Department Store

The Children's Place has added Susan Sobbott to its board of directors as a Class II director to serve for a three-year term.

Newly separated from Sears Holdings, Lands' End reported respectable sales growth during a first quarter that saw it vow to become a global lifestyle brand.

Lands' End completed its separation from Sears on April 4 and for the quarter ended May 2 said its sales increased 3.6% to $330.5 million, driven by a 4.8% increase in the direct segment offset by a 2.3% decrease in the retail segment. Profits increased 48.1% to $10.9 million, or 34 cents a share, compared to $7.3 million, or 23 cents a year the prior year.

Bebe's Steve Birkhold has resigned as CEO, effective immediately. The board has appointed Jim Wiggett, currently CEO of Jackson Hole Group, as CEO while it starts a search for a permanent replacement.

Brisbane, California — bebe stores CEO Steve Birkhold has left the company, effectively immediately, and an interim chief has been named to lead while a search for a permanent replacement is underway, said bebe stores on Thursday.

Following the sudden departure of Birkhold, the board appointed Jim Wiggett, currently CEO of Jackson Hole Group, as bebe’s interim CEO.

Bethesda, Md. — Bed Bath & Beyond has opened a new 23,400-sq.-ft. store at Wildwood Shopping Center in California, Md. This is the retailer’s 19th store in Maryland. J.C. Penney and Belk’s anchor the 289,000-sq.-ft. center. Sax Realty (www.saxrealty.com) represented Bed Bath & Beyond in the transaction. Scheer Partners represented the landlord.

Neiman Marcus may have reported total revenues of $1.16 billion for the third quarter, compared to $1.10 billion in the prior year, and a comparable-store sales increase of 5.9%, but the company’s profits took a hit, as traffic to brick-and-mortar stores decreased compared to last year.

Beachwood, Ohio — DDR Corp. and an affiliate of Blackstone Real Estate Partners VII have announced the formation of a third joint venture to acquire 76 shopping centers currently owned by American Realty Capital Properties, Inc.

The joint venture will acquire the portfolio in a transaction valued at $1.975 billion, including assumed debt of $461 million and approximately $800 million of new financings.  

Washington, D.C. — Consumer spending rose 0.3% in May, marking four consecutive months of rising U.S. retail sales.

The Commerce Department reported Thursday that May results were boosted by strength from the auto sector, which recorded a 1.4% sales increase during the month. U.S. retail sales rose 0.5% in April and 1.5% in March.