News

Bebe to close 21 locations
In a move to avoid filing Chapter 11, the fashion retailer is planning to shutter approximately 12% of its stores. The closures will incur an impairment charge of approximately $2.0 million and will make a termination payment to the landlord of approximately $7.4 million, according to a filing the chain made on April 4, with the Securities and Exchange Commission.
Ace Hardware subsidiary names new leader
Ace Wholesale Holdings has appointed a new executive to drive the company’s ongoing expansion. Mark Spanswick was named president and general manager of Ace Wholesale Holdings LLC, a subsidiary of Ace Hardware Corp.

Bed Bath & Beyond’s Q4 finishes strong

After three quarters of missing analyst estimates, Bed Bath & Beyond’s fourth quarter ended on a high note, and beat expectations.
Study: Amazon tops total market growth for U.S. sales of household items

Amazon is gaining a significantly larger share-of-wallet for everyday household items — and the retailer continues to build momentum.
Report: Teen specialty retailer could file Chapter 11 as soon as this month

Rue21 could be the next chain headed toward bankruptcy. The teen apparel retailer, which is backed by private equity firm Apax Partners, is preparing to file for bankruptcy as soon as this month, according to Bloomberg.
Zumiez sees net sales, comps climb in March

Zumiez’s net and same-store sales were on the climb for March.

The teen retailer’s total net sales for the five-week period ended April 1, 2017, increased 4.3% to $71.7 million, compared to $68.8 million for the five-week period ended April 2, 2016.
Hudson’s Bay Co. taps Toys “R” Us exec to head up European division

Hudson’s Bay Co.’s newest executive is joining the company just in time to lead the European division’s next phase of development. Dr. Wolfgang Link will become CEO of HBC Europe, effective May 1. He will lead the expansion and growth strategy for the department store’s European business, including Galeria Kaufhof, Galeria Inno, and the entrance of Hudson’s Bay and Saks OFF 5TH. Reporting to HBC’s CEO Jerry Storch, Dr. Link will also oversee the European management team.
Convenience store giant makes $3.3 billion acquisition

7-Eleven has accelerated its U.S. expansion by entering into the largest acquisition in its history. The c-store retailer has agreed to buy the Sunoco chain of gas stations, which includes some 1,108 convenience stores located in 18 states, for a reported $3.3 billion.
Luxury retailer taps Bergdorf Goodman exec to lead brand growth

Coach Inc. has tapped a 26-year fashion veteran to lead the company as its expands its brand portfolio. Joshua Schulman has been named president and CEO of the Coach brand, effective June 5. In this newly created role, Schulman will be responsible for all aspects of the brand globally, reporting directly to Victor Luis, CEO of Coach, Inc. This new leadership structure follows the 2015 acquisition of Stuart Weitzman, and is an important step in Coach, Inc.’s evolution as a customer-focused, multi-brand organization, the retailer said.
Electronics e-retailer offers post office deliveries in Canada

Online shoppers are demanding more flexibility and control in their delivery experiences — and Newegg is responding. The electronics e-retailer now enables its Canadian shoppers to ship purchases to more than 6,000 Canada Post retail post offices. Newegg created the program through a partnership with air freight shipping company Purolator International and Canada Post.