As previously announced, Gennette succeeds Terry J. Lundgren, who will continue as executive chairman.
Macy’s has also confirmed that Jeff Gennette, president of Macy’s, Inc., will assume the CEO role and Terry Lundgren will continue as executive chairman of the company on March 23.
These actions aim to bolster the company’s strategy to further invest in its omni-channel capabilities, improve customer experience and create shareholder value.
Under the alliance, Brookfield Asset Management will create a “pre-development plan” for each of approximately 50 Macy’s real estate assets, with an option for Macy’s to add assets at any time.
The company also announced its first national holiday hiring day, to take place on Friday, September 30, an expansion of successful events which took place in certain locations last year.
Most of these stores will close early in 2017, with the balance closing as leases and certain operating covenants expire or are amended or waived.
Macy’s, Inc. has announced that Terry J. Lundgren, the company’s CEO since 2003 and chairman since 2004, will transition the position of CEO to Jeff Gennette in the first quarter of 2017.
Macy’s Inc. outlined three areas of action designed to improve its business in 2016, including adding new in-store shops of its Bluemercury and Backstage businesses and selling more exclusive and unusual merchandise.
Martine Reardon, Macy’s chief marketing officer, has decided to leave the company, effective May 13, after 32 years of service.
Douglas W. Sesler, a recognized leader in real estate investments, restructurings, strategic transactions and portfolio management, will be joining Macy’s, Inc. as executive vice president for real estate, effective today.
For the 52 weeks of fiscal 2015, Macy’s, Inc. sales totaled $27.079 billion, down 3.7 percent from total sales of $28.105 billion in fiscal 2014.
Peter Sachse will assume a new role as chief growth officer, while Justin MacFarlane has joined Macy’s in the new position of chief strategy, analytics and innovation officer.
Macy’s will receive $270 million in cash from Tishman Speyer, of which $100 million will be used to renovate the Brooklyn store on Fulton Street over the next three years.
Macy’s, Inc. has announced that a Bloomingdale’s store is planned to open in spring 2017 in Kuwait as part of a strategic partnership with Al Tayer Group LLC, a leading UAE-based company.
In light of continuing declining sales, Macy’s Inc. has offered up a series of cost efficiency initiatives, as well as announced the closing of 36 stores in the first three months of 2016.
It was an evening filled with respect and love as colleagues, family and friends gathered on Monday in Nautica’s offices to honor VF’s Karen Murray as MR magazine’s 2015 Person of the Year.
Macy’s reported weaker-than-expected third quarter sales of $5.87 billion, disappointing some analysts who had predicted sales in the $6 billion range.
The exact locations will be announced later.
The store has joined with start-up Nineteenth Amendment to let customers purchase clothing online from the latter’s selection of 300 independent designers.
CEO Terry Lundgren said that he hesitated to launch a Macy’s outlet chain but that competitive pressure eventually left his firm with little choice. Read more at Fortune.
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