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  • INDUSTRY NEWS

    • On May 22, 2018, it was reported, J.C. Penney CEO Marvin Ellison is leaving the department store retailer to take the chief executive spot at Lowe's, according to press releases from both companies. Penney said Ellison is stepping down from his post as the company's board chairman immediately and will stay on as a director and CEO through June 1. J.C. Penney Lead Independent Director Ronald Tysoe is stepping into the chairman spot and has created an "Office of the CEO" to run the company's operations until Penney brings in a permanent chief executive. The office is composed of Chief Financial Officer Jeff Davis, Chief Customer Officer Joe McFarland, Chief Information Officer Therace Risch and Executive Vice President of Supply Chain Mike Robbins, the company said in the release. Ellison, who before joining Penney served in various executive roles at Home Depot, will take over at Lowe's beginning July 2, succeeding Robert Niblock, who previously announced his retirement after 25 years with the retailer. Lead board director Marshall Larsen said in a statement that attracting Ellison was a "great win" for the company. "Marvin joins Lowe's at a critical inflection point as we work to enhance our competitive position and capitalize on solid project demand in an evolving consumer environment," Larsen said.
    • On May 18, 2018, it was reported, BJ's Wholesale Club has filed an application for listing common stock on the New York Stock Exchange under the ticker symbol "BJ," with the number of shares to be offered and their price range for the proposed initial public offering to be determined. A registration statement on Form S-1 relating to the IPO proposal has been filed with the Securities and Exchange Commission but has not yet become effective, the company said on Thursday, according to a press release. In April 2017, Leonard Green & Partners LP and CVC Capital Partners Ltd., the private equity owners of warehouse retailer BJ's Wholesale Club, were reportedly preparing for a possible sale of BJ's after abandoning the idea of an IPO. On 05/17/2018, it was reported that BJ's Wholesale Club announced on Thursday it has filed for a U.S. initial public offering. In 2011, BJ's was acquired and taken private by CVC and Leonard Green & Partners in a $2.8 billion deal. BJ's has 215 locations in 16 states. The company generated net income of $50 million on total sales of $12.8 billion in fiscal 2017. BJ's listed the offering size at $100 million in the filing. That figure is a placeholder amount for calculating fees and is likely to change going forward. It intends to list on the New York Stock Exchange under the symbol "BJ", according to a regulatory filing.
    • On May 15, 2018, it was reported, Rooms To Go will begin the rollout of about 50 outdoor furniture stores early next year and will rebrand its recently acquired Carls Patio chain as it moves full-on into the outdoor category. The stores will include a mix of standalone showrooms near Rooms To Go locations as well stores within new locations under a new format for the full-line stores, Rooms To Go CEO Jeff Seaman told Furniture Today. He estimated the bulk of the stores, perhaps 40 or so, will be stand-alone locations, roughly 9,000- to 10,000-square-foot spaces, just slightly smaller than the 10,000-to-12,000 square-foot range for the 12-store Carls chain in Florida. Seaman wouldn't disclose the name of the patio stores yet but said Carl's will be rebranded under the same name either late this year or early next year. The new retail banner will be "closely related to Rooms To Go," he said, adding that "Customers will know whose store it is." The roll-out will start in Florida in the first quarter with a location that Carl's already had in the works in Pembroke Pines, but it won't be long before RTG enters its other core markets with the stores, including Atlanta and markets in Texas and Louisiana.
    • On May 14, 2018, it was reported, Nike has lost four more top executives in an ongoing culture review at the company, bringing the tally of lost senior positions to 10, according to the New York Times. Among them are: Steve Lesnard, head of running in North America; Helen Kim, who was in charge of Eastern North America; Simon Pestridge, head of marketing for the performance categories; and Tommy Kain, director of sports marketing, the Times reported. Nike on Monday also announced the promotion of two longstanding employees, effective immediately: Rosemary St. Clair has been named the new vice president, general manager of Global Women's and Cesar Garcia is the new vice president, general manager of Global Running. St. Clair has been with Nike for 31 years and Garcia has been with the athletics retailer for 17, both having held leadership positions with the company in the past.