Retail Ventures Considering Value City Sale
Columbus, Ohio, Retail Ventures Inc. said Tuesday it is in talks to sell its Value City department store chain. A company statement did not reveal who is bidding for the concept, but did share that the bidder gets a 25-day exclusivity period during due diligence.
The sale would include about 89 Value City stores. Burlington Coat Factory is currently engaged with Retail Ventures in a deal to acquire up to 24 Value City units, which will not be included in the larger portfolio sale. The Burlington Coat venture is scheduled to close during next year’s first quarter.
During its third quarter, which ended Nov. 3, Value City’s same-store sales plummeted 13.4% year over year, while total sales dropped to $298.4 million from $341.2 million the same year-ago period.
Retail Ventures executives said last December that they were exploring options for Value City, but have not made any official announcements about the chain.
Retail Ventures also owns the 36-unit Filene’s Basement department store chain and a 60% interest in the 250-store shoe retailer DSW.
AutoZone names new cio, chief merchant
MEMPHIS, Tenn. AutoZone today announced that, effective immediately, Jon Bascom, vp of Information Technology, has been promoted to senior vp of Information Technology and cio. Additionally, Mark Finestone, vp of merchandising, has been promoted to senior vp of merchandising, effective immediately.
“With these promotions, we continue to strengthen our senior leadership team with seasoned and accomplished AutoZoners,” said Bill Rhodes, chairman, president and ceo. “Jon and Mark have proven leadership abilities and their experiences will serve this company at a very high level for many years to come.”
The company also announced Ken Brame, vp of Information Technology and cio will retire from the company effective Jan. 11, 2008.
Report: Mason not take helm at Tesco, job to go to younger candidate
LONDON Tim Mason, ceo of Tesco’s Fresh & Easy stores in the United States, is not looking to succeed Sir Terry Leahy as head of Tesco, according to reports.
As reported by the Financial Times, Mason said in a visit to some of the Fresh & Easy stores that he would not being following in Leahy’s footsteps and that the position would go to a younger candidate. Mason is 50 years old.
Among the officers vying for the top spot are Phil Clarke (47), international director, and Richard Brasher (45), trading director, both want the top job, the Times reported. However, they may be passed over for younger executives.