Industry Updates: Apparel Specialty Stores and Department Stores – January 2015
American Apparel Inc. said it officially terminated the employment of CEO Dov Charney and has named veteran fashion executive Paula Schneider as his successor.
Bebe Stores, Inc. announced that Jim Wiggett has been named CEO.
Burlington Stores Inc. announced its CFO Todd Weyhrich will retire and that Marc Katz has been named to replace him.
Gap Inc. has appointed a new CEO. Art Peck, currently President of the company’s growth, innovation and digital division, will succeed Glenn Murphy as the company’s next CEO, effective Feb. 1, 2015.
Hudson’s Bay Co. has named Gerald Storch as CEO and announced Richard Baker will stay on as Executive Chairman.
Lululemon Athletica Inc. named J. Crew Group Inc.’s Stuart Haselden as its new CFO, with an expected start date of Feb. 2.
Deb Shops announced it has won court approval to launch going-out-of-business sales that will culminate with the closing of all its stores.
Mergers and Acquisitions:
Coach Inc. will buy women’s luxury footwear company Stuart Weitzman Holdings LLC from private equity firm Sycamore Partners in a deal valued at up to $574 million.
Brown Shoe Co. has sold its Shoes.com online division.
C. Wonder announced it is closing all of its stores in the coming weeks.
PVH Corp. announced that it has started a global e-commerce expansion strategy for calvinklein.com that will culminate in the operation of direct e-commerce in more than 20 countries by the end of 2016.
Forever 21 will open 50 new stores over the next three years in sites across the major cities of France, Germany, Portugal, The Netherlands, Italy, Poland and Czech Republic as well as in new locations in the UK.
Macy’s Inc. recently announced restructuring plans that include creating a team to explore the possibility of an off-price business and growing its digital business. The restructuring plans will also include 14 store closures.
Performance Sports Group Ltd. will open it’s first-ever Bauer Hockey retail stores. Bauer Hockey will open its first store in Burlington, MA, in late summer and its second location in the Minneapolis area in the fall. Future phases are currently expected to include the opening of an additional six to eight stores over the next several years in key hockey markets across the United States and Canada.
Stella McCartney has designed a new Adidas collection for a younger audience. The line will feature bras, leggings, trainers and accessories and will be available to buy from Topshop and Nordstrom.
Brazilian retailer The Track & Field Store is expanding in the United States. So far, the high-end fitness sports performance and beach apparel retailer has opened a New York store and a Los Angeles store, with plans to expand further. The retailer also will launch a U.S. website early this year.
Body Central closed its chain of 271 stores.
JCPenney recently announced that it will close 40 underperforming stores on or about April 4.
Nordstrom Inc. will open a 25,000 sq. ft. Nordstrom Rack at Ambassador Town Center in Lafayette, LA in spring 2016.
Nordstrom Inc. announced plans to open a Nordstrom Rack store at Destiny USA mall in Syracuse, NY. The 33,357 sq. ft. store is scheduled to open in fall 2015. Nordstrom Rack is expanding across upstate New York, recently announcing new Rack stores opening in Buffalo and Albany for fall 2015.
PVH Corp. said it will close its Izod retail business, which includes 120 stores.
Wet Seal Inc. recently announced that it will close 338 retail stores. Following the store closures, which were scheduled to begin on or about Jan. 7, the company expects to operate approximately 173 retail stores in 42 states and Puerto Rico, as well as its e-commerce business.
Zara will open more than a dozen stores in the United States this year, including a flagship store in the SoHo area of New York. The group currently has 52 Zara stores in the United States.