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  • INDUSTRY NEWS

    • On July 31, 2015, it was reported, Wayfair has executed an agreement to sell its Australian business to Temple & Webster, an Australia-based online home retailer. Under the terms of the agreement, the wayfair.com.au website will continue to operate under this name for 45 days, and then be reintroduced under a new name from Temple & Webster. Terms of the transaction were not disclosed. "As we continue to rapidly scale our business in North America and Europe, we are strategically focusing our resources on those two very large markets," said Niraj Shah, CEO and co-founder of Wayfair. "Temple & Webster shares our commitment to technological innovation and outstanding customer experience in home retail and has a great track record in the Australian marketplace."
    • On July 30, 2015, it was reported, case goods and upholstery manufacturer Fine Furniture Design has named luxury furniture executive Eric Graham president. Graham fills a position formerly held by Jim Adams, who left the company in March. He comes to the company from Century Furniture, where he has worked the past 12 years, most recently as senior director of Century wood products and Century Leisure. Earlier, he was senior manager of the company's office and entertainment divisions and was product manager for the Century Elegance upholstery division. He also was president and founder of retailer High Country Accents in Jackson Hole, Wyo., and was a buyer and assistant manager at Ladlow's Fine Furniture in Scottsdale, Ariz. In addition, he was president and vice president at Graham International, a supplier of Asian-sourced furniture and component parts, for about six years. In his new position, he reports to Brian Ohlrich, president of Fine Furniture Shanghai Ltd.
    • On July 29, 2015, it was reported, TJX is purchasing Trade Secret, an off-price retailer that operates 35 stores in Australia, from Gazal Corp. Ltd. for $58.45 million. The acquisition of Trade Secret provides TJX an opportunistic entry into Australia, where it currently operates one of its 13 buying offices. Trade Secret offers branded apparel for women, men and children, as well as footwear, accessories and home fashions at discount prices. Virtually all of the Trade Secret stores are located in the eastern part of Australia. Trade Secret opened its first store in 1992 and since then, has grown to $120.2 million in revenue for its fiscal year ended June 2015.
    • On July 29, 2015, it was reported, a veteran retailer with experience in running big national chains has joined City Sports as its new chief executive. The Boston-based company tapped Marty Hanaka, who has served on the board of directors of City Sports since 2008, as its new chief executive. Hanaka was the interim CEO of Guitar Center from January 2013 to April 2013. Previously, he served as CEO of Golfsmith Holdings (from June 2008 to November 2012) and of The Sports Authority (from September 1998 to August 2003.) Prior to that, he was the president and COO of Staples. In August 2014, Hanaka joined Highland Consumer Partners, a growth-stage venture capital firm focused on the consumer sector, as operating partner. Highland acquired City Sports in 2008. Founded in 1983, City Sports operates 26 retail stores in metropolitan locations in Massachusetts; Rhode Island; New York; Washington, D.C.; Pennsylvania; Maryland; New Jersey; and Vermont. Hanaka replaces Eddie Albertian, who left the company in June.