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From penthouse to poorhouse for this retail exec
America’s Thrift Stores has hired former Tiffany executive Mike Kane as its new chief operations officer. Kane joins the leadership team at the largest privately owned thrift store company in the Southeast.
At Tiffany, Kane served as VP of manufacturing and prior to that, as a division president.
"I am excited about joining such a passionate group of people," said Kane, "and I see tremendous dedication to do whatever it takes to achieve the mission we have started."
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Net loss widens in third quarter for Sears Canada
Sears Canada said a one-time charge of $41 million related to restructuring and asset impairment affected its third quarter results, which resulted in a net loss of about $46.7 million USD — more than double the net loss of $21 million it posted in the same quarter of the previous fiscal year.
In addition, revenues of $940.7 million were down about 6% from $1 billion. In one bright spot, same-store sales climbed 1.2%. Sears Canada is in the middle of a three-year turnaround program launched in 2012.