Content about Company Reorganization

July 22, 2014

Footwear maker Crocs Inc., best known for its colorful plastic clogs, announced a major restructuring that includes closing stores and job cutbacks.

New York -- Footwear maker Crocs Inc., best known for its colorful plastic clogs, announced 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.

February 27, 2014

As part of a restructuring, Sony Electronics announced plans to close 20 U.S. Sony stores, along with a total staff reduction of one-third by the end of the calendar year.

San Diego -- As part of a restructuring, Sony Electronics announced plans to close 20 U.S. Sony stores, along with a total staff reduction of one-third by the end of the calendar year.

February 4, 2014

RadioShack Corp. will close about 500 stores within months as part of its ongoing restructuring, the Wall Street Journal reported.

New York -- RadioShack Corp. will close about 500 stores within months as part of its ongoing restructuring, the Wall Street Journal reported on Tuesday. The retailer, which is due to report results for the fourth quarter later this month, has about 4,500 locations.

January 30, 2014

As part of a restructuring Best Buy Canada will be consolidating sales departments and reducing management layers in Future Shop and Best Buy stores, resulting in the layoff of about 950 full-time employees across both Future Shop and Best Buy brands.

Vancouver, Canada -- As part of a restructuring Best Buy Canada will be consolidating sales departments and reducing management layers in Future Shop and Best Buy stores, resulting in the layoff of about 950 full-time employees across both Future Shop and Best Buy brands. All store employees were notified individually about these changes and those impacted were provided with severance packages.

January 10, 2014

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

New York -- Former Barnes & Noble executive Jamie Iannone has been appointed president and CEO of Samsclub.com in a restructuring that integrates Sam’s Club’s online business into the Walmart’s Global eCommerce business unit based in California. Previously, most of the warehouse club’s online business was run separately out of the retailer’s headquarters in Bentonville, Ark.

December 18, 2013

Office Depot has formed its executive committee and leadership team.

Boca Raton, Fla. – Office Depot has formed its executive committee and leadership team.

November 14, 2013

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

Boston -- Gordon Brothers Group, a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors announced that Robert E. Grosskopf and Richard P. Edwards have been appointed 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.

October 10, 2013

Starbucks Coffee Co. is once again throwing itself into the middle of a national debate.

Seattle -- Starbucks Coffee Co. is once again throwing itself into the middle of a national debate. In an open letter on the chain’s website, founder and CEO Howard Schultz said that, starting Oct. 11, the company will circulate petitions in its stores across the nation urging lawmakers to reopen the partially closed government and avoid a looming default.

September 20, 2013

Rite Aid Corporation has selected AMTdirect’s real estate software solution to manage its portfolio of more than 5,800 locations.

Charlotte, N.C. — Rite Aid Corporation has selected AMTdirect’s real estate software solution to manage its portfolio of more than 5,800 locations. AMTdirect’s integrated platform will help Rite Aid define and implement its real estate strategy by consolidating data, streamlining key business processes and informing decision-makers at all levels.

September 10, 2013

Restructuring and investment firm Gordon Brothers Group has acquired oil and gas appraisal company Appraisal Systems, and will use the acquisition to propel the launch of GB Energy Partners.

Boston -- Restructuring and investment firm Gordon Brothers Group has acquired oil and gas appraisal company Appraisal Systems, and will use the acquisition to propel the launch of GB Energy Partners.
 
GB Energy Partners combines the energy expertise of Gordon Brothers Group, Emerald Technology Valuations and ASI into one comprehensive appraisal and disposition platform.

June 27, 2013

Canadian home improvement retailer Rona Inc. is closing 11 non-profitable stores as part of a broader restructuring plan.

Boucherville, Quebec - Canadian home improvement retailer Rona Inc. is closing 11 non-profitable stores as part of a broader restructuring plan. Rona will also reduce administrative, marketing, merchandising and distribution expenses and eliminate 125 administrative jobs. In February 2013, Rona cut 200 jobs.

Rona rejected an unsolicited $1.72 billion USD buyout offer from Lowe’s in August 2012.

 

April 4, 2013

Whether you are a retail analyst or a casual observer, it can be all too easy to get lost in the negativity of recent store closings and retail bankruptcies.

Whether you are a retail analyst or a casual observer, it can be all too easy to get lost in the negativity of recent store closings and retail bankruptcies.

October 29, 2012

eBay has eliminated approximately 325 jobs from its PayPal division. As a result, the company has announced a planned fourth quarter pretax restructuring charge of approximately $15 million related to staff reductions at the company's PayPal business unit.

San Jose, Calif. -- eBay has eliminated approximately 325 jobs from its PayPal division. As a result, the company has announced a planned fourth quarter pretax restructuring charge of approximately $15 million related to staff reductions at the company's PayPal business unit. PayPal also is ending contracts with approximately 120 contractors globally.

October 24, 2012

Best Buy announced major changes to its leadership organization.

Minneapolis -- Best Buy on Wednesday announced major changes to its leadership organization. The company is removing the senior-most layer of the U.S. operation is being removed; resulting in what it called “a leaner structure intended to improve the company’s agility.”

August 29, 2012

Supervalu announced that it is restructuring its executive leadership team to ensure alignment around the company’s goals and to better drive and execute the company’s business turnaround.

Minneapolis -- Supervalu announced that it is restructuring its executive leadership team to ensure alignment around the company’s goals and to better drive and execute the company’s business turnaround.

August 29, 2012

Supervalu announced that it is restructuring its executive leadership team to ensure alignment around the company’s goals and to better drive and execute the company’s business turnaround.

Minneapolis -- Supervalu announced that it is restructuring its executive leadership team to ensure alignment around the company’s goals and to better drive and execute the company’s business turnaround.
 

July 6, 2012

Best Buy Co. is laying off about 650 employees from its Geek Squad division, according to a report by KARE 11.

New York -- Best Buy Co. is laying off about 650 employees from its Geek Squad division, according to a report by KARE 11.

The report said the company is eliminating positions that service appliances and televisions in customer's homes. Best Buy said it is not getting rid of home service, but is restructuring it and realigning its work force across all service channels.

If laid off workers are unable to find another position within Best Buy, their last day will be Aug. 1, the report said.

May 29, 2012

Avenue Stores announced it has begun the process to close 96 stores over the next three months.

Rochell Park, N.J. -- Avenue Stores announced it has begun the process to close 96 stores over the next three months. The company previously announced plans to selectively close and consolidate stores in order to finalize a geographic footprint that maximizes profitability and sales growth potential.

Upon completion of the closures, the company will continue to operate more than 300 stores in 34 states, and offer online shopping,

April 16, 2012

Editor’s Note: Chain Store Age’s 23rd annual survey of Fastest-Growing Managers measures new domestic and international third-party management and leasing contracts obtained during the preceding calendar year (2011).

Now more than ever, retail real estate is not a business to be conducted without forethought. The days of gut instincts and seat-of-the-pants decisions have been replaced by the need to plan far ahead to guarantee a company’s continued growth.

March 8, 2012

Belgian supermarket operator Delhaize Group said that its fourth quarter net profit dropped 48%, hurt by impairments resulting from its restructuring.

New York -- Belgian supermarket operator Delhaize Group said that its fourth quarter net profit dropped 48%, hurt by impairments resulting from its restructuring. It also announced that Mats Jansson will be the new chairman of the board, and that Pierre Bouchut will succeed Stefan Descheemaeker as CFO, effective March 19.

The company, whose U.S. holdings include the Food Lion, Hannaford Bros. and Sweetbay banners, said it will accelerate the revamp of its stores in the United States and Belgium to increase its competitiveness.

March 1, 2012

The Kroger Co. reported on Thursday that it posted a loss in the quarter ended Jan. 28, attributing the loss to costs associated with consolidating its pension plan for union workers.

Cincinnati -- The Kroger Co. reported on Thursday that it posted a loss in the quarter ended Jan. 28, attributing the loss to costs associated with consolidating its pension plan for union workers.

The grocer, which counts among its banners Kroger, Ralphs and Food 4 Less, lost $306.9 million in the quarter, compared with a profit of $278.8 million in the year-ago period.

Total sales in the quarter rose 7.7% to $21.4 billion. Excluding fuel, sales rose 5%. Same-store sales increased 4.9%.

February 24, 2012

J.C. Penney Co. swung to a loss of $87 million in the fourth-quarter, compared with a profit of $271 million in the year-ago period.

Dallas -- J.C. Penney Co. swung to a loss of $87 million in the fourth-quarter, compared with a profit of $271 million in the year-ago period. The chain’s results were dragged down by restructuring and management transition charges, as well as costs tied to its new pricing strategy.

February 23, 2012

Sears Holdings Corp. reported a loss of $2.4 billion in the fourth quarter, compared with a profit of $374 million in the year-ago period.

Hoffman Estates, Ill. -- Sears Holdings Corp. reported Thursday a loss of $2.4 billion in the fourth quarter, compared with a profit of $374 million in the year-ago period. And in a move long anticipated by some analysts, the chain also announced plans to tap into its massive real estate holdings to help make up for its faltering retail performance.

Revenue for the quarter slipped 4% to $12.5 billion, from $13 billion. Same-store sales fell 4.1% during the quarter at Sears and 2.7% at Kmart.

January 5, 2012

The nation’s discounters and department store retailers turned in mixed results for December, with many chains citing unseasonably warm weather that sapped demand for cold-weather merchandise.

New York City -- The nation’s discounters and department store retailers turned in mixed results for December, with many chains citing unseasonably warm weather that sapped demand for cold-weather merchandise.

“Cold-weather categories, which are highly profitable and represent approximately 25% of our business in December, were down mid-teens on a percentage basis,” said Tony Buccina, vice chairman, president – merchandising, The Bon-Ton Stores, whose December same-store sales fell 0.7%. The company widened its loss forecast.

November 14, 2011

Lowe's Cos. reported that net income for the quarter ended Oct. 28 dropped 44% as store-closing charges undercut a slight uptick in quarterly sales.

Mooresville, N.C. -- Lowe's Cos. reported Monday that net income for the quarter ended Oct. 28 dropped 44% as store-closing charges undercut a slight uptick in quarterly sales.

The home-improvement retailer reported net earnings of $225 million, compared with $404 million in the year-ago period. Charges related to store closures amounted to a pre-tax earnings reduction of $336 million.

Sales increased 2.3% to $11.9 billion, up from $11.6 billion a year earlier. Same-store sales edged up 0.7%, reversing declines in two prior quarters.