News

New York City -- Mexican billionaire Carlos Slim, through his Inmobiliaria Carso SA investment fund, spent $8.8 million to up his stake in Saks, according to Bloomberg. 

Slim, who was Saks’s largest shareholder before the purchases and last acquired the New York-based retailer’s shares in April 2009, raised his stake to 16% from 15.7%, the report said. Slim has made it a practice to add to his investment holdings when the markets slump.

WAYNE, N.J. — Toys"R"Us Inc. continues to implement its strategy of integrating its Toys"R"Us and Babies"R"Us units, announcing that it will have opened 21 new stores by the end of 2011. These new stores include 11 "R" Superstores and 10 Side-by-Side locations. As part of an ongoing effort to upgrade the company's portfolio of stores nationwide, the remodeling of 23 existing locations to the Side-by-Side format is also underway and will be completed by the end of the year, the company reported.

It would appear the year is playing out much as Target’s senior executives envisioned many months ago when guidance was provided regarding how the retailer’s sales performance was likely to unfold. As expected, the second quarter same-store sales increase of 3.9% was an acceleration of the 2% gain reported during the first quarter, and now further improvement is anticipated during the third and fourth quarter judging from upwardly revised profit targets shared with investors.

It’s not easy keeping up with the comings and goings of retail executives these days. Every day seems to bring a change at -- or near -- the top. Among the most recent announcements was the news that Terrance Marks, CEO of The Pantry and architect of the chain’s turnaround strategy, was stepping down to take a position in Atlanta. Also hot off the wire: Mark Cosby, former president of stores at Macy’s, has been named president of CVS/pharmacy.

Berkley, Calif. -- Andronico's Community Markets has filed for Chapter 11 bankruptcy protection.

The company is seeking debtor-in-possession financing that would allow it to sell itself to a private investment group that would keep its seven stores in Northern California in operation.

DEERFIELD, Ill. — Walgreens on Monday named Thomas Sabatino Jr. EVP, general counsel and corporate secretary, effective Sept. 12.

Sabatino replaces Dana Green, who is retiring after 37 years with the company, Walgreens stated.

ENGLEWOOD, Colo. — Sports Authority announced that Darrell Webb has been named as interim CEO of the company, replacing David Campisi who is resigning as CEO and president of the company. 

As previously reported by Retailing Today, Webb currently serves as the chairman and CEO of Jo-Ann Stores. Webb previously has held senior positions at The Kroger Company, Fred Meyer Stores and Quality Food Centers. Webb will retain his position as chairman of Jo-Ann Stores while serving as Interim CEO of Sports Authority. 

Just launch the new site already. Target executives keep talking about how much better its new website will be now that e-commerce efforts have been brought in house, so it sure would be nice to see what all the excitement is about. Not sure when that will happen, but EVP merchandising Kathy Tesija contends it is going to be a lot better.