News

NSC taps Agilence Retail to reduce shrink

BY Dan Berthiaume

West Hempstead, N.Y. – Liquidation retailer NSC Wholesale Holdings has selected Agilence Retail 20/20 to reduce shrink and improve in-store operations. NSC plans to use the cloud-based exception reporting solution to obtain visibility into daily store operations to increase efficiency and reduce fraud.

"As NSC expands we need a tool that can grow with us and provide us visibility into our operations," said CFO Michael Gold, NSC Holdings, LLC. "Retail 20/20 enables to that while providing us with a solution that enables us to see all of our data in a single solution and to reduce losses and improve profit."

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FINANCE

Fifth & Pacific sells Lucky Brand Jeans; will focus on Kate Spade

BY Marianne Wilson

New York — Fifth & Pacific Companies will sell its Lucky Brand Jeans division to an affiliate of Leonard Green & Partners for $225 million as it focuses on its fast-growing Kate Spade brand.

"We believe that by focusing all of our resources on the huge opportunity at Kate Spade, we can deliver the strongest value creation opportunity for our shareholders,” said William L. McComb, CEO of Fifth & Pacific (formerly known as Liz Claiborne). “This is all about bringing Kate Spade to its full potential.”

The deal, which calls for $140 million of the sale price to be paid in cash at closing and the remaining $85 million to be financed in the form of a three year seller note, is expected to close in first quarter 2014.

“It is truly an historic day at Fifth & Pacific Companies — a return to our roots as a mono-brand company,” said McComb.

Fifth & Pacific said that Lucky Brand Jeans will assume the proportionate share of its sourcing contract with Li & Fung as well as some of its other obligations.

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OPERATIONS

Wal-Mart International names new CEO

BY Dan Berthiaume

Bentonville, Ark. – Wal-Mart Stores named David Cheesewright, 51, as the new president and CEO of Walmart International. He succeeds Douglas McMillon, who is set to become the chain’s CEO, the retailer’s top executive. Both assume their new roles on Feb. 1, 2014.

Cheesewright’s successor will be named at a later date. His Wal-Mart career began in 1999 at Asda, the company’s U.K. operation, where he held leadership positions in operations, merchandising, logistics, strategy and format development. He was the CEO for both Walmart Canada and Asda before being named CEO of Wal-Mart Canada. In 2011, he was named to his current position as president and CEO of Wal-Mart’s EMEA and Canada region. Before his career with Walmart, Cheesewright held leadership positions in the U.K. with Mars Confectionery.

The international division is Wal-Mart’s second largest business after the U.S. operations and generates nearly 30% of the company’s revenue. It includes more than 6,300 stores in 26 countries outside the U.S.

"I’m honored to be named to lead our international business at a time when our customers around the world need us more than ever," said Cheesewright. "A tremendous opportunity lies ahead for our company. Our success is dependent on our associates, and I’m committed to investing in them. Together, we will find innovative and sustainable ways to serve our customers and provide them with the quality, affordable products they expect from us. Through strong capital discipline, we will continue to invest in new stores and e-commerce growth, as well as productivity improvements that drive profitable growth and returns."

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