July 31, 2006,
Macy's Home Store taps Hopkins
Veteran retail Mike Hopkins has joined Macy's Home Store in a newly created position of senior vp, assistant to the chairman Tim Adams.
Anna's Linens Appoints Watanabe
Anna's Linens has named Neil Watanabe executive vp and cfo. Watanabe, most recently cfo of footwear retailer Shoe Pavilion, has more than 30 years in retail finance, including stints at Montgomery Ward, Pic N Save/McFrugal's, PetSmart, and Elizabeth Arden Red Door Spas. Alan Gladstone, ceo of the 240-store specialty chain, said, “Neil's broad experience is exactly what we need at this stage of our growth. Plus, he loves retail. He will be a tremendous asset for Anna's Linens, and help further the company's success.”
Federated Units to Target, PREIT
Federated Department Stores has sold 4 mall department stores to Target, and will sell its downtown Philadelphia Strawbridge's to Pennsylvania Real Estate Investment Trust (PREIT). The new Target sites are in California, New Mexico and Pennsylvania. The Strawbridge's first opened in 1868, and occupies 550,000 square feet on eight levels in The Gallery at Market East. A Macy's will open Aug. 2 in the historic Wanamaker's building, most recently a Lord & Taylor store, which also dates from the 19th century. Federated has announced buyers for 62 of its 80 duplicate locations.
Tuesday Morning Names CFO
National home furnishings and gifts discount retailer Tuesday Morning has named Elizabeth Schroeder executive vp, cfo. Most recently evp, cfo of hospitality company Wyndham International, she was previously corporate controller for American General Hospitality Corp. “Her top-level experience in finance and the hospitality industry will broaden our senior management team and bring a fresh perspective to our company,” said Tuesday Morning president and ceo Kathleen Mason.
Wal-Mart to Exit Germany
Wal-Mart Stores will sell its German retail business to Metro AG, and take a pre-tax loss of about $1 billion. The company entered Germany in 1998, buying the Wertkauf and Interspar hypermarket chains. Wal-Mart Germany's 85 supercenters will buttress the profile of $71 billion hypermarket operator Metro. Michael Duke, Wal-Mart vice-chairman, said, “As we focus our efforts on where we can have the greatest impact on our growth and return on investment strategies, it has become increasingly clear that in Germany's business environment it would be difficult for us to obtain the scale and results we desire.”