FINANCE

Abercrombie & Fitch to close Ruehl

BY CSA STAFF

New York City Abercrombie & Fitch Co. announced Wednesday it will shutter its struggling Ruehl division, closing its 29 Ruehl stores and related operations by the end of the year. The company has amended its credit agreement to allow for the charges it will incur.

The move comes a month after the chain said it would review its underperforming Ruehl business (the division’s same-store sales fell 33% in May). Abercrombie said Wednesday it determined the timing wasn’t right to pursue Ruehl’s development given the “severe economic downturn.”

“It has been a difficult decision to close Ruehl, a brand we continue to believe could have been successful in different circumstances,” said Abercrombie chairman and CEO Mike Jeffries. “However, given the current economic environment, we believe it is in the best interests of the Company to focus its efforts and resources on the growth opportunities afforded by our other brands, particularly internationally.

The retailer will record about $65 million more pre-tax charges in the remaining three quarters of this fiscal year. Jeffries said the company was confident it would continue to generate enough cash from operations to fund its liquidity needs.

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Video surfaces on Target.com

BY CSA STAFF

Trend expert and author Jane Buckingham makes an appearance this week on Target.com, as she shares advice in a brief video positioned as the retailer’s Summer Survival Guide. Buckingham wrote the book the “The Modern Girls Guide to Life” and serves as president of a trend consulting firm. The advice she shares in the video centers on three themes of “color coordination,” “camp next door” and “treat yourself.”

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Westinghouse reshuffles jobs, promotes executive

BY CSA STAFF

Westinghouse Lighting has named Joe Catrambone as its VP supply chain, a newly created position that will encompass the company’s product management, inventory management, key customer inventory management, purchasing, traffic/logistics, customer direct import and quality control areas in the United States and Asia.

Since mid-2008, Catrambone has focused on unifying supply chain functions while improving internal processes and efficiency, according to Westinghouse. In his new role, he will lead efforts to integrate Westinghouse’s Asian supply chain operations with its corporate supply chain department and quality control.

Catrambone’s most recent title was senior director of sales.

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