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  • INDUSTRY NEWS

    • On November 18, 2021, it was reported, Macy's is pausing its plan to close 125 stores, announced last year as part of its Polaris turnaround, telling analysts that physical locations have proven key to digital as well as brick-and-mortar sales. Following a tactic employed by Amazon, Nordstrom, Walmart and Target to varying degrees, Macy's on Thursday also said it will launch a third-party marketplace for Macy's and Bloomingdale's customers in the second half of next year. The announcements came as the department store reported third-quarter net sales rose 36.3% year over year and 5.2% from 2019 to $5.4 billion. Store comps, including leased-based sales, rose 35.6% and 8.7% against 2019. Net income reached $239 million from last year's $91 million loss, up from $2 million in net income two years ago.
    • On November 18, 2021, it was reported, CVS Health plans to close some 900 stores over the next three years, the drugstore retailer announced in a press release Thursday. The company said it would shutter around 300 stores per year, starting in spring 2022, after "evaluating changes in population, consumer buying patterns and future health needs to ensure it has the right kinds of stores in the right locations." CVS also announced that Michelle Peluso, currently chief customer officer, is set to become copresident of CVS's retail business in January along with Prem Shah, who joined in 2013 and was named on Thursday as CVS's first chief pharmacy officer. Neela Montgomery, current president of CVS Retail/Pharmacy, is leaving the company.
    • On November 15, 2021, it was reported, just under two years after making its public trading debut, Casper has inked a deal to be taken private again. The DTC mattress brand announced it has entered into a definitive agreement to be acquired by private equity firm Durational Capital Management. The deal is expected to close in the first quarter of 2022. Through the deal, shareholders will receive $6.90 for every share outstanding, about a 94% premium above Casper's Nov. 12 closing price of $3.55 a share, according to a company press release. Durational said it has committed debt financing led by KKR Credit and Callodine Commercial Finance. In a separate announcement, Casper said co-founder and CEO Philip Krim has stepped down from the chief executive role. Succeeding him as CEO is Emilie Arel, Casper's president and chief commercial officer.
    • On November 10, 2021, it was reported, Global Brands Group is moving to wind down following a Bermuda court order to do so from Nov. 5, according to a securities filing. Global Brands, which both owns its own brands and makes products for others, has been trying to restructure after sales declines and losses constrained its ability to service its debt. The company's U.S. business filed for Chapter 11 in July with the aim of selling off assets.