Canadian Tire Corp. said it bought back Scotiabank’s 20 percent stake in its financial services arm in a cash transaction valued at C$895 million ($647.14 mm) and is reviewing alternatives for its financial services arm. The moves were made in part to better support its loyalty program.
Category: Footwear
REI’s Unionized Stores Face Worker Protests Over Weekend
REI workers held coordinated actions at eight unionized stores this past weekend with the union indicating the actions were in response to the retailer’s decision to restructure jobs and working conditions in all of its stores.
Walmart Celebrates “Re-Grand Opening” of 117 Remodeled U.S. Stores
The re-grand opening project represents over a half a billion dollars in capital investments in local communities across 30 states.
QBP Drops DeFeet from Brand Stable; Sock Brand Will Not Add Reps
DeFeet is now entirely in-house with its sales team, employing no independent sales rep. The company distributes in-line products in the U.S. through its remaining domestic distribution partners and its DeFeet B2B platform.
EXEC: VF’s Turnaround Plan to Focus on Vans, the Americas, Debt and Cost Structure
New company CEO Bracken Darrell said the U.S. is not working well. He noted that the company’s innovation engine has historically been strong but had drifted downward over the past few years. He said employees still love the brands and business, but morale was hurt by poor performance. He also said costs and debt were too high, and there were no sacred cows in the turnaround effort. Vans was the first to see change.
Report: Decathlon Explores Sales of Minority Stake in China Business
Decathlon SA is working with advisors to explore the sale of a minority stake in its China business, sources told Bloomberg. The report indicated that the French retailer seeks a strategic partner to drive regional expansion.
VF Corp. Sees Continued Americas Weakness In U.S. in Q2 Tied to Vans Declines
The company also said that Kevin Bailey will be stepping down from his role as global brand president, Vans. He will remain on the Executive Leadership Team reporting to the CEO and will transition to lead Reinvent, the company’s business transformation plan. CEO Bracken Darrell will be more involved with Vans until a new brand president is found.
REI to Open in Beavercreek, OH
REI reported it will open a retail store in Beavercreek, OH, in spring 2024. The 23,000-square-foot space will operate in the Beavercreek Shopping Center at 2650 N Fairfield Road.
EXEC: EMS and Bob’s Stores Look to Reignite Growth
In May 2022, GoDigital Media Group acquired Eastern Mountain Sportsand Bob’s Stores for $70 million in cash. SGB Executive talked with Jason Peterson, GoDigital’s CEO, and Dave Barton, president and CEO, Bob’s Stores and EMS, about how the companies is repositioning the banner for growth.
MEC Appoints New CEO
Canadian outdoor gear retailer MEC promoted COO Peter Hlynsky to CEO, succeeding Eric Claus, who led the retailer during the filing for creditor protection and sale to U.S.-based private investment firm Kingswood Capital Management.
EXEC: Columbia Sportswear Sees Rocky Road Ahead for Wholesale Business
The company is forecasting a low-double-digit percent decline in wholesale net sales in first half 2024. The company added that it expects the wholesale net sales decline will be partially offset by continued growth in the global DTC businesses.
Altra Running Hires Run Industry Vet as Director of Merchandising
Altra Running hired Samantha Terral as director of merchandising, effective immediately. Most recently, Terral was the digital/e-commerce manager at Saucony.
EXEC: Deckers Delivers Blowout Q2 as Hoka Takes Lead in U.S. Run Specialty
Deckers Brands hiked its annual guidance as results for its fiscal second quarter ended September 30 were boosted by an robust recovery at Ugg. However, Hoka’s momentum showed no signs of slowing down with Deckers’s officials telling analysts the brand has become the leading footwear seller in the U.S.-run specialty channel.
Fleet Feet Acquires Ultra Running Company
Fleet Feet expands its retail footprint further with the acquisition of Charlotte, NC-based Ultra Running Company. The store was rebranded to Fleet Feet Charlotte–Myers Park.
Under Armour’s Curry Brand Signs First NBA Athlete
Under Armour Inc. announced that Sacramento Kings point guard, De’Aaron Fox, has signed as the first signature athlete with its Curry Brand under a multi-year partnership.
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