief merchant of Hudson’s Bay and Lord & Taylor leaves for exec role at Stein Mart

A veteran retail merchandiser is leaving Hudson’s Bay to join Stein Mart. The off-price announced that MaryAnne Morin will join Stein Mart as president, effective Feb. 6, with responsibility for merchandising and marketing.
Finish Line sheds specialty running stores division

Finish Line is cutting its losses related to its specialty running gear unit. The sportswear retailer has sold its JackRabbit specialty running store division to CriticalPoint Capital LLC, a Los Angeles-based private investment firm.
Hollister Co. bringing back a familiar name

Hollister Co. is reviving its intimates brand. The retailer, a division of Abercrombie & Fitch Co., is reintroducing its Gilly Hicks line of intimates, loungewear and swimwear. Gilly product can now be purchased in all of Hollister’s U.S. stores and globally online. Hollister plans to open Gilly in-store shops in selection locations “that will provide the customer a unique Gilly Hicks brand experience.”
Commentary: Starbucks now “firmly in middle age”

Neil Saunders, CEO of retail research and consulting firm Conlumino, comments on Starbucks’ first quarter results in the remarks below.
PayPal ends year with a jump in revenue

PayPal credits partnerships for its revenue increase during the fourth quarter, as well as throughout 2016. The digital payments company reported a 17% jump in revenue to $2.981 billion for the fourth quarter ended December 31, 2016. During this timeframe, PayPal also added 5.4 million active customer accounts; and 1.8 billion payment transactions, an increase of 23%. The company also reported $99 billion in total payment volume (TPV), up 22%.
Another teen apparel retailer to close all stores

It looks like it’s curtain time for The Wet Seal. The struggling teen retailer is closing its 171 stores, along with its headquarters in Irvine, Calif., after being unable to obtain the necessary cash infusion or find a buyer, according to several media reports.

Office supply giant names tech exec as new CEO

Macy’s sells chocolate brand

Beauty retailer preps to launch new holding company

Tractor Supply Company hits store milestone

Chief merchant of Hudson’s Bay and Lord & Taylor leaves for exec role at Stein Mart

Finish Line sheds specialty running stores division

Hollister Co. bringing back a familiar name

Commentary: Starbucks now “firmly in middle age”

PayPal ends year with a jump in revenue

Another teen apparel retailer to close all stores