New GM for Sears Stores
Hoffman Estates, Ill., Sears Holdings Corporation promoted Julie Younglove-Webb, 35, to senior VP and general manager, Sears Essentials and Sears Grand, effective immediately. In her new role, Younglove-Webb oversees all new store development, store operations and merchandising for the two off-mall formats and reports directly to Aylwin B. Lewis, president of Sears Holdings and CEO of Kmart and Sears Retail, who will become CEO and president of Sears Holdings on Sept. 30. Younglove-Webb previously served as VP of space planning for Kmart stores, where she directed store refurbishment, while also supporting the Sears Essentials rollout.
Younglove-Webb joined Kmart from IBM in 1999 as a team manager. She has held positions of increasing responsibility, including divisional VP of information technology. She is a graduate of the University of Michigan and holds a MS in management and organization from Penn State University and a MBA from Wayne State University.
7-Eleven Spurns Japanese Offer
New York City, 7-Eleven, the world’s largest convenience store chain, rejected an “inadequate” tender offer from its parent company Seven-Eleven Japan. The Japanese bid of $32.50 per share was deemed too low, and consequently not in the best interests of shareholders. 7-Eleven added that its advisors are in conversation about an increased offer, though a higher bid is not assured.
Rite Aid Posts Q2 Loss
Camp Hill, Pa., Rite Aid lost $1.6 million in the second quarter, compared to net income of $9.9 million in the same quarter last year. Same store sales increased 0.5%—consisting of a 0.8% decline in pharmacy and a 3.0% gain in front-end same-store sales.
Revenues for the quarter were $4.13 billion, up from $4.12 billion in the prior-year quarter.
The company remains on track to make its target of 80 new and relocated stores by the end of fiscal 2006.