Industry Updates: Apparel Specialty Stores and Department Stores – January 2016
Aeropostale Inc. announced it will cut about 100 jobs, or 13% of its corporate and regional manager workforce.
JCPenney Company, Inc. appointed Therace Risch as Exec VP and CIO. She succeeds Scott Laverty.
Levi Strauss & Co. announced Carrie Ask will join the company on Feb. 16, 2016 as Exec VP and President of Global Retail.
Macy’s Inc. announced that it will soon be terminating approximately 4,500 jobs due to poor sales this holiday season. Over 66% of the eliminated positions are store employees. The company also plans to shutter a call center in St. Louis and move forward with 36 store closures this year.
Finish Line Inc. recently announced Sam Sato has been promoted to CEO. He will replace Glenn Lyon, effective February 28th. Mr. Lyon will assume the role of Executive Chairman before serving as the company’s Non-Executive Chairman starting in 2017.
Joyce Leslie filed for Chapter 11 bankruptcy court protection, and is a likely candidate for liquidation.
Mergers and Acquisitions
Hudson’s Bay Company will acquire Gilt Groupe.
Victoria’s Secret Stores will open its first South-east Asia flagship store in Singapore. The 12,000 sq. ft. store will open in the fourth quarter of the year at Mandarin Gallery.
Abercrombie & Fitch Co. recently announced that its Abercrombie & Fitch brand will open its first store in the United Arab Emirates at Dubai’s Mall of Emirates on Dec. 26. At 18,000 sq. ft., this will be one of the largest Abercrombie & Fitch stores to operate in a mall environment.
The Finish Line announced plans to close about 150 stores in the next four years.
Forever 21 Inc. has opened three new F21 RED stores in Brooklyn, NY, San Diego, CA, and Kendall, FL. The Brooklyn store is 35,000 sq. ft., while the San Diego and Kendall locations are more than 20,000 sq. ft.
Hudson’s Bay Co. announced that it plans to open an 85,000 sq. ft. Saks Fifth Avenue store this summer at the northern end of Brookfield Place in New York and a 16,750 sq. ft. Saks Fifth Avenue Men’s Store in spring of 2017.
Nordstrom Inc. plans to open Nordstrom Rack at The Marketplace at Braintree in Braintree, MA. The approximately 35,000 sq. ft. store is scheduled to open in fall 2016.
Sportsman’s Warehouse announced it will open three new stores in the summer of 2016. The new stores will be located in Prescott, AZ, Rock Springs, WY, and Gillette, WY.