Management

Guitar Center said last week that it expects to file for Chapter 11 bankruptcy protection after negotiating a debt-cutting deal with key investors and lenders. The country’s largest music instrument seller plans to emerge from protection before year’s-end with nearly $800 million less debt. By filing for Chapter 11 bankruptcy, Guitar Center would be able to continue…

Holiday shopping in the COVID era will be unlike anything modern retailers and consumers have experienced. With deals beginning in October and extending through December, U.S. retailers are downplaying the importance of Black Friday. Instead, they're focusing on making every day of the 2020 holiday season count. When it comes to the impact of COVID-19,…

Target and Ulta Beauty announced a deal Tuesday to open makeup and skincare shops inside of hundreds of Target stores across the country. Target CEO Brian Cornell said starting in the second half of next year, shoppers will find a smaller version of an Ulta store in more than 100 of Target’s stores and on…

CVS Health Corp. announced last week that its president and CEO, Larry Merlo, plans to step down in February, with Aetna president Karen Lynch lined up to replace him. Lynch has served as the executive vice president of CVS Health since CVS acquired the insurer in November 2018, and has remained as president of Aetna, a…

Pet Valu, the specialty retailer of pet food and supplies, said Wednesday that it will wind down operations at its Pennsylvania headquarters and close all of its 358 stores and warehouses across the U.S. It said closing sales will begin in the next few days. Jamie Gould, Pet Valu’s recently appointed chief restructuring officer, said…

In many ways, the current pandemic crisis has created an environment of unprecedented stress in the retail landscape. Retailers have experienced previously unseen market forces resulting in months of closures and shifts in consumer behaviors. However, while this epidemic has exposed vulnerability in the retail industry, it has also uncovered opportunities. Significant Opportunities, Larger Trends…

Under Armour has joined a growing list of major consumer brands that are making big changes to their wholesale strategies. The athletic brand, which saw some progress in its turnaround during the third quarter, said it will begin to exit 2,000 to 3,000 stores in North America, its largest market. By the end of 2022, it expects…

Santa Claus won't be visiting any Macy's stores in 2020, ending a 159-year holiday season tradition. The department store's tradition started in 1861, but Santa meet-and-greets won't be happening this year because of concerns about the coronavirus pandemic. Instead, Macy's is creating an interactive virtual experience. "To replicate the magical experience of visiting Macy's Santaland for…

Gap Inc., which was for decades a fixture at shopping malls around the country, said Thursday that it will be closing 220 of its namesake Gap stores — or one-third of its store base — by early 2024. That will result in 80 percent of its remaining Gap stores being in off-mall locations. As part…

Target said earlier this week that it will spend more than $70 million on another round of employee bonuses during the coronavirus pandemic, as the holiday shopping season picks up. The retailer will pay $200 to its more than 350,000 employees who work at stores, distribution centers and contact centers. It will pay the bonuses by early…