Saks to Discontinue Club Libby Lu
New York City Saks Inc. announced its plans to discontinue the operations of its unprofitable Club Libby Lu specialty store business.
Club Libby Lu is an experience-driven retail concept catering to “tween” girls aged 4 to 12. The company acquired Club Libby Lu in 2003 primarily as a growth vehicle and traffic driver for its Saks Department Store Group business, which has since been sold.
The company expects the Club Libby Lu store-closure process will be completed by the end of the company’s first fiscal quarter ending May 2.
The company currently operates 78 Club Libby Lu stand-alone stores in malls nationwide and 20 Club Libby Lu store-in-stores within former SDSG stores.
All Club Libby Lu locations are leased, with an average store size of 1,100 sq. ft. Club Libby Lu generated revenues of approximately $60 million for the fiscal year ended Feb. 2, 2008.
New cfo named at Proctor & Gamble
CINCINNATI Jon Moeller, currently vp and treasurer of Proctor & Gamble, has been elected cfo, effective Jan. 1, 2009. Clayton Daley, Jr., vice chairman and cfo, will retire effective Sept. 16, 2009, after 35 years of service. He will step down as cfo on Jan. 1, 2009.
Moeller most recently served as treasurer of Proctor & Gamble where he established the capital structure, cash management and AA- credit rating that have put P&G in a strong financial position for the near and long term, the company reported.
Bacardi names new cfo
MIAMI Bacardi U.S.A. has named Michael Misiorski senior vp and cfo.
Misiorski joins Bacardi U.S.A. from Absolut Spirits Co. where he was vp of finance and cfo. While at Absolut, Misiorski led a number of departments including human resources and operations, and oversaw tax reporting, budgeting and a range of other responsibilities in addition to his financial role.