Sears CFO calls it quits
Hoffman Estates, Ill. — Sears Holdings has named William Phelan as acting CFO, replacing Michael Collins, currently SVP and CFO, who resigned last week to pursue another opportunity, the company reported in an SEC filing.
Collins will remain with the company until June 10 in order to ensure a smooth transition, Sears noted in the filing.
Phelan was elected SVP and controller of the company in September 2007. From December 2007 until December 2008, he also served as the company’s treasurer. From the consummation of the merger involving Kmart Holding Corp. and Sears, Roebuck and Co. in March 2005 until September 2007, Phelan served as VP and controller. Prior to the consummation of the merger, he served in a variety of finance positions with Sears, Roebuck and Co., which he joined in 1992.
Sears Holdings names head of tools unit
Hoffman Estates, Ill. — Sears Holdings announced that Sam Solomon has joined the company as SVP and president of its tools business. Solomon is responsible for developing and driving growth and profit opportunities for one of the company’s cornerstone businesses, the company reported. He was recently CEO and president of The Coleman Company Inc.
"I am delighted to welcome Sam Solomon to the Sears team. Sam is a proven CEO of branded products, with savvy market skills and astute financial acumen. He will serve our customers and our company well," said Lou D’Ambrosio, CEO and president.
Solomon comes to Sears Holdings from The Coleman Company where most recently he served as president and CEO since 2007 after being promoted from the CFO role he assumed when he joined the company in 2005. Prior to that, he served as chief financial officer for SPX Corporation and Kidde plc. He began his career in finance with increasingly senior roles at Procter & Gamble and The Coca-Cola Company.
Subway to open 2,000 North American locations in 2011
Milford, Conn. –Subway Restaurants said Friday that more than 2,000 franchisees are actively searching for locations slated for 2011 openings.
In order to reach its development goals, the chain said that a contingent of Subway representatives will be manning the brand’s booth at the International Council of Shopping Centers’ RECon convention, May 23 to 25, in Las Vegas.
"We will be aggressively looking for sites and ready to make deals,” said Chris Kan, Training and Business Promotion Specialist for Subway Real Estate, LLC.
Subway said it continues forge ahead with new opportunities in traditional shopping centers, mall and freestanding locations as well as non-traditional venues such as hospitals, colleges, sports arenas and airports. Since this past January, the chain has opened nearly 700 new stores in 50 countries, 43 U.S. states and 8 Canadian provinces, which equates to approximately 840,000 sq. ft. of commercial retail space.
The chain is testing a new Subway café format, specifically designed to satisfy the needs of landlords of office buildings and upscale properties. The concept is a combination sandwich shop and coffee bar, featuring feature brick or wood-paneled walls, soft seating, and an expanded menu that includes baked goods and frozen coffee drinks.