Department Store

With the NHL Stanley Cup playoffs underway, what better way for Sears Canada to spark interest in its product assortment than the addition of a brand inspired by a player who on-ice exploits earned him the best nickname ever.

Beginning this fall, Sears Canada said it will introduce “#99 The Wayne Gretzy Collection” of casual menswear. Gretzy, for those who don’t know is a hockey legend and the all-time leading scorer by a wide margin.

New York -- Following its January 2015 spinoff from private-equity firm Sycamore Partners, Jones New York has been acquired by Authentic Brands Group, LLC, owner of a global portfolio of fashion, sports, media and entertainment brands.

Sycamore previously announced it would close all Jones New York retail locations and seek strategic alternatives for the beleaguered brand.

Saks Fifth Avenue is launching a garden-themed merchandising campaign just as floral patterns dominate the fashion runways this spring.

New York -- On the heels of disappointing sales trends, Sears Hometown and Outlet Stores Inc. said that its CEO W. Bruce Johnson will leave the company Aug. 1.

The company also announced that the board of directors has commenced a search for a new CEO and has retained Heidrick & Struggles, a leading global executive search firm, to assist the Board in identifying and evaluating external and internal candidates.

New York -- A major new credit agreement has been secured by the 262 store Hancock Fabric chain with Wells Fargo Capital and the newly formed Great American Capital Partners subsidiary of B. Riley Financial.

The new financing deal, executed a year and a half before an existing credit facility was due to expire, provides the struggling Hancock Fabric chain with a new five year, $100 million asset-backed credit facility from Wells Fargo and a $17.5 million term loan from Great American.

Chicago -- Sears Holdings Corp. has tapped former Rouse Properties COO Benjamin Schall to lead new Sears REIT Seritage Growth Properties. The real estate investment trust was formed by Sears to buy some of its stores and generate $2.5 billion in cash.

Schall’s appointment is effective May 4. He spent three years as COO of publicly traded REIT Rouse, overseeing operations of 35 malls in 21 states.  

The TJX Cos. Inc. announced Wednesday that Chairman Bernard Cammarata will retire following the company’s annual shareholder meeting scheduled for June 11.

What’s wrong with the retail Industry? Corporate Responsibility Magazine is out with the 2015 version of its 100 Best Corporate Citizens and only three, that’s right, only three retailers were worthy of inclusion on the list.