Department Store

Report: Department store retailer losing top digital exec
The chief technology officer of Nordstrom is leaving the company after less than a year on the job. Kumar Srinivasan is leaving the upscale department store company effective Friday, Jan. 7, to return to India, GeekWire reported. Srinivasan, who joined Nordstrom in March, after serving as the co-founder and CEO of software company Evocalize. Prior to that, he was the former general manager at Amazon Payments Merchant Solutions unit
CFO Spotlight
Finance chiefs play expanded role in managing the retail transformation
With the retail environment undergoing the most complex changes in our generation, the sustainability of the current retail economic model is in question.
Historically, retail CFOs, as the principal financial officers, were primarily responsible for more traditional finance, treasury, regulatory, information delivery and related functions.

Sears sells top brand, closing more stores

Sears Holdings Corp. is seeking to stop its bleeding and raise more cash by closing another 104 stores and selling its iconic Craftsman tools brand. The struggling retailer said it has reached an agreement to sell Craftsman to Stanley Black & Decker for a net present value of about $900 million, including future royalty payments. Sears, which will continue to sell Craftsman products, had put the brand, along with its Kenmore and DieHard brands, up for sale several months ago.
Online powerhouse among retailers looking to buy American Apparel

A few familiar retail names are reportedly in discussions to buy American Apparel. Amazon and Forever 21 are among the companies in talks with the bankrupt manufacturing and retail company and its advisors about submitting offers ahead of a deadline on Friday, Reuters reported.
HEIGHTENED SECURITY

Preparedness is key for mall owners, retailers
“Just wanting to make sure, No. 1, it is a safe environment; and No. 2, everyone knows it is a safe environment.”
That was the comment Mark Peterson made to a local news station in Rockford, Ill., regarding his top priorities after undergoing what could easily qualify as every mall manager’s biggest nightmare.
Innovation in Spotlight at X/SPECS

Innovation is today’s buzzword. And it was all the talk at Chain Store Age’s X/SPECS 2016, as key executives from some of the nation’s leading retail and restaurant chains zeroed in on real-world strategies designed to innovate stores and elevate customer experiences.
Expanding North

DLC Management Corp.’s grocery-anchored shopping centers can be found in places such as Dallas; Milwaukee; Columbus, Ohio; and Birmingham, Ala.; but the company has a special stake in the Northeast. In October, DLC closed the biggest deal in its history, acquiring a passel of 16 centers, all but one of them in New York state. Chain Store Age Real Estate Editor Al Urbanski talked with DLC CEO Adam Ifshin and asked him what retailers need to know about the Northeast market.
Macy’s details store closings, restructuring amid poor holiday sales

Macy’s gave more information about its previously announced store closing plans as it unveiled a series of actions to streamline its store portfolio, intensify cost efficiency efforts and execute its real estate strategy.
Done deal: Penney sells headquarters campus in leaseback deal

J.C. Penney continues to lower its debt load. The retailed has sold its sprawling headquarters campus in Plano, Texas, to Dreien Opportunity Partners, general partner of Silos Opportunity Partners, for a gross sale price of $353 million before closing and transaction costs.
Sears gets another lifeline from CEO — this time backed with real estate

For the second time in a week, Sears Holdings Corp. is borrowing money from the hedge fund of its CEO. The embattled retailer has entered into a $500 million secured loan facility (maturing in July 2020) with ESL Investments, the hedge fund controlled by Sears chairman and CEO Edward Lampert. Of the total, $321 million was funded immediately, and an additional $179 million may be drawn in the future.