Management
March 11, 2021 at 7:29 pm
The group of activist investors looking to seize control of Kohl’s board has reduced the number of directors that it plans to nominate from nine to five. In a letter sent to the retailer’s shareholders Thursday, the group — which has a combined 9.5 percent stake in Kohl’s — said it originally nominated nine candidates…
March 10, 2021 at 4:26 pm
The owner of Saks Fifth Avenue, Hudson's Bay Company, announced it will separate the Saks' website into an independent business from its stores, CNBC reported. The decision to split the luxury department store's website comes after it raised $500 million. Venture capital firm Insight Partners put up the money to take a minority stake in Saks…
March 3, 2021 at 4:53 pm
Nike announced Monday that its vice president and general manager of the North America division has resigned, CNBC reported. Ann Hebert has left the retailer abruptly after 25 years with the company. This announcement follows a report from last week that revealed Hebert's 19-year-old-son, Joe Hebert, had used a credit card in her name to buy…
February 23, 2021 at 2:17 pm
Kohl’s said Monday that it has rejected an investor group’s attempt to seize control of its board, saying it would disrupt the momentum it has in revamping its business, reports CNBC. The retailer’s shares soared more than 8 percent in trading Monday, after a group of activist investors confirmed it has nominated nine directors to…
February 11, 2021 at 4:25 pm
Target will offer its employees free transportation and pay for the time taken to receive the COVID-19 vaccine, and Target-owned grocery delivery service Shipt will also offer stipends to its contract workers. All Target hourly employees who choose to get vaccinated will get up to four hours of pay — two hours for each dose…
February 3, 2021 at 5:54 pm
After 27 years of running the e-commerce giant, Jeff Bezos is stepping down as CEO of Amazon.com, CNBC reported. The entrepreneur is handing over the CEO role to Amazon's top cloud executive, Andy Jassy, while Bezos will transition to executive chairman of the company's board in this year's third quarter. Jassy has been with Amazon…
February 3, 2021 at 5:01 pm
After a challenging 2020, retailers are eyeing the year ahead with quiet optimism. The arrival of coronavirus vaccines means an end could be in sight to the constant closing and reopening that defined the last year, and stores can look forward to a release of pent-up spending when shoppers venture back out. However, nothing should…
January 27, 2021 at 6:02 pm
Drugstore chain Walgreens has hired a new CEO. Starbucks Chief Operating Officer Rosalind Brewer will replace Stefano Pessina as CEO of Walgreens Boots Alliance, CNBC reported. Starbucks announced Brewer's departure yesterday, explaining that she was leaving the coffee company at the end of February for a CEO position at an undisclosed corporation. This hire will make Brewer…
January 25, 2021 at 6:40 pm
Target said Monday it will spend $200 million on another round of employee bonuses and extend its coronavirus-related benefits after its strong holiday season. Indeed, Target has been one of the beneficiaries of pandemic trends, as shoppers consolidate trips, fill up bigger baskets and use curbside pickup. That pattern continued over the holidays, boosting the…
January 21, 2021 at 6:53 pm
Teen apparel retailer American Eagle Outfitters (AEO) outlined plans to close hundreds of stores in the coming years, while it looks to grow it lingerie and activewear brand Aerie to a $2 billion business. Chief Financial Officer Mike Mathias said during a virtual meeting with investors that AEO, which has about 880 stores, is looking to…
