Sears, Roebuck & Co.

Jo-Ann Fabric and Craft Stores, the nation’s leading fabric and craft specialty retailer, has announced two significant organizational changes in the merchandising and marketing areas.

Megan Featherston, formerly senior vice president, merchandising, at Jo-Ann, has been promoted to executive vice president, merchandising & marketing. In her new role, Megan will oversee the retailer’s merchandising, marketing, Joann.com and business intelligence and analytics teams.

A search is underway for a new CEO to execute a massive transformation at one of the world’s largest retailers. Getting to the interview will require U.S. executives to take a very long flight and the successful applicant will need good listening skills to decipher the accent of co-workers.

New York -- One of the world’s largest retailers has undertaken a search is underway for a new CEO to execute a massive transformation. But getting to the interview will require U.S. executives to take a very long flight and the successful applicant will need good listening skills to decipher the accent of co-workers.

The retail industry is accustomed to weak same store sales at Sears and Kmart, but the magnitude of the decline the company experienced in the first quarter was large even by its standards.

Hoffman Estates, Ill. – A reduction in selling, general and administrative expenses helped Sears Holdings Corp. reduce its first quarter net loss even as its sales continued to slide. The results came in as the chain prepares for the launch of its real-estate investment trust this week to raise cash. Sears said it expects the REIT transaction to raise $2.6 billion.

Sears Hometown and Outlet Stores Inc.

Hoffman Estates, Ill. – Sears Hometown and Outlet Stores Inc. reported falling profits and sales in the first quarter of fiscal 2015. Lower online commissions from Sears Holdings, lower initial franchise revenues, and lower delivery income helped reduce net income to $2.15 million from $3.68 million.

Net sales in the first quarter of 2015 decreased 1% to $582.8 million from $589.9 million. This decrease was driven primarily by a 1.2% decrease in same-store sales.

Lower sales and a fall in commissions led Sears Hometown and Outlet Stores Inc. to post falling profit in the first quarter.