Report: Amazon, Macy’s among post-holiday winners
New York – Amazon.com and Macy’s reportedly look financially strong even in the wake of expected post-holiday discounting, while Sears, Kmart and J.C. Penney are not expected to be so fortunate. According to new analysis from 24/7 Wall St., Amazon.com should hold onto substantial holiday profits as long as free shipping does not impact its margins.
Macy’s and other retailers targeting the middle class are also expected to maintain holiday profits even after this week’s post-holiday sales. However, Sears, Kmart and J.C. Penney are three retailers expected to have difficulty getting rid of leftover holiday inventory even with extensive discounting, leading to potentially serious issues as the new year begins.
Law firms investigate Jones Group purchase
New York – At least four law firms are investigating the pending purchase of The Jones Group. The law office of Brodsky & Smith, LLC, Vincent Wong, Farugi and Farugi, LLP and Robbins Arroyo LLP are investigating potential claims against the board of directors of The Jones Group, Inc. relating to the proposed acquisition by Sycamore Partners.
The investigation concerns possible breaches of fiduciary duty and other violations of state law by the board of directors of The Jones Group for not acting in the company’s shareholders’ best interests in connection with the sale process. The investigation seeks to determine if The Jones Group board of directors failed to conduct an adequate auction process and whether Sycamore Partners is underpaying for The Jones Group shares.
Hhgregg CFO resigns, interim named
Indianapolis – Jeremy J. Aguilar has resigned as CFO and secretary of Hhgregg, effective Jan. 31. Andrew S. Giesler, senior VP finance, has been appointed to serve as interim CFO and secretary from Jan. 31 until a full-time replacement is named.
Giesler, 36, has served the company in several roles since joining in May 2007, including senior VP finance; VP finance; VP controller and director of finance and investor relations. Aguilar is leaving to take a similar role at another company.
“I would like to thank Jeremy for his leadership and many contributions to Hhgregg during the past eight years,” said Dennis May, president and CEO of Hhgregg. “Jeremy has been an instrumental member of our leadership team and helped support the growth of the company’s store base as we work toward becoming a national retailer. We are fortunate to be making this transition with a deep and experienced finance team in place.”