Corporate Governance

Foothill Ranch, Calif. – In a move that was somewhat expected, The Wet Seal Inc. has filed for Chapter 11 bankruptcy. The move comes a week after the struggling teen retailer said it was closing 338 of its stores, leaving it with approximately 173 stores nationwide.

“After careful consideration, the Board of Directors unanimously concluded that filing for Chapter 11 was the appropriate course of action for the Company,” said CEO Ed Thomas.

In reviewing Target’s troubled expansion into Canada, Kantar Retail breaks down the misfires into a finance-operations model:

BRAND

Home Depot’s CEO Craig Menear will take over as chairman of the board when Frank Blake retires Feb. 2.

Menear, formerly head of Home Depot’s retail operations, was named Blake’s successor as CEO in August, and the company said at the time that Blake would remain as chairman. Menear took over the CEO role at the beginning of November.

The Army & Air Force Exchange Service is making it easier for disabled veterans to buy gas at 370 of its stores worldwide thanks to a full-service initiative called FuelCall.

As media companies increasingly look for ways to boost profitability, the New York Times is leveraging its brand recognition by launching an overhaul of the New York Times Store.

The store is the online destination for shoppers seeking New York Times branded merchandise. But the new store will also sell personalized products that are curated for and recommended to each individual shopper, in addition to bestsellers like classic photography, newspaper reprints, sports memorabilia and books, as well as a wide selection of autographed and historical items.

Walgreens Boot Alliance will be looking to fill some big shoes, as Thomas Sabatino Jr., executive VP, global chief legal and administrative officer, will be leaving the company to join Hertz Global Holdings effective Feb.9.

Sabatino will join Hertz Global Holdings as senior executive VP, chief administrative officer and general counsel.

Sabatino will remain in his current role with Walgreens Boots Alliance through the end of January to ensure a smooth transition of his current responsibilities.

Leading apparel manufacturer Kellwood has named ex-Barnes & Noble chief financial officer Joseph Lombardi as CEO.

Lombardi joined Kellwood as CFO in 2013, and has three decades of retail experience across a variety of sectors, including apparel.

Minneapolis – Best Buy Co. Inc. had a happy holiday season, but the New Year is not looking so bright. The retailer is predicting flat to negative enterprise same-store sales during the first half of fiscal 2016.

Best Buy is basing this prediction on external pressures such as declining consumer excitement about high-profile products that sold well during the holidays, deflationary pricing and declining purchases of extended warranties.

New York -- Target Corp. has received official approval from the Canadian goverment to shutter its troubled operations in Canada. The retailer said it has obtained an Initial Order from the Ontario Superior Court of Justice for creditor protection under the Companies' Creditors Arrangement Act.

The order allows Target Canada to proceed with a court-supervised wind-down of its business and authorizes the company to provide a debtor-in-possession credit facility of $175 million to finance its operations during the proceedings.

Redwood Shores, Calif. – Retailers are sometimes accused of being laggards when it comes to technology and process adoption, but that does not appear to be the case when it comes to marketing. To assess marketing maturity across industries and demonstrate the business impact of modern marketing best practices, Oracle commissioned Forrester Consulting to conduct a global study of marketing decision-makers.