Supply Chain & Merchandising

Boca Raton, Fla. - Jeffrey Smith, CEO of investment firm Starboard Value LLP, has resigned from Office Depot’s board of directors, effective immediately. The nominating and governance committee will commence a search for a replacement.

Smith, who joined the board in August 2013 to help Office Depot smoothly transition to a new combined company with OfficeMax and find a new CEO, said he is leaving because he is satisfied that Office Depot has reached both goals.

New York -- With just 105 shopping days left until Christmas (as of Sept. 10), Toys “R” Us outlined its holiday strategy at a preview event in New York City. Among the highlights: free online layaway, enhanced loyalty program, improved online and in-store checkout, and two new in-store shops.  
    
“Our focus at Toys “R” Us for the 2014 holiday season is to make it easy for customers to shop with us, both in-store and online,” said Hank Mullany, president, Toys “R” Us, U.S.

According to Lands’ End president and CEO Edgar Huber, the company is well positioned to continue executing against its strategic initiatives to drive long-term sales and earnings growth.

The retailer, which completed its separation from Sears on April 4, has achieved double digit year-over-year adjusted EBITDA growth for more than four consecutive quarters as of the second quarter of fiscal 2014.

Philadelphia – Five Below plans to open a new distribution center in Oldmans Township, New Jersey, in 2015. The center will replace an existing 421,000-sq.-ft. facility located in New Castle, Delaware.

Five Below will occupy approximately 700,000 sq. ft. of the facility to start with, and plans to grow to one million sq. ft. over time. The new distribution center, which is expected to be fully operational in the second half of 2015, will support the company's continued growth and expansion on the East Coast.

Jacksonville, Fla. - Stein Mart is opening six new stores in fall 2014 as part of its 2014 store expansion plan that calls for  nine new locations, strategically selected in key growth markets, and seven relocations. The openings will bring the company's total nationwide store count to more than 270.

Stein Mart plans to open six new stores this fall just in time for Christmas. The store openings are part of the company’s 2014 store expansion plan, which includes nine new locations, strategically selected in key growth markets, and seven relocations.

The openings will bring the company's total nationwide store count to more than 270.

New York -- Fitch Ratings downgraded the credit ratings of Sears Holding Corp. from “CCC” to “CC,” citing the “magnitude” of the retailer’s drop in profitability and lack of visibility to turn operations around as a significant concern.

Fitch also cited the company’s cash burn rate, calling it a “significant concern.”

Washington, D.C. -- Retailers concerned by the lack of a West Coast longshoremen’s contract will continue to bring merchandise into the country at above-average levels this month but volume will drop from the record set in August, according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates.