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Ross Stores Hires Stein Mart’s Brian Morrow to Head dd’s Discounts

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People

Dublin, CA and Jacksonville, FL—Ross Stores, Inc. announced today that Brian Morrow will join as President and Chief Merchandising Officer at dd’s DISCOUNTS effective December 7. Most recently Morrow was president/chief merchandising officer at Stein Mart. Morrow will report directly to Barbara Rentler, the Company’s Chief Executive Officer, and be …

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Stockholders Agree to Merger Agreement Between Belk, Sycamore Partners

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Charlotte, NC–Belk, Inc., announced today that its stockholders voted to approve the adoption of the previously announced merger agreement with affiliates of Sycamore Partners. “We are pleased that our stockholders voted in favor of our sale to Sycamore Partners,” said Tim Belk, chairman/chief executive officer of Belk, Inc. “The vote …

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Retail CMOs Predict 4.2% Increase in Total Holiday Store Sales

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Chicago—A skittish market and diminished back-to-school sales have U.S. retailers feeling cautiously optimistic for the upcoming holiday season. According to the BDO USA survey, chief marketing officers (CMOs) at leading U.S. retailers forecast a 4.2% increase in overall holiday store sales, consistent with growth expectations in 2014. This year’s projection …

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Genesco to Acquire Little Burgundy Chain From Aldo Group

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Nashville, TN–Genesco Inc.announced today that its Canadian subsidiary has entered into an agreement with the Aldo Group Inc. to acquire the 37-store Little Burgundy retail footwear chain in Canada.  The transaction is subject to customary closing conditions.  Terms of the transaction were not disclosed. Based in Montreal, Little Burgundy serves …

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TJX Completes Acquisition of Australian Off-Price Retailer Trade Secret

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Framingham, MA—The TJX Companies investment in expanding oversees just took a turn toward Oz. The off-price retailer said today that it has completed its acquisition of Trade Secret, an off-price retailer that operates 35 stores in Australia, from Gazal Corporation Limited for a purchase price of $80 million Australian (subject …

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EMV Credit Cards “Overwhelming” for Small Retailers

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Washington–A gift shop owner told Congress today that making the change to chip-and-signature credit cards has been “overwhelming” for many small businesses and that owners are disappointed that without PINs they are being pressured to make an expensive investment without receiving the full level of security that could be provided. …

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Walmart U.S. Appoints Steve Bratspies to Chief Merchandising Officer

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Bentonville, AR—In the latest move by a major retailer to shift its merchandise mix, Walmart U.S. announced the appointment of Steve Bratspies to chief merchandising officer for U.S. stores, effective Oct. 19. Bratspies will oversee all merchandise categories across more than 4,500 stores in the U.S. business. He will continue …

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As Expected, American Apparel Files Bankruptcy, Reorganization Plans

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Los Angeles—It appeared inevitable: after failing to make a profit or turnaround sales and operations since 2009, American Apparel Inc. filed today for Chapter 11 bankruptcy protection and revealed a reorganization plan that would keep its retail and made-in-USA manufacturing facilities open. Under the agreement reached with its most secured …

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Target’s Price-Matching to Lure More Millennial Shoppers?

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Industry Experts

Minneapolis—Target unveiled a new price-matching policy today, which includes price-matching both online and in-store. It’s all part of Target’s greater initiative to compete with the convenience and price advantages offered by competitors Amazon and Walmart both of whom are included in Target’s new price-matching, which is set to launch on …