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  • INDUSTRY NEWS

    • On November 25, 2020, it was reported, after more than three decades at the helm of Dick's Sporting Goods, CEO Ed Stack is stepping down from the top role, and will stay on as executive chairman and chief merchant, according to a Tuesday press release. President Lauren Hobart, who joined the sporting chain as chief marketing officer in 2011, will take over as president and CEO after a unanimous board vote to elect her. Both changes are effective Feb. 1, and the transition has been in the works for several years, the company said. Stack's departure comes as the retailer posted another impressive quarter during the pandemic, with e-commerce sales growing 95%, a record 23.2% same-store sales rise and net sales increasing 22.9% to $2.4 billion.
    • On November 23, 2020, it was reported, Guitar Center has filed for Chapter 11 bankruptcy protection with plans to reduce its debt by $800 million. The largest seller of musical equipment in the U.S. said it plans to keep its nearly 300 U.S. stores open during the process, which it expects to complete by the end of the year. As previously reported, Guitar Center is "pleased" with its overall store footprint, and has hired A&G to explore opportunities to "optimize" its real estate portfolio.
    • On November 23, 2020, it was reported, 1888 Mills CEO Jonathan Simon will hand over the reins when he retires at the end of the year. Beginning Jan. 1, Rob Sayre, president of commercial products, will be appointed to chief executive officer. Simon will serve on the board of managers of 1888 Mills USA and continue to serve on the board of its global affiliates. Sayre joined 1888 Mills in 2013 and was hired with the succession plan in mind. Sayre began his career with 1888 as the divisional VP of consumer products and SVP of strategy and development. In 2017 he moved to the Commercial SBU to shadow the retiring president and learn the hospitality and healthcare business. In 2018 Sayre became president of hospitality sales and last year the healthcare division was put under his leadership as well. "Rob is a bright, energetic, and principled individual. He is customer focused and is a strong communicator. We are fortunate to have someone of Rob's talent take over the leadership of 1888 Mills. He, along with his high-caliber executive team will propel 1888 Mills to new heights in the coming years." said Simon Additionally, Tom Wierimaa, will be appointed CFO. Wierimaa started with the company as a consultant and is currently on-board full time leading the accounting team. The company has also announced that Amy Laabs, currently VP for hospitality strategic accounts, will be promoted to president hospitality sales division. Laabs has been with 1888 Mills for 16 years and has managed various positions throughout her career including product development, marketing, and sales.
    • On November 23, 2020, it was reported, retailer Loves Furniture has announced a reassignment of duties to executive team members who are filling the roles of two executives who are leaving the company. The executives that have left the company are Gus Glyptis, chief financial officer and vice president of finance, and Keith Gauthier, vice president of supply chain and analytics. The company said it was grateful for the knowledge and experience they each "brought to our crucial launch phase." The company said that Kelly Breitenbecher, senior vice president of IT and digital, will now oversee all supply chain functions of the company. She has more than 30 years of experience in retail and has been part of the Loves leadership team since the retailer began operations earlier this spring. Ascanio Terracciano will manage financial operations with support from company parent U.S. Assets. The company noted he has significant experience in managing financial operations and strategy within retail and other industries. Mia McMurray, senior buyer for case goods/merchandising, did not offer further comment on the appointments.