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  • INDUSTRY NEWS

    • On October 21, 2021, it was reported, less than two years after joining Forever 21 as CEO, Women's Wear Daily reports that Daniel Kulle hasn't been at the fast-fashion retailer for at least a couple of weeks. It's unclear who's serving in the role in the interim. Kulle resigned in part because the job wasn't a good fit, according to the report. Neither Forever 21 nor parent company Sparc Group, (a joint venture of Simon Property Group and Authentic Brands Group), returned requests for more information. After two decades at rival H&M, Kulle took the reins at Forever 21 in February 2020, shortly after mall REITs Simon and Brookfield, along with Authentic Brands Group, acquired it out of bankruptcy for $81 million. Brookfield this year sold its share to Sparc.
    • On September 29, 2021, it was reported, Dollar Tree Inc. is adding price points above its traditional $1 offer at all of its Dollar Tree Plus stores following what the company said was "positive customer reaction." The retailer is also adding higher prices to "selected" legacy Dollar Tree stores, it said in a press release. The announcement comes as Dollar Tree Inc. expands the reach of its Dollar Tree Plus concept, with 500 planned by the end of the fiscal year. The retailer expects to add another 1,500 locations in 2022 and to have at least 5,000 by the end of fiscal 2024.
    • On September 28, 2021, it was reported, off-price retailer HomeGoods has launched an online store on its website, HomeGoods.com. HomeGoods parent TJX Cos. announced late last year that the home specialist would move into e-commerce after years of minimal digital presence. The online HomeGoods store launched with a curated selection of bedding, bath, kitchen, seasonal decor, pet and storage products. The company said new finds would be added regularly, and the online store would soon expand including through new gift and festive decor products.
    • On August 13, 2021, it was reported, after months of speculation, Adidas announced it would sell Reebok to Authentic Brands Group for 2.1 billion euros ($2.46 billion), with the majority to be paid in cash. The brand conglomerate had reportedly made a $1 billion bid for the company in the spring. Authentic Brands plans to maintain Reebok's footprint "across retail, wholesale and e-commerce channels," according to a statement emailed to Retail Dive. The deal is expected to close in the first quarter of 2022. Adidas bought Reebok in 2006 for $3.8 billion, about $1.34 billion more than it is now being sold for. The company first announced it would divest Reebok in February.