JCPenney Announces Michael Fung As Interim CFO Transition

PLANO, Texas — October 29, 2018 — J.C. Penney Co. Inc. today announced that Michael Fung is temporarily joining the company as interim CFO effective October 30, succeeding Jerry Murray who will resume his responsibilities as senior vice president of finance. Fung is an accomplished executive with over 40 years of broad finance experience, including corporate finance, strategy, financial planning and analysis, across multiple consumer and retail organizations. He recently served as interim CFO for Neiman Marcus Group and 99 Cents Only Stores following his retirement from Walmart Stores.

“We welcome Michael’s CFO experience and guidance as we continue our search for a permanent Chief Financial Officer. As I continue to assess the opportunities surrounding the company’s business, his appointment helps JCPenney benefit from the expertise of a seasoned retail CFO who has supported other retailers during a pivotal time in their evolution and helped deliver meaningful progress. His knowledge and contributions will be a valuable addition to our senior leadership team as we work together to develop solutions and drive decisions that are in the best interest of our customers and shareholders,” said Jill Soltau, CEO of JCPenney. “Additionally, I want to thank Jerry for his dedication and support over the past several weeks. His servant leadership enabled a seamless transition following the departure of the Company’s former CFO.”

Fung brings more than 23 years of experience in value-oriented retail and finance operations, having served for more than a decade in senior financial roles at Walmart Stores, including most recently as senior vice president and CFO of Walmart Stores U.S. from 2006 to 2012. Prior to Walmart, he served in the top finance positions at several large corporations, including vice president and CFO for Sensient Technologies Corp., senior vice president and CFO for Vanstar Corp., and vice president and CFO for Bass Pro Shops Inc.

Fung received a Master of Business Administration from the University of Chicago’s Booth School of Business and a Bachelor of Science in accounting from the University of Illinois at Chicago.

Posted October 29, 2018

Source: J. C. Penney Co.

Hibbett Sports To Acquire City Gear

BIRMINGHAM, Ala. — October 29, 2018 — Hibbett Sports Inc., an athletic specialty retailer, today announced that it has signed a definitive agreement to acquire privately held City Gear, a city specialty retailer of premium athletic footwear, apparel and accessories with 135 stores in 15 states. Terms of the transaction include consideration of $88 million in cash to be paid at closing and the potential for up to $25 million in additional consideration paid over the next two years, subject to certain performance-based targets. City Gear will operate as a subsidiary of Hibbett Sporting Goods Inc., from City Gear’s current headquarters in Memphis, Tenn., and will continue to be led by members of City Gear’s senior management team. One-time transaction costs are expected to be dilutive to earnings per diluted share by approximately $0.04 to $0.05 in the third quarter ended November 3, 2018, and by approximately $0.08 to $0.10 per diluted share in the fourth quarter ended February 2, 2019. Excluding one-time transaction costs, the acquisition is expected to be slightly accretive in the fourth quarter. For fiscal year 2020, the transaction is expected to be accretive including the impact of related one-time expenses.

City Gear, known for superior customer service and a compelling merchandise assortment, focuses on fashion-forward customers with lifestyles drawn to and driven by the “sneaker culture.” For the last fiscal year ended February 4, 2018, City Gear reported total revenue of approximately $190 million. For the past three years, same-store sales have averaged in the mid-single digit range. Geographic overlap with Hibbett’s stores is not significant, and significant opportunity exists for future store growth.

Mike Longo, CFO of City Gear, stated, “City Gear is excited to join the Hibbett team and contribute to the winning tradition they have established over the years. We believe that Hibbett provides City Gear the ideal platform to expand upon our successes in serving our loyal customers and are excited to continue to grow leveraging Hibbett’s capabilities.”

Also commenting on the announcement, Jeff Rosenthal, president and CEO, stated, “We are pleased and excited to announce this acquisition, which provides substantially greater scale in the athletic specialty market and is an extension of our strategy to provide high demand, branded products to underserved markets. City Gear represents a key brand with the fashion-forward consumer and will allow us to extend our customer base and provide a significant opportunity for growth. In addition, Hibbett will provide City Gear the needed infrastructure for future growth, including strong internal systems, omni-channel capabilities, and real estate expertise.” Rosenthal noted that both companies share strong, attractive brands that resonate with customers such as Nike, Jordan, Adidas, Puma, Converse, Fila, and others.

Hibbett expects to complete the transaction by early December 2018, subject to customary closing conditions. The company will finance the initial purchase through available cash along with funds from its credit facilities. At August 4, 2018, the company ended the second quarter of Fiscal 2019 with $119.6 million of available cash and cash equivalents on its consolidated balance sheet and no bank debt outstanding.

PJ SOLOMON served as financial advisor to Hibbett on this transaction, while Bass Berry & Sims provided legal advice. Fifth Third Capital Markets provided financial advice to City Gear on this transaction, while Wyatt, Tarrant, & Combs provided legal advice.

Posted October 29, 2018

Source: Hibbett Sports Inc.

Guess? Inc. Appoints Two New Members To Its Board Of Directors

LOS ANGELES — October 29, 2018 — Guess? Inc. today announced the appointment of two new independent directors to its Board. Laurie Ann Goldman, former CEO of Spanx Inc., and Deborah Weinswig, founder and CEO of Coresight Research, each joined the Guess? Inc. Board effective October 23, 2018. The company also reported that Kay Isaacson-Leibowitz has retired as a member of its Board of Directors effective October 23, 2018, in order to focus more of her time on her charitable foundation work. These actions bring the total number of Guess? Inc. board members to nine and the total number of independent directors to six.

Both Laurie Ann Goldman and Deborah Weinswig will serve on the Nominating and Governance Committee of the Board, with Ms. Goldman also serving as Chairperson of that Committee.

Goldman, age 55, has been a private investor and advisor since 2014. From 2002 to 2014, she served as CEO of Spanx Inc., a women’s undergarment and apparel company. Prior to Spanx, Goldman held a number of marketing and operational roles at The Coca-Cola Co. over a 10-year period, including serving as director of Worldwide Licensing. Goldman currently serves on the board of directors for ServiceMaster Global Holdings Inc. and Joe & The Juice, on the board of managers for New Avon LLC and on the board for a number of philanthropic organizations.

Weinswig, age 48, is founder and CEO of Coresight Research, a provider of research and advisory services to brands and investors, where she has served since February 2018. From 2014 until February 2018, she served as managing director of Fung Global Retail and Technology, the think tank for the Fung Group. Prior to leading FGRT, Weinswig served as chief customer officer for Profitect Inc., a predictive analytics and big data software provider, and in a number of roles with Citigroup Inc., most recently as managing director and head of the Global Staples & Consumer Discretionary team at Citi Research. She currently serves on the board of directors for Xcel Brands Inc. and Kiabi, on the advisory board for a number of accelerators and on the board for a number of philanthropic organizations. Weinswig is a Certified Public Accountant and holds an MBA from the University of Chicago.

Posted October 29, 2018

Source: Guess? Inc.

Knight Commission Urges Financial Transparency Of Shoe And Apparel Income And Certified Training For Coaches

WASHINGTON — October 29, 2018 — In the wake of last week’s felony convictions for pay-to-play college basketball schemes, the Knight Commission on Intercollegiate Athletics today pressed the NCAA to establish more demanding standards for oversight, including public transparency of shoe and apparel income, and professional preparation and certification of college basketball coaches.

Today’s meeting was the latest in a series of public meetings the Commission has held to examine serious challenges facing college sports, including concerns of a corrupt recruiting environment in men’s basketball. Those concerns are at the center of the FBI investigation that led to last week’s convictions of former Adidas employees who provided money to families of high school basketball stars to steer the players to Adidas-sponsored Division I college teams.

USA Basketball, the National Federation of State High School Associations, and NCAA Division II leaders provided a possible roadmap at this morning’s meeting for Division I schools on how to prepare and certify coaches. In light of ongoing scandals and serious health dangers in college sports, the Commission stressed that coaching is a profession and should be treated as one.

Dan Schuster, director of educational services at the National Federation of State High School Associations, said that his group’s message to coaches is: “You are a teacher first, and a coach second.”

The Knight Commission reiterated its call today for the NCAA to develop minimal professional standards that coaches should be required to meet to ensure they are prepared to protect student-athletes’ health and safety, and are prepared for their role as educators.

Tom Cantrell, head baseball coach at the University of North Georgia, said “99.9 percent of my players don’t go on to the pros,” and that “the development of the person” should be a coach’s most important goal.

“If we fail at that, then we fail at everything,” he said.

The Knight Commission strongly supports significant NCAA reforms made in response to the basketball scandal. However, the Commission is also seeking additional far-reaching reforms necessary to better align college athletics with its educational mission.

The NCAA adopted a Commission recommendation to reinstate annual, internal reporting of all athletically-related income received by athletics personnel from outside sources to their school. Yet that requirement addresses only internal reporting, not public disclosure requirements. The Commission believes the reporting requirements for outside income from external sources, especially income from shoe and apparel companies, must be expanded to provide true transparency. The Commission urges action on its prior recommendations for reporting of outside income to the NCAA and the public.

The Commission also expressed its continuing strong support for the NCAA Board of Governors’ proposal to add independent directors, noting that they would bring fresh perspectives not only to major governance questions, but to practical issues addressed today, such as national Division I certification for coaches. The Commission urged the NCAA to select directors with a wide diversity of backgrounds and experiences, as well as sensitivity to issues important to all three NCAA subdivisions.

Several recent NCAA reforms were originally introduced by or closely align with previous Knight Commission recommendations. In addition to the new policy on internal reporting of outside income and a proposal to add independent directors, the reforms include providing financial assistance for degree completion for former Division I basketball players.

Commission member David Robinson, a former college and NBA basketball star, said that professional standards for NCAA Division I men’s basketball coaches were “alarmingly low.”

“Coaches are often more important than any professor for a college athlete, and we were encouraged by what we heard today from USA Basketball, high school leaders, and Division II about the steps they take to train coaches,” said Commission co-chair Arne Duncan, former U.S. Secretary of Education. “Yet the truth is that Division I, which has far more financial resources, is far too lax about certification and licensing requirements for coaches. Division I leadership has to show the same level of commitment to coaching development.”

At today’s meeting, USA Basketball officials discussed how they require their national team coaches to receive certified education in athlete health and safety, including guidance aimed at preventing emotional and physical abuse by coaches.

Jay Demings, youth division director of USA Basketball, said the view “if you throw a whistle around your neck, all of a sudden you’re a coach,” is badly outdated.

At NCAA-certified basketball events for recruiting, youth basketball team coaches are required to have USA Basketball coaching licenses, which require a background check and completion of three online courses, including a “SafeSport” course. By contrast, the NCAA does not require Division I coaches to have a coaching license, undergo a background check, or complete similar training. More than 26,000 youth basketball coaches were certified through the USA Basketball program last year.

While the Knight Commission recognizes that some coaches associations, colleges, and conferences provide high-quality professional development programs for coaches, it believes the NCAA must develop basic standards that every Division I coach must be certified as meeting to work at the Division I level.

“Division I should follow Division II’s lead in this area,” said Knight Commission co-chair Carol Cartwright, president emeritus at Kent State University and Bowling Green State University. “The world of college sports is often overwhelmed by headlines on the pay-to-play scandal and other controversies. But it’s important to set a foundation for getting the values right for programs—and establishing a better culture for training coaches is the right place to start to benefit all student-athletes.”

The Commission also heard presentations from the Association of Governing Boards of Universities and Colleges and NCAA leaders on efforts to improve oversight for athletics at the board and presidential levels. The Commission recommended that every Division I Board and President review university-reported data on the NCAA’s Institutional Performance Program. The Commission heard a presentation on this important but underutilized NCAA database, which helps schools to assess their athletics departments performance in key areas like academics, gender equity, and diversity.

At its meeting today, the Commission formally endorsed the AGB’s new statement on Governing Boards’ Responsibilities for Intercollegiate Athletics.

Knight Foundation CEO Alberto Ibargüen and Knight Commission Co-Chairs Cartwright and Duncan recently announced five new Knight Commission members – Eric J. Barron, Pamela J. Bernard, Michael M. Crow, Jacques McClendon, and Jill Pilgrim. The Commission thanked members who completed their terms of service: Jack DeGioia, a member since October 2006, and Myron Rolle, a member since September 2014.

Posted October 29, 2018

Source: Knight Commission on Intercollegiate Athletics

Florida Southern College Breaks Ground On New School Of Physical Therapy

LAKELAND, Fla. — October 29, 2018 — Florida Southern College broke ground on its new School of Physical Therapy today, a facility that will supply highly trained physical therapists to healthcare facilities in central Florida and beyond. The new School will be strategically located on South Florida Avenue in Lakeland, less than a mile from FSC’s main campus.

Renovation and construction work is underway on an existing 6,500-square-foot building, with an 11,000-square-foot addition to come. The structure will be a great addition to the Dixieland corridor, a historic district in Lakeland. Scheduled to open in August 2019, the building will include faculty offices, classrooms, and a state-of-the-art lab.

“This is another great, historic occasion as we break ground for our new School of Physical Therapy,” said FSC President Anne Kerr, proudly introducing the groundbreaking event as part of National Physical Therapy Month. “We will have about 300 students studying here,” she added. “This will be one of the finest doctoral programs for physical therapy in the nation.”

Dr. Nancy A. Nuzzo, dean and program director for the new School of Physical Therapy, thanked the Trustees of the Board of Directors as well as Florida Southern’s administrators for making such a significant investment to equip students “with the skills to make a positive impact on the community, so graduates can begin to fill the need for physical therapists in Polk County.”

Graduates of the program will be considered clinical doctors similar to physicians, dentists and podiatrists and provide services in a variety of settings, including hospitals, private practices, outpatients and inpatients clinics, home health agencies and nursing and assisted living facilities.

Pending its candidacy with the Commission on Accreditation in Physical Therapy Education (CAPTE), the School’s new doctoral program will accept up to 36 students in each class. Students will complete the program in as few as six semesters. As part of its strong academic curriculum, students will perform clinical rotations throughout the United States and at local facilities such as Watson Clinic and Lakeland Regional Health. Students and faculty also will provide pro bono services to underserved populations and will contribute to the community through educational outreach and screenings.

The architect on the project is Wallis Murphey Boyington Architects, with construction work to be completed by Rodda Construction. Mike Murphey, WMB partner with ROI Solutions, said the building’s design is inspired by the work of architect Frank Lloyd Wright, notably including elements reminiscent of the colored-glass “textile blocks” Wright incorporated into his designs for the Florida Southern campus.

“What a wonderful way to expose those design elements to the public, to increase the exposure of Florida Southern to thousands of people each day on Florida Avenue,” Murphey said.

Posted October 29, 2018

Source: Florida Southern College

New Reebok Astroride Work, The Next Step In Work Footwear

St. Louis, Mo. — October 29, 2018 — Warson Brands, official licensee of Reebok for occupational footwear, introduces the new Reebok Astroride Work line of work shoes. The series includes several styles for men and women.

Designed with a sleek silhouette, the Astroride Work effortlessly propels style into the work shoe industry. Several of the new functional yet stylistic features include the quick-fit heel construction and ghillie lacing for easy on and off, and the low-cut bootie design, allowing for freedom of movement.

Built for energy and lasting comfort, the Astroride Work contains a soft ASTROFOAM midsole, which cushions each step with a lightweight, responsive feel. In addition, the forefoot is designed with PwrZone for springy cushioning. Inside the shoe, a MemoryTech Massage footbed adapts to the contours of the foot, providing lasting comfort.

“We examined the work shoe industry and really felt that an energizing, yet stylistic and affordable work shoe was waiting to be created,” says John Duvic, vice president of Product Development at Warson Brands. “The Astroride Work is just that. The Astrofoam midsole was created to propel the foot forward, and the PwrZone accentuates it.”

The Astroride Work outsole is composed of a slip resistant rubber. Speed grooves are an additional plus, created for increased responsiveness and durability. The Astroride Work also contains a protective steel toe that meets or exceeds ASTM F2413 safety standards.

Reebok work footwear and the Astroride Work series are available from select retailers throughout the United States at MSRP of $97 to $105 depending on features.

Posted October 29, 2018

Source: Warson Group Inc.

Loop Industries Endorses The New Plastics Economy Global Commitment — Helping Keep Plastic In The Economy And Out Of Nature

MONTREAL — October 29, 2018 — Loop Industries Inc. today announced that it has joined leading global consumer brands, including PepsiCo, Danone, The Coca Cola Co., Unilever, L’Oréal and others in signing the New Plastics Economy Global Commitment developed by the Ellen MacArthur Foundation in collaboration with United Nations Environment.

The New Plastics Economy Global Commitment is being officially unveiled at the Our Ocean Conference in Bali today, Monday, October 29, 2018.  At the heart of the Global Commitment is a vision of a New Plastics Economy, where plastics never become waste — a circular approach to create the “new normal” for plastic packaging.

The Global Commitment and its vision for a circular economy for plastic are supported by 250 organizations ‘drawing a line in the sand’, including many of the world’s largest packaging producers, brands, retailers and recyclers, as well as governments and NGOs, and 40 universities, institutions and academics. More than fifteen financial institutions with in excess of $2.5 trillion in assets under management have also endorsed the Global Commitment and over $200 million has been pledged by five venture capital funds to create a circular economy for plastic.

“We are proud to sign the New Plastics Economy Global Commitment,” said Daniel Solomita, founder & CEO, Loop Industries. “Joining leading companies from around the world by supporting and activating the Commitment fuels our goal to accelerate the world’s shift toward sustainable plastic and away from the traditional, take, make and dispose economy. It is inspiring to be part of this transition to a circular plastic economy.”

As the demand for sustainable packaging solutions continues to grow, Loop Industries has emerged with truly transformational technology that allows no and low value plastics to be diverted, recovered and recycled endlessly into new, virgin-quality Loop™ PET plastic. This innovation allows plastic bottles and packaging of any color, transparency or condition, carpet, clothing and other polyester textiles that may contain colors, dyes or additives, and even ocean plastics that have been degraded by sun and salt to meet FDA requirements for use in food-grade packaging.

Posted October 29, 2018

Source: Loop Industries

VF Corp. Completes The Sale Of The Reef® Brand To The Rockport Group

GREENSBORO, N.C. — October 29, 2018 — VF Corp. today announced that it has completed the sale of the Reef® brand to The Rockport Group (Rockport) of Newton, Mass. A leading maker of casual and dress shoes, Rockport is a portfolio company of certain affiliates of Charlesbank Capital Partners LLC (Charlesbank), a middle-market private equity firm.

The announcement follows the October 4, 2018, news release in which VF announced that it had entered into a definitive agreement regarding the sale of this business. Terms of the agreement were not disclosed.

Posted October 29, 2018

Source: VF Corp.

Bebe Stores Announces Partnership With Bluestar Alliance LLC In The Acquisition Of The Brookstone® Brand And Related Assets

BRISBANE, Calif. — October 29, 2018 — Bebe stores inc. announced today that it has partnered with Bluestar Alliance to acquire the Brookstone® brand and related assets. The acquisition closed on October 19, 2018.

Brookstone, the iconic American brand founded over 50 years ago in New Hampshire, is known for innovative and solution-oriented products, most notably in the entertainment, wellness, home, and travel categories. The acquisition opens the way for expanding the wholesale distribution of Brookstone products to some of the largest retailers in America and across the world. It also keeps open 30 Brookstone airport stores, retaining 350 jobs, which will serve as showcases for the Brookstone brand and products.

bebe stores and Bluestar have successfully worked together since 2016 when Bluestar acquired an interest in the bebe brand, trademarks, and intellectual property.

“Brookstone is a unique brand with strong growth potential,” stated Manny Mashouf, CEO of bebe stores. “We are pleased to expand our already-successful relationship with Bluestar and can see the potential synergies with other brands in their portfolio. This investment, a direct result of our partnership with B. Riley Financial, which sourced the deal, will create a strong platform for future growth and enhance our ability to generate free cash flow to maximize our dividends to shareholders.”

“We are pleased to continue to work closely with Bluestar,” said Nick Capuano, chairman of bebe stores. “This investment represents our combined efforts to create value for bebe stores by expanding the scope of our operations, and we will continue to look for opportunities that leverage our tax assets and create value for our shareholders.”

“We are excited to begin renewing Brookstone’s innovation and its flow of new products to the market,” stated Joseph Gabbay, CEO of Bluestar Alliance. “London Luxury is the brand’s first new licensee, known for its expertise in the bedding, home textile, and memory foam categories. We are thrilled to have London Luxury as our licensee partner as they exemplify the standard consumers expect from the Brookstone brand. We are also seeing strong interest from a myriad of prospective licensees as well as enthusiastic retail partners. Contracts with best-in-class manufacturers in key categories, including massage products, home environment, audio, and travel products, are already expected to close this week.”

As part of the acquisition, Apex Digital will operate the 30 airport stores, as well as Brookstone.com and e-commerce business.

Posted October 29, 2018

Source: bebe stores, inc.

GHCL Creates Cirkularity™, A Brand Platform,Inspired By Rekoop® Sustainable, Traceable, Recycled Polyester Bedding

STONY BROOK, N.Y. — October 29, 2018 — Global manufacturer of home textiles GHCL Ltd. launched CIRKULARITY™, a new brand of eight lines of bedding supporting the circular economy in September, at the New York home fashions market week. These lines center on “reduce, reuse and recycle”. REKOOP®, the inspiration behind Cirkularity, is a brand of bedding products made from recycled plastic (rPET) and is the first bedding product to use the Applied DNA Sciences’ CertainT® platform. Rekoop bedding products will be available for sale in the United States beginning first quarter 2019.

Rekoop uses Applied DNA’s CertainT platform to trace and authenticate the post-consumer recycled polyester plastic in its bed sheets, pillowcases, and shams throughout the entire supply chain. This technology provides forensic proof that goes beyond a paper document. It guarantees brand authenticity, a growing concern for manufacturers as counterfeiting continues to escalate — rising from $1.2 trillion in 2017 to an anticipated $1.82 trillion by 2020.

“We are proud to introduce Rekoop, the first fully source-verified recycled PET bedding product line,” said Manu Kapur, president and CEO of GHCL Home Textiles. “Applied DNA’s CertainT platform provides customers and brands with the highest level of trust in terms of the authenticity of their products.”

Rekoop uses polyester made from recycling post-consumer PET bottles. With 36 plastic bottles used for each sheet or the equivalent of one ton of plastic (36,000 bottles) in 1000 sheets, helps reduce these PET bottles landing into the landfills, crude oil consumption and carbon emissions.

“Rekoop bedding highlights the interest brands have in providing consumers a verifiable guarantee,” said Dr. James A. Hayward, president and CEO of Applied DNA. “CertainT does what no other system can do; we can provide a unique, customized tag for every single fiber and verify them through a defined and secure supply chain through systematic sampling, testing and tracking. Momentum with retailers and manufacturers across a variety of textiles is growing and we are pleased to see the CertainT platform and trademark now making its way onto retail shelves next year,” he added.

Reliance Industries Ltd. (RIL), India’s largest private company, provides its ecofriendly Recon® Green Gold, a high-quality fiber designed for Rekoop. As part of the integrated supply chain for Rekoop, Reliance is also partnering with Applied DNA Sciences in the use of the molecular-based solution for recycled PET to produce certified fiber for home textiles, apparel, footwear and other applications.

“Reliance is pleased to engage in a collaboration with two premier and forward-focused entities. Textile manufacturing must change from linear to circular paradigms to ensure transparency, authenticity and sustainability. We will work closely with Applied DNA Sciences and GHCL to forge new paths to bring required changes to drive circular concept in the industry,” said Hemant Sharma, Head – Polyester Sector, Reliance Industries.

Operating its home textiles facility in Vapi, Gujarat, India, GHCL incorporated the CertainT verified rPET fiber into its production process, from spinning to weaving to finished processed fabric. One of the leading manufacturers in home textiles in India, the plant boasts an annual production capacity of 36 million meters of finished fabric per annum.

Posted October 29, 2018

Source: Applied DNA Sciences

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