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Lowe’s Promotes Finance Exec to CFO

Retail TouchPoints

Sink, currently SVP of Retail Finance at the retailer, will replace Dave Denton, who is departing to pursue another opportunity. His appointment reflects our succession planning process and the talent across our company. Lowe’s has promoted Brandon Sink to EVP and CFO, effective April 30, 2022.

Finance 238
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Report: Lord & Taylor to Return as Online-Only Retailer in April

Retail TouchPoints

Lord & Taylor will return from bankruptcy as a digital-first retailer in April under its new owner Saadia Group, according to multiple sources. Now Saadia Group is planning Lord & Taylor’s revival with a revamped website that initially will focus on women’s and men’s apparel, homewares and beauty, according to Women’s Wear Daily.

Returns 274
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Parcel pivot: E-commerce boom behind Australia Post’s shock delivery plan

Inside Retail

The changes announced jointly by the communications and finance ministers, have been trialled and will roll out over the next 12 months along with other reforms like increasing the number of parcel collection points. Australia Post is government-owned but self-funded and required to deliver a financial return. from early near year.

Planning 241
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Guitar Center Plans Bankruptcy Filing, Mulls Potential Store Closings

Retail TouchPoints

Supermajorities of the company’s noteholder groups have committed to vote in favor of the RSA plan, which Guitar Center forecasts will be completed before the end of 2020. Additionally, Guitar Center has negotiated $375 million in Debtor-In-Possession financing and plans to raise $335 million in new senior secured notes.

Planning 158
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Big Lots Plans to Open 500 New Stores, Increase Annual Sales to $8-10 Billion

Retail TouchPoints

Home discount retailer Big Lots is returning to expansion mode after more than a decade of flat store growth, with plans to open as many as 500 new stores in the next six to seven years. The off-price chain plans to open approximately 50 net new stores this year, and ramp up the pace of expansion to about 80 stores per year thereafter.

Planning 176
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Richemont sells YNAP to MyTheresa parent, takes stake in new venture

Inside Retail

In return, MyTheresa will issue shares to Richemont, representing 33 per cent of its fully diluted share capital. Richemont also agreed to provide a six-year revolving credit facility of €100 million to finance YNAP’s general corporate needs.

Finance 264
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Product Attribute Solution Provider Lily AI Closes on $25 Million Funding Round to Reach New Retail Partners

Retail TouchPoints

Product attributes platform Lily AI has closed a $25 million Series B financing round with participation from Canaan Partners, Conductive Ventures, Sorenson Ventures and NEA, among others. Lily AI also plans to extend its solution to further applications within the retail stack.

Finance 229