News Briefs

The CFO of ODP Corp. is stepping down after about four years on the job.

The company, whose portfolio includes Office Depot, OfficeMax and other offerings, said that D. Anthony Scaglione, who has served as executive VP and CFO since 2020, is stepping down from his role to pursue another career opportunity. His last day will be Sept. 13. 

ODP said Scaglione will continue to work closely with ODP chief executive Gerry Smith until his departure date as the “company formulates its plans to fill the chief financial officer role.” 

"On behalf of ODP, I want to thank Anthony for his significant contributions to ODP over the past four years,” said Smith, chief executive officer of the company. “Under his financial leadership, ODP has made great strides in its transformation and has strengthened its foundation to be able to deliver profitable growth in the future. Anthony is supported by a talented finance team that will continue to serve the company and its shareholders.”

ODP provides products, services, and technology solutions to businesses and consumers through an integrated business-to-business (B2B) distribution platform and omni-channel presence.

 Rite Aid continues to shrink its portfolio.

The drug store chain is closing all 186 stores in Michigan, reported The Detroit News. The newest list of store closures in Michigan submitted in bankruptcy court in recent days marks Rite Aid’s complete exit from the state. Some of the locations have already closed, with the rest to go dark by the end of September.

In addition, Rite Aid is closing its distribution center in Michigan’s Waterford Township, effective Aug. 16.

Rite Aid filed for Chapter 11 bankruptcy protection in October. Since the filing, the company has closed hundreds of stores. As of Feb. 29, Rite Aid operated 1,704 stores across the United States, according to its website. It is expected to emerge from bankruptcy with about 1,300 locations. 

In July, a U.S. bankruptcy judge has approved the chain’s restructuring plan, which cut its debt by about $2 billion and turn over control to its key creditors. 

[READ MORE: Rite Aid restructuring plan approved, slashes debt]

In July, Rite Aid acknowledged that an unauthorized intruder gained access to some of its corporate systems in June 2024. The company said no social security numbers, financial information or patient information were exposed in the breach.

Amazon will implement peak season fees for third-party sellers that use its mix of fulfillment services for the third consecutive year.

The holiday increase will go into effect on Oct. 15 and last until Jan. 14, 2025. The seasonal fee increase is similar to those charged by other major carriers, and covers increased fulfillment and transportation operating costs during the buy holiday season, Amazon said in a post on its Seller Central platform.

“The average holiday peak fulfillment fee will remain the same as last year, except for products priced under $10 in U.S. FBA, for which the peak fee is new in 2024,” the company said. “Amazon’s average FBA fulfillment fees continue to be 70% less expensive than comparable two-day shipping methods offered by other major third-party logistics providers.”

The fees will apply to sellers using the following services: Fulfillment by Amazon (FBA) in the U.S. and Canada, North America Remote Fulfillment, U.S. Multi-Channel Fulfillment and Buy with Prime.

Amazon calculates and charges the fees when shipments leave its fulfillment centers, so products shipped on or after Oct. 15 will have the higher peak season charge — even if the orders were made before the active date, the company said.

Ten bills targeting retail theft and property-related offenses have been sent to Gov. Gavin Newsom for sign-off after being passed by the California Legislature. 

The bills cover a wide array of issues. The legislation is centered around  the California Retail Theft Reduction Act, which was introduced in February, according to a report by WWD. The law solidifies a new crime classification for possessing stolen merchandise worth over $950 with the intent to resell, with a prison sentence of up to three years, the report said. It also stipulates that the value of thefts from different retailers can be tallied up and prosecuted as grand theft — a felony charge.

The bill package, which operates under the header of “Californians Against Retail Theft,” also includes AB 1779, which allows California district attorneys to prosecute theft cases across multiple jurisdictions at once, the report said.

To read the full report, click here.

Bucksbaum Properties, LLC has acquired a new mixed-use center in Chicagoland.

The Chicago-based real estate owner and developer has acquired the River District property in downtown Naperville, a western suburb of the nation's third-largest city. Built in 1988, the center encompasses 2.74 acres and features nearly 59,000 sq.-ft. of tenants including Rosebud, Fat Rosie's Taco & Tequila Bar, Chipotle, and Five Guys, as well as 12,000 sq.-ft. of second floor office space.

"We could not be more excited about being a part of this great market through our acquisition of River District in Naperville and the opportunities it presents in enhancing our retail portfolio," said John Bucksbaum, founder of Bucksbaum Properties. "Our flexible capital, industry experience, and track record in development, property management, and leasing uniquely position us to capitalize on assets like River District and execute our strategy effectively in various markets across the United States.”

As of 2022, Naperville had a population of nearly 150,000. The median household income in the city was approximately $143,000 the same year. The company said the mixed-use center acquisition aligns with its interest in assets that “offer a long-term potential for higher and better use, presenting multiple paths to success with in-place cash flow.” 

[READ MORE: Quick-serve chain to open first Chicago stores in 40 years]

Founded in 2011, Bucksbaum Properties owns and operates multiple mixed-used properties, including three others in Chicago (Newcity, Gateway Plaza, and Addison & Clark).

Nordstrom continues the expansion of its off-price division.

The department store retailer will open a Nordstrom Rack in Morrisville, N.C., in spring 2025. The 25,000-sq.-ft. store will be located at Park West Village, a shopping center that is owned and managed by Casto. Nordstrom currently operates two full-line stores and two Nordstrom Rack stores in North Carolina.

In addition to the Park West Village location, Nordstrom Rack has announced additional spring 2025 openings, including:

• Pine Ridge Square, Coral Springs, Fla.;

•Westchase Shopping Center, Houston;

•Fischer Marketplace, Apple Valley, Minn.;

•The Davis Collection, Davis, Calif.;

•Sycamore Commons, Matthews, N.C.;

•Randall Square, Geneva, Ill.; and

•Manalapan Commons, Manalapan Township, N.J.

Nordstrom plans to open 22 Rack stores in its current fiscal year, up from 19 last year. 

“Rack stores continue to be a growth engine for our company as they are our largest source of new customer acquisition, accounting for over 40%,” said CEO Erik Nordstrom on the earnings call In March.