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  • INDUSTRY NEWS

    • On June 23, 2016, it was reported, Macy's Chairman and CEO Terry Lundgren will hand over the reins of CEO to Jeff Gennette in the first quarter of 2017. Lundgren will continue as executive chairman of the company. The transition is part of the board of directors' succession plan that included Gennette's election as president in 2014. Gennette joins the Macy's Inc. board effective today, and assumes additional management responsibility during the transition period, including oversight of the Macy's stores organization. On June 16, 2016, it was reported, Macy's and the union representing workers at stores, including its flagship in Manhattan, have cut a deal that averts a strike. Macy's and the Retail, Wholesale and Department Store Union reached the agreement on Thursday hours after a midnight deadline to renew a collective bargaining agreement that had expired in early May. The new four-year contract affects 5,000 workers in the New York City area and includes wage increases, changes to their health care plan, and fairer scheduling, according to the union.
    • On June 20, 2016, it was reported, Neiman Marcus is searching for a buyer or investor, the New York Post reported. Neiman Marcus CEO Katz recently visited China and while there met with potential buyers, including Anbang Insurance Group, which passed on an offer to buy the retailer, the report said. Similar to other department store retailers, Neiman has struggled of late. Revenue felll 4.2% in its latest quarter, and same-store sales were down 5%.
    • On June 14, 2016, it was reported, Draw Another Circle, the parent company of Texas-based Hastings Entertainment, has filed for Chapter 11 bankruptcy protection, with hopes of finding a buyer for its Hastings superstores. In court filings in Delaware, Hastings CFO Duane A. Huesers cited both the "tremendous growth" of online retailers and the "decline in the market for physical media properties like music, movies, books, games and media rentals" for the chain's troubles. The company operates 123 stores in 19 states, according to court filings. Hastings' sister brands, MovieStop and SP Images, were included in the bankruptcy filing. With MovieStop already in liquidation, Hastings asked court permission to continue closing 40 MovieStop locations under an arrangement it has with Gordon Brothers Retail Partners and to auction the remainder of its assets. The Chapter 11 process will help the chain prepare for the intended sale while also providing additional protections and financing to allow it to contain ongoing operations. Hastings posted a loss $10.9 million and revenue of $420 million in 2014. In 2015, losses rose to $16.6 million and revenue decreased to $401 million. Hastings was founded in 1968. In July 2014, it was acquired by Draw Another Circle LLC.
    • On June 14, 2016, it was reported, Bed Bath & Beyond Inc. bought One Kings Lane Inc. for an undisclosed all-cash amount. One Kings Lane, which deals with new and vintage home furnishings and has studios in New York and San Francisco, will serve as "cornerstone for Bed Bath & Beyond's growing offerings in furniture and home decor," the Union, N. J., company said in a statement. The deal will not affect Bed Bath & Beyond's fiscal first-quarter results. The company expects the transaction to be "slightly dilutive" to net earnings for fiscal 2016. Bed Bath & Beyond is expected to report fiscal first-quarter results after market close on June 22. Shares of Bed Bath & Beyond were flat in late trading Tuesday after closing the regular trading day down 0.4%.