News

Dennis Hernreich, EVP, COO and CFO of Destination XL Group, has resigned and board member John E. Kyees has been named interim CFO. In addition, the company has elected Will Mesdag, 60, to its board of directors.

Kyees, who has served on the Destination XL board of directors since 2010, was CFO of Urban Outfitters from 2003 until his retirement in 2010, and has served as a senior financial executive at several other prominent retailers. The company is conducting a search for a permanent CFO.

When it comes to meeting consumer expectations, the stakes for retailers have never been higher. Digital age consumers are more discerning, have high expectations for the quality of product information and use technology in a variety of ways to make educated purchasing decisions. They use search engines to get more information about a product or brand. They comparison-shop online. They visit manufacturers’ websites. They read online endorsements, reviews and recommendations.

Boston – Wayfair reported $915 million in revenue to close the year 2013, with an annual revenue growth rate of 55% and order intake exceeding $1 billion. The company said its portfolio of home brands experienced steady growth throughout 2013 capped off by strong holiday sales in the fourth quarter.

Hampstead, Md. – Five major investors in Jos. A. Bank — who combined own 17% of the menswear retailer — have told the company’s board they support dialogue with rival menswear retailer Men’s Wearhouse about its proposed $1.6 billion buyout offer, Bloomberg reports. Jos. A. Bank rejected the offer, which is good until March 28, on Jan. 15, and Men’s Wearhouse has publicly called for Jos. A. Bank to reconsider and said it may raise the offer.

Wayne, N.J. – Toys “R” Us is launching a nationwide in-store and online awareness campaign encouraging its customers to support the athletes participating the Special Olympics. Starting Feb. 1, by texting "Cheer" to 80888, customers can make a $5 donation via their mobile device that will help Special Olympics athletes.

Gary Maxwell has joined the Supply Chain Management Research Center as an executive in residence.

Maxwell retired from Walmart last year after serving as SVP of the global business process team. He held a variety of senior supply chain and logistics roles at Walmart after joining the company in 1999 from the now defunct regional discount chain Caldor. Since his retirement, Maxwell launched Maxwell Value Chain, to provide replenishment and supply chain services to retail suppliers.

Brentwood, Tenn. – Tractor Supply Company reported increased net income and sales for the fourth quarter and fiscal year 2013, compared to the same periods a year earlier. Net income grew 18.7% to $328.2 million from $276.5 million for the full fiscal year, and 21% to $95.9 million from $79.5 million for the fourth quarter.

Fremont, Calif. -- The Men's Wearhouse has sent a letter to the independent directors of Jos. A. Bank Clothiers, Inc. urging them to consider Men's Wearhouse's recent all-cash offer to acquire Jos. A. Bank for $57.50 per share, or about $1.6 billion. Jos. A. Bank initially rejected the offer, which expires March 28, 2014, on Jan. 20.