Home & Textiles Today Staff -- Home Textiles Today, March 24, 2008
New ceo for Mervyns
Mervyns last week named John Goodman president and ceo, effective April 7. Previously, Goodman was with Levi Strauss & Co., serving as president and general manager of its Dockers brand, a staple in Mervyns’ menswear.
He will succeed exec vp and interim ceo Chuck Kurth, who will take on an expanded role as chief administrative and financial officer overseeing human resources, legal, IT and finance.
Prior to Levi Strauss & Co., Goodman was at Kmart Holding Corporation as senior vice president and chief apparel and home officer. At Gap Inc., he also rose through the executive ranks developing growth strategies for the Gap, Old Navy and Banana Republic brands. Goodman started his career in the executive training program at Bloomingdale’s.
Target to sell credit-card receivables
Target Stores said it is negotiating “with a credit partner” to sell about half of its credit card receivables; the price will be $4 billion.
Once terms are agreed upon, Target expects the deal to close in the second quarter of 2008. The company stressed it expects to enter a “new, long-term relationship” with the investment partner in question.
The $63 billion retailer noted that the proposed deal would satisfy the goals it announced in September last year, namely to provide cash from a non-debt source, while maintaining its credit card business.
JCP Honored for Energy Efficiency
F or the second year in a row, JCPenney is being honored by the U.S. Environmental Protection Agency (EPA) for its energy management practices and investments throughout its operations that resulted in significant energy and financial savings, the company said.
Specifically, JCP is the 2008 “Energy Star” Partner of the Year — the only retailer selected as such under the energy management category — for outstanding energy management and reductions in greenhouse gas emissions. JCP will be recognized at the Energy Star awards ceremony on April 1 in Washington, D.C. The awards recognize efforts to use energy efficiently in facility operations and to integrate superior energy management into overall organizational strategy.
Mednick Talks to HTT about Online Trends for Textiles