Department Store

Amazon’s fashion journey may have just hit a bump in the road.   Cathy Beaudoin, the online giant’s president of fashion, has left her post — a position she has held for eight years, reported Business of Fashion.  

Job losses are piling up in the retail industry amid ongoing store closings.    The retail industry experienced 11,669 job cuts in April, the highest total among all industries, bringing the year-to-date total to 50,133, according to a report released Thursday from global outplacement consultancy Challenger, Gray & Christmas. That is up 36% from the 36,977 retail-sector job cuts announced in the first four months of 2016.   

It seems the party is over between Macy’s and Tailored Brands’ Men’s Wearhouse.  

Coach reported better-than-expected profit for its third quarter as its turnaround efforts to reduce discounts on its goods sold in the United States gain increased traction.   The upscale retailer reported net income of $130 million, with earnings per diluted share of $0.46, in the quarter ended April 1, compared to $124 million in the year-ago period. Its results exceeded Wall Street expectations.    

Two private equity firms are “actively” exploring a buyout of Staples, according to a report by CNBC.   Cerberus Capital Management and Sycamore Partners have emerged as the leading frontrunners pursuing a deal, the report said. While other private equity firms, including Clayton Dubilier & Rice LLC, Advent International Corp and Bain Capital LLC, held discussions with the retailer include, they appear to be walked back and are less interested in the deal.  

Same property net operating income during the first quarter was up 3.2% at Brixmor Property Group thanks to aggressive redevelopment efforts, said the company’s CEO.    "While the overall retail environment brought an increase in announced retail bankruptcies and store closings, our portfolio continued to benefit from healthy tenant demand, resulting in 1.9 million sq. ft. of new and renewal leases executed in the first quarter at blended comparable rent spreads of 16.4%," said James Taylor in a statement.

Hudson’s Bay Company is losing its finance head.   The retailer said that CFO Paul Beesley has made the decision to resign in order to return home to Canada to be closer to his family. Beesley will continue in his role over the next two months to ensure a smooth transition. His last day with HBC will be July 7. HBC has engaged an executive search firm to assist in recruiting a new CFO.  

The Bon Ton Stores has a new technology leader.   Norm Veit has joined the company as executive VP, CIO, responsible for the chain’s IT strategy and operations.   Veit bring more than 35 years of experience to Bon-Ton, having held a variety of leadership roles in retail companies throughout his career. Most recently, he served as CIO and executive VP, distribution, real estate and facilities for Nine West Holdings, Inc.