Content about Company Reorganization

December 22, 2014

Embattled retailer American Apparel Inc. is restructuring its board amid rumors that the company is evaluating an offer to sell itself at a hefty premium.

Embattled retailer American Apparel Inc. is restructuring its board amid rumors that the company is evaluating an offer to sell itself at a hefty premium.

The company, which recently ousted its chief executive and founder Dov Charney, announced that Allan Mayer and David Danziger have stepped down as co-chairmen of the board and will be replaced by board member Colleen B. Brown as chairperson. Mayer and Danziger will continue to serve as members of the board and will retain their positions as chairs of the compensation and audit committees, respectively.

December 19, 2014

The person behind the retro marketing campaign at RadioShack is out. 

The person behind the retro marketing campaign at RadioShack is out.

Jennifer Warren, chief marketing officer at RadioShack, is the latest top executive to leave the troubled electronics retailer as it tries to stave off bankruptcy. The company recently replaced its CFO for the third time this year as it reshuffled restructuring advisers.

Warren joined RadioShack in April 2013 and was one of CEO Joe Magnacca’s first hires when he was putting together his turnaround team.

November 11, 2014

ECRM compared retail circular advertising in October 2013 vs. October 2014 and noted trends occurring across top retail chains.

ECRM compared retail circular advertising in October 2013 vs. October 2014 and noted trends occurring across top retail chains. CVS and Walgreens increased the number of circular pages seen in October 2014; up respectively by 18% and 11%. Walgreens added 13% more halloween candy promotions, where as CVS added 9% in October comparable. Walgreens used an attractive “Save on Treats” candy promotional page in each October circular, nicely consolidating candy promotions into concise seasonal sections.

October 21, 2014

The world’s leading beverage company is intensify efforts to generate high single digit earnings per share growth after strategies introduced earlier this year have been slow to take hold and third quarter earnings fell 13%.

The world’s leading beverage company is intensify efforts to generate high single digit earnings per share growth after strategies introduced earlier this year have been slow to take hold and third quarter earnings fell 13%.

Coca-Cola Company CEO Muhtar Kent unveiled a new slate of actions to reinvigorate growth and cut expenses in conjunction with the release of disappointing third quarter results. Revenues were essentially flat with the prior year at $12 billion during the quarter ended Sept. 26 while earnings per share declined 13% to 48 cents from 53 cents.

October 15, 2014

A much anticipated acceleration of small format Walmart stores failed to materialize on Wednesday when the retailer announced plans to curtail domestic new store growth in 2016.

A much anticipated acceleration of small format Walmart stores failed to materialize on Wednesday when the retailer announced plans to curtail domestic new store growth in 2016.

October 9, 2014

Family Dollar’s fourth-quarter results were affected by decreased customer traffic, prompting chairman and CEO Howard R. Levine to point out that the company is still in the early stages of its turnaround plan.

 

Family Dollar’s fourth-quarter results were affected by decreased customer traffic, prompting chairman and CEO Howard R. Levine to point out that the company is still in the early stages of its turnaround plan.

October 9, 2014

Walmart is set to announce its 2015 growth priorities next week and in a clear sign of an accelerating Neighborhood Market rollout, the retailer has created a new organizational structure made up of seasoned operators and accomplished merchants.

Walmart is set to announce its 2015 growth priorities next week and in a clear sign of an accelerating Neighborhood Market rollout, the retailer has created a new organizational structure made up of seasoned operators and accomplished merchants.

September 18, 2014

Gordon Brothers Group, a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors, has promoted Kenneth S. Frieze to the role of CEO.

Gordon Brothers Group, a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors, has promoted Kenneth S. Frieze to the role of CEO.

Frieze has more than 20 years of leadership experience in restructuring, consulting, brand redevelopment, appraisal and asset disposition. He has held various roles at the firm since 2003, serving most recently as president. Prior roles included leading the firm's brand, appraisal and business development efforts.

August 7, 2014

Snyder’s-Lance is promising an innovation filled product pipeline for 2015 that includes meal-replacement snacks to drive growth for retailers following a pivotal second quarter for the company.

Snyder’s-Lance is promising an innovation filled product pipeline for 2015 that includes meal-replacement snacks to drive growth for retailers following a pivotal second quarter for the company.

August 6, 2014

Toys“R”Us has appointed Chetan Bhandari as the company’s SVP, corporate finance and treasurer. He will report to EVP and CFO Mike Short.

Toys“R”Us has appointed Chetan Bhandari as the company’s SVP, corporate finance and treasurer. He will report to EVP and CFO Mike Short.

July 23, 2014

Footwear maker Crocs is undergoing a major restructuring that includes closing stores and job cutbacks.

Footwear maker Crocs is undergoing a major restructuring that includes closing stores and job cutbacks.

The plan comes on the heels of the company's disappointing second-quarter earnings results. Earlier this month, Crocs reported that second-quarter profit fell 44% to $19.7 million.

July 10, 2014

Just a month after activist investor Carl Icahn became Family Dollar’s largest shareholder prompting concerns of a hostile takeover, the company reported its third straight quarterly decline in same-store sales.

Just a month after activist investor Carl Icahn became Family Dollar’s largest shareholder prompting concerns of a hostile takeover, the company reported its third straight quarterly decline in same-store sales.

Same-store sales for the third quarter ended May 31 decreased 1.8% because of fewer customer transactions, partially offset by an increase in the average customer transaction value. Sales in the third quarter of fiscal 2014 were strongest in the consumables category, driven primarily by strong growth in refrigerated/frozen food and tobacco.

May 20, 2014

Gordon Brothers Group, a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors, has appointed Michael P. Muldowney as CFO. Muldowney also serve as a member of the executive committee.

Gordon Brothers Group, a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors, has appointed Michael P. Muldowney as CFO. Muldowney also serve as a member of the executive committee.
 
Prior to joining Gordon Brothers Group, Muldowney was the founder and CEO of Foxford Capital, a strategic, financial advisory and investment management firm. Prior to this role, he served as interim CEO, EVP and CFO of global education leader, Houghton Mifflin Harcourt.

May 6, 2014

Office Depot said it plans to close 400 of its 2,000 stores as it looks to realize efficiencies related to its merger with OfficeMax.

Office Depot said it plans to close 400 of its 2,000 stores as it looks to realize efficiencies related to its merger with OfficeMax.

An estimated 150 of the stores will close this year, according to company, which reported first quarter results and continued weakness in same store sales. The company anticipates that the closures will generate annual run-rate synergies of at least $75 million by the end of 2016 and will begin to be accretive to earnings in 2015.

April 30, 2014

Teen specialist Aéropostale lent credence to the “malls are dying” voices by announcing the closure of 125-mall based stores and the elimination of 100 headquarter positions.

Teen specialist Aéropostale lent credence to the “malls are dying” voices by announcing the closure of 125-mall based stores and the elimination of 100 headquarter positions.

Citing changing shopping patterns among moms, Aéropostale said it planned to close 125 of its 150 P.S. from Aéropostale stores which focus on kids ages four through 12. The move is part of a larger cost reduction program related to a turnaround strategy that is expected to result in annual savings of $30 to $35 million.

April 4, 2014

Michael Manos has joined payments security provider First Data as chief technology officer after holding a similar role at AOL.

Michael Manos has joined payments security provider First Data as chief technology officer after holding a similar role at AOL.

In his new role, Manos will be responsible for First Data's global technology infrastructure and reports to company president Guy Chiarello.

April 2, 2014

Talk of nearshoring and a resurgent U.S. manufacturing sector weren’t enough to help the Stanley Furniture Company avoid shuttering a domestic manufacturing plant that employs 400 people.

Talk of nearshoring and a resurgent U.S. manufacturing sector weren’t enough to help the Stanley Furniture Company avoid shuttering a domestic manufacturing plant that employs 400 people.

Following steep losses last year, Stanley said it would close its 562,000-sq.-ft. facility in Robbinsville, NC., where ironically enough the company’s Young America line of Juvenile furniture was manufactured.

February 26, 2014

In a sign of some progress in its turnaround efforts, J.C. Penney reported a net profit of $35 million for the fourth quarter ended Feb. 1, compared to a loss of $552 million a year ago. Excluding a tax benefit and other items, Penney had a loss of $206 million for the quarter.

In a sign of some progress in its turnaround efforts, J.C. Penney reported a net profit of $35 million for the fourth quarter ended Feb. 1, compared to a loss of $552 million a year ago. Excluding a tax benefit and other items, Penney had a loss of $206 million for the quarter.

Looking forward, the company expects same-store sales to increase approximately 3% to 5% for the first quarter and to increase mid-single digits for the full year 2014.

January 30, 2014

Less than two months after Sam’s Club named a new president and CEO, two of the warehouse club’s top executives are scheduled to weigh in on its digital direction at an event in late February.

Less than two months after Sam’s Club named a new president and CEO, two of the warehouse club’s top executives are scheduled to weigh in on its digital direction at an event in late February.

January 22, 2014

Hudson's Bay Company’s CFO Michael Culhane is reportedly taking a leave of absence from the company. Assuming the CFO role will be Donald Watros, who on Feb. 1 will be stepping into his new role as president of the company.

Hudson's Bay Company’s CFO Michael Culhane is reportedly taking a leave of absence from the company. Assuming the CFO role will be Donald Watros, who on Feb. 1 will be stepping into his new role as president of the company.

HBC did not provide further details on Culhane or the CFO spot.

January 10, 2014

Former Barnes & Noble executive Jamie Iannone was named president and CEO of Samsclub.com in a restructuring that elevates and integrates Sam’s Club’s online business into the Walmart’s Global eCommerce business unit based in California.

Former Barnes & Noble executive Jamie Iannone was named president and CEO of Samsclub.com in a restructuring that elevates and integrates Sam’s Club’s online business into the Walmart’s Global eCommerce business unit based in California.

Iannone previously served as president of digital products at Barnes & Noble and oversaw the book seller’s Nook Media unit. He also spent seven years at eBay, earned a bachelor’s degree at Princeton and an MBA at Stanford.

December 18, 2013

The flurry of activity continued at Office Depot as the company which resulted from the merger of Office Depot and OfficeMax laid groundwork for growth in 2014 by identifying some key leaders.

The flurry of activity continued at Office Depot as the company which resulted from the merger of Office Depot and OfficeMax laid groundwork for growth in 2014 by identifying some key leaders.

A little more than one month after Roland Smith was named chairman and CEO of Office Depot and one week after choosing Boca Raton, Fla., as the merged company’s headquarters, Smith announced a slate of senior executive positions that touch every aspect of the company along with several roles that are yet to be filled.

November 19, 2013

Kroger announced its succession plan for secretary and general counsel. Paul Heldman, 62, a 31-year Kroger veteran who has been serving as the company's general counsel since 1989, secretary since 1992 and EVP since 2006, plans to retire in spring of 2014.

Kroger announced its succession plan for secretary and general counsel. Paul Heldman, 62, a 31-year Kroger veteran who has been serving as the company's general counsel since 1989, secretary since 1992 and EVP since 2006, plans to retire in spring of 2014.

November 19, 2013

Sears Canada said a one-time charge of $41 million related to restructuring and asset impairment affected its third quarter results, which resulted in a net loss of about $46.7 million USD — more than double the net loss of $21 million it posted in the same quarter of the previous fiscal year.

Sears Canada said a one-time charge of $41 million related to restructuring and asset impairment affected its third quarter results, which resulted in a net loss of about $46.7 million USD — more than double the net loss of $21 million it posted in the same quarter of the previous fiscal year.

In addition, revenues of $940.7 million were down about 6% from $1 billion. In one bright spot, same-store sales climbed 1.2%. Sears Canada is in the middle of a three-year turnaround program launched in 2012.

November 14, 2013

Gordon Brothers Group, a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors, has named Robert E. Grosskopf and Richard P. Edwards as co-presidents of the retail division.

Gordon Brothers Group, a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors, has named Robert E. Grosskopf and Richard P. Edwards as co-presidents of the retail division.

They will jointly assume responsibility for the division's growth strategy while overseeing all client engagements and daily operations.