Management
Gap Inc. yesterday announced plans to create two independent, publicly traded companies: Old Navy and a yet-to-be-named company ("NewCo") that will consist of the Gap brand, Athleta, Banana Republic, Intermix and Hill City. Gap said the spin-off will enable each company to maximize focus and flexibility, align investments and incentives to meet its unique business needs,โฆ
L Brands, owner of the lingerie chain, announced Wednesday plans to close 53 Victoriaโs Secrets stores in North America this year, more than three times the 15 it has historically closed in an average year. Victoriaโs Secret square footage in North America will drop by about 3 percent with this latest round of store closures. A weakโฆ
Foot Locker announced Tuesday that it's investing $12.5 million in New York City-based children's apparel brand Rockets of Awesome, according to CNBC. The athletic footwear retailer will open Rockets of Awesome clothing shops within Kids Foot Locker locations, making it the largest retailer of the children's brand's products in the U.S. In addition, Foot Locker willโฆ
Macy's said Tuesday it will cut about 100 management jobs as looks trim costs and improve profitability amid declining sales. The department store chain was able to top lowered expectations for its fourth quarter, but same-store sales came up short of expectations. Macy's is targeting $100 million in annual cost savings, starting in fiscal 2019, with itsโฆ
Joe Keenan offers reaction to Amazon.comโs decision to cancel its plan for a second headquarters location in New York City.
Leviโs has hired its first artificial intelligence (AI) officer. Katia Walsh, who was most recently Vodafoneโs chief data and analytics officer, will begin her tenure at Leviโs on April 29. According to a company statement, Walsh will focus on building โdata, analytics and artificial intelligence enablersโ that will strengthen the companyโs present and future businessโฆ
Tennis superstar and businesswoman Serena Williams is joining the board of directors of Silicon Valley-based social commerce platform Poshmark, the company announced Wednesday. โPoshmark is disrupting retail by making shopping and selling social again, and I love working with a company that gives anyone an opportunity to become an entrepreneur,โ Williams said in a press releaseโฆ
Amazon.com, the e-commerce giant helmed by Jeff Bezos, the worldโs richest man, paid no federal taxes on profit of $11.2 billion last year, according to an analysis of the companyโs corporate filings by the Institute for Taxation and Economic Policy (ITEP), a progressive think tank. The news of the report was first publicly reported in The Washington Post,โฆ
Outdoor retailer Recreational Equipment, Inc., or REI, says its president and CEO Jerry Stritzke has resigned for failing to disclose a personal relationship with the head of another organization in the outdoor industry, according to a company statement. REI's board accepted Stritzkeโs resignation โfollowing an investigation into the facts and circumstances surrounding a personal andโฆ
Amazon.com on Thursday canceled its plans to build an expansive corporate campus in New York City after facing an unexpectedly fierce backlash from some lawmakers and union leaders, who contended that a tech giant didn't deserve nearly $3 billion in government incentives. The retail giant, as part of its extensive search for a new headquarters, hadโฆ