Embattled department store retailer gets fresh cash infusion from owner
As it heads into its most important selling season, Sears Holding Corp. is receiving another cash infusion from its CEO and largest shareholder.
Sears is borrowing $100 million from units of CEO Eddie Lampert's hedge fund ESL Investments for "general corporate purposes," according to a regulatory filing. The new infusion brings the total of Lampert's outstanding loans to Sears to $499.4 million.
Under the amended terms of the new loan, the retailer can borrow up to another $100 million — if needed — by pledging additional properties or assets as collateral. The loans carry an interest rate of 11%.
Former GNC exec to head up auto parts retailer
Jegs Automotive Inc. has appointed a veteran marketing executive as its new chief executive.
The family-owned high-performance auto parts retailer on Wednesday announced it has appointed Jeffrey Hennion as its new CEO, effective Oct. 16. Most recently, Hennion served three years at GNC Holdings, where he was executive VP, chief marketing & e-commerce officer. He resigned in June.
Prior to GNC, Hennion held leadership positions at several retail, technology and industrial companies. He was president and CFO of Branding Brand from 2012 to 2014. Hennion also spent including 10 years at Dick’s Sporting Goods in a variety of roles, including five years as executive VP, chief marketing & e-commerce officer.
“Jegs has a long tradition of success – with our customers, on the race track and as a leading, high-growth, e-commerce retailer,” stated co-owner and VP Jeg Coughlin Jr. "Based on the strength of our business and the Jegs brand, we felt that finding someone like Jeff would help us continue the successful trajectory and accelerate our growth to the next level. The breadth of Jeff’s experience and depth of knowledge in the e-commerce space will complement the existing strength of the Jegs team and business.”
While at GNC, Hennion helped launched the company’s new G business model that involved realigning the company’s e-commerce, pricing and loyalty programs across its more than 6,800 stores as well as its wholesale business with other retailers.
Founded in 1988, Jegs has evolved from a 4,000-sq.-ft. speed shop to a leading online high performance automotive parts retailer, with over 1 million SKU’s available for purchase.
Amazon reportedly pursuing partnership with European retailer
Is Amazon looking for a supermarket partner in Europe?
Privately held French supermarket operator Leclerc has been approached by Amazon over possible logistics partnerships, reported Reuters.
“Yes, we have been approached by Amazon,” Michel-Edouard Leclerc, who heads the company, told Reuters.
Leclerc made his remarks after French newspaper Le Monde reported that that Amazon had approached various French supermarket operators — including Casino — about entering into distribution deals or making an acquisition in France.
Click here for more.