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.
Syms urged by shareholder to stem retail losses, sell real estate
New York City –Discount retailer Syms Corp. was urged by a shareholder to stem losses in its clothing business and sell some of the real estate holdings accumulated by late founder Sy Syms.
According to a Friday report by Bloomberg, Capstone Equities Capital Management LP sent a letter to Syms directors and CEO Marcy Syms on Thursday advocating asset sales, share buybacks and other steps to “enhance shareholder value.”
Capstone values Syms’s real estate at more than $200 million, or about 50% more than the company’s worth as a money-losing retailer, according to the report.