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  • INDUSTRY NEWS

    • On July 24, 2014, it was reported, Serta Simmons Bedding has named home appliances executive Michael Traub president of its Serta business. Traub, who reports to Gary Fazio, CEO of Serta Simmons Bedding, officially begins his new job on Sept. 2 but will be at the Las Vegas Market, which opens Sunday, to meet dealers.
    • On July 24, 2014, Wal-Mart Stores announced that Bill Simon, president and CEO of Walmart U.S. since June 2010, is leaving the company. He will be replaced by Greg Foran, 53, president and CEO of Walmart Asia, who will take up the post on Aug. 9, reporting directly to Wal-Mart president and CEO, Doug McMillon. Simon will be available on a consulting basis for the next six months to ensure a seamless transition.
    • On July 24, 2014, it was reported, Wolverine Worldwide said it plans to close about 140 stores, primarily under the Stride Rite banner, over the next 18 months as part of a strategic realignment plan to accelerate growth and improve overall profitability. About 60 stores will close by the end of the current fiscal year, with the rest to be shuttered by the end of 2015.
    • On July 23, 2014, it was reported, the first TargetExpress, a 20,000 square-foot concept store, opened Wednesday in Dinkytown, MN. The new store is about a sixth of the size of the retailer's traditional stores, designed to reach on-the-go urban customers. Target has plans to open four more TargetExpress stores in 2015, one in St. Paul and three in the San Francisco Bay Area.