Report: Sports Direct to buy 60 JJB stores
London — A Thursday report by Reuters said that British sports retailer Sports Direct will buy 60 stores from struggling competitor JJB Sports.
Citing an unnamed source, Reuters reported that JJB said it is close to appointing KPMG as administrators to sell its assets and brands after failing to receive an offer for the entire company.
JJB operates 180 stores. Sports Direct is majority-owned by Mike Ashley, owner of the Newcastle United soccer club. He will pay about $48 million for the 60 stores.
Ascena plots expansion in Indiana
Suffern, N.Y. — Ascena Retail Group Inc. said Thursday it is planning a $34 million expansion that will add new equipment, systems and about 40,000 sq. ft. of space to its Greencastle, Ind., distribution facility.
The apparel retailer said that the objective is to turn its Greencastle facility into a primary e-commerce distribution site. The facility is located about 40 miles west of Indianapolis and was part of Ascena’s acquisition of Charming Shoppes Inc.
Ascena said it plans to begin hiring new distribution, warehouse and management workers this fall and hopes to add up to 242 new jobs within six years.
Tractor Supply Co. announces succession plan
Brentwood, Tenn. — Tractor Supply Co. said Thursday that, as part of its planned management succession, current president and COO Gregory Sandfort will assume the role of president and CEO, effective Jan. 1. He will also be appointed to the board of directors at that time.
Current chairman and CEO James Wright will be appointed executive chairman of the board with a one-year term.
Prior to his tenure at Tractor Supply, Sandfort was president and COO of Michaels Stores.
The company also announced that Steve Barbarick has been promoted to executive VP merchandising, from senior VP merchandising in May 2009.