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Kohl’s fires new CEO for personal relationship with a vendor

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2 weeks ago

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Reuters

Published



May 1, 2025

Kohl’s said on Thursday it had fired CEO Ashley Buchanan after an investigation found he had pushed for deals with a vendor with whom he had a personal relationship, after little more than 100 days in the CEO job.

Reuters

Buchanan engaged in transactions with this person’s company on “highly unusual terms”, Kohl’s said in a filing, and also caused the company to agree to a multi-million-dollar consulting agreement with a team that included this person he was involved with. He also did not disclose the relationship, the company said.

Buchanan’s firing makes the third change at the helm in as many years for the beleaguered department-store retailer, which has been struggling with several quarters of sagging sales due to stiff competition from e-commerce firms and big-box retailers such as Walmart.

, opens new t as well as its own strategic missteps.Kohl’s shares rose 8.4% on Thursday, as it reported better-than-expected preliminary first-quarter earnings, but the stock is still down roughly 70% over the last year.

Buchanan was not immediately available for comment when contacted on LinkedIn, while Kohl’s declined to provide further comment.

Buchanan was named CEO in November, replacing Tom Kingsbury. After he took over as CEO in January, Kohl’s cut about 10% of its corporate workforce to improve profitability.

“(Kohl’s) desperately needs stability and changes in its business model. However, it’s better to make the move to fire Buchanan rather than let the situation get worse,” Morningstar Research analyst David Swartz said.

Buchanan is forfeiting all stock awards he received, including $15 million in restricted stock that was meant to vest over three years as long as he was still employed with the company. He also has to reimburse the company for $2.5 million of his $3.75 million signing bonus.

Buchanan joined Kohl’s from Michaels Companies, a specialty retailer of arts and crafts supplies, where he was CEO since 2020. He was also the chief merchandising and chief operating officer for Walmart U.S. e-Commerce prior to that.

Kohl’s expects first-quarter comparable sales to fall between 4% and 4.3%, compared with analysts’ average expectation of a 6.34% decrease, according to data compiled by LSEG.

The company expects a loss per share in the range of 20 cents to 24 cents, compared with estimates for a loss of 52 cents per share.

Kohl’s will report first-quarter results on May 29.

Buchanan’s removal does not affect Kohl’s financial reporting or other employees, the company said. It named Michael Bender as its interim CEO, effective immediately, and said that the search for a permanent chief executive would begin soon.

© Thomson Reuters 2025 All rights reserved.



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Puma appoints Dominique Gathier as vice president of Teamsport

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13 minutes ago

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May 15, 2025

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By

DPA

Translated by

Nazia BIBI KEENOO

Published



May 15, 2025

The sports company Puma has appointed Dominique Gathier as vice president of its Teamsport business unit, effective May 15. He succeeds Matthias Bäumer, who assumed the position of chief commercial officer earlier this year, and will report directly to chief product officer Maria Valdes.

Dominique Gathier is the new Vice President Teamsport at Puma – PUMA

The 45-year-old executive, who holds both French and German citizenship, has been with the Herzogenaurach-based company for 19 years.

Over nearly two decades, Gathier has held several key roles in marketing and product development. Most recently, he served as senior director of product line management for Teamsport footwear and equipment. In this role, he oversaw the development of Puma’s top-performing football boot models, including the Future, Ultra and King lines. He earned a degree in management from Kedge Business School in Bordeaux, France.

“With Dominique, an experienced leader will take over our Teamsport business unit, as he played a key role in developing some of our most successful performance products,” said chief product officer Maria Valdes. “I’m confident that Dominique will continue to build on Puma’s strong momentum in the Teamsport segment and bring exciting new products to market—products that will inspire athletes, whether professional or amateur, as well as teams and fans around the world.”

Gathier will lead the entire product team within the business unit in his new role. “He will be responsible for ensuring the successful development and execution of product strategies, working closely with Puma’s many external partners, including clubs and associations,” the company stated.

Puma’s Teamsport unit produces footwear, apparel and accessories for football, as well as other regionally significant sports, such as handball, rugby and cricket.



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Big move for Superdrug as it adds fashion brands to its marketplace

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1 hour ago

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May 15, 2025

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Major news from beauty and health retailer Superdrug — the company has expanded its marketplace and 60 fashion brands are now selling on the site.

Superdrug

The curated selection of fashion brands includes popular names like Wrangler, Blue Vanilla and Nike to offer Superdrug customers “an enhanced online shopping experience where they can now shop a diverse range of products across beauty, health and now fashion”.

The company said the labels were “handpicked due to their popularity [and] will tap into high-demand categories such as stylish plus-size options and clothing for all”. It specifically chose brands like Pink Vanilla, Regatta, and Jack and Jones to ensure “that every customer finds something that fits their style and needs”.

Its commercial chief Simon Comins said the fashion brands “perfectly complement our existing ranges” and the move will “not only strengthen our position as a go-to destination for a wide range of personal care and lifestyle products but also present a new opportunity to connect with a large and highly engaged customer base that already loves these brands, unlocking new potential for online growth”.

The expansion matches the acceleration of Superdrug’s continued focus on its O+O (Online + Offline) strategy, “which aims to better serve customer need, by providing the best shopping experience across any channel, anytime, anywhere”.

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Dick’s Sporting Goods to acquire Foot Locker in $2.4 billion deal

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2 hours ago

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May 15, 2025

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Translated by

Nazia BIBI KEENOO

Published



May 15, 2025

Dick’s Sporting Goods has confirmed its $2.4 billion (€2.14 billion) acquisition of global sneaker retailer Foot Locker, validating earlier reports from the American press. The deal, priced at $24 per share, includes roughly 2,400 stores operating in nearly 20 countries.

Interior view of a Foot Locker store in Paris. – Foot Locker

Foot Locker shareholders will be able to choose between a cash payout or shares in Dick’s Sporting Goods. The transaction values the company at 6.1 times its EBITDA.

Dick’s Sporting Goods confirmed it plans to retain all of Foot Locker’s brand banners, including Foot Locker, Kids Foot Locker, Champs Sports, WSS, and atmos. Combined, these brands generated $8 billion in revenue during the last fiscal year.

Based in Pittsburgh and founded in 1948, Dick’s Sporting Goods reported $13.4 billion in revenue last year. The group currently operates more than 850 stores across the U.S. under several banners: Dick’s Sporting Goods, Golf Galaxy, Public Lands, and Going, Going, Gone!. It also manages e-commerce channels and the Dick’s mobile app.

In addition to its core retail network, the company operates experiential concepts like Dick’s House of Sport, Golf Galaxy Performance Center, and GameChanger — a digital platform offering live streaming, scheduling, and team management for youth sports.

“We’ve long admired the cultural relevance and value of the Foot Locker brand and its dedicated team of Stripers,” said Ed Stack, executive chairman of Dick’s, referring to the retailer’s recognizable store associates.

“We believe there’s significant growth potential ahead. By applying our operational expertise to this iconic business, we see a clear path to unlocking further growth and strengthening Foot Locker’s position in the market. Together, we will leverage the complementary strengths of both organizations to better serve the broad and evolving needs of global sports consumers.”

The acquisition marks Dick’s first major push beyond the U.S., presenting new opportunities as well as strategic challenges. The company expects to realize synergies between $100 million and $125 million.

“We look forward to welcoming Foot Locker’s talented team and leveraging their expertise and passion for the business, which we intend to honor and amplify together,” said Lauren Hobart, president and CEO of Dick’s. “Sports and sports culture remain incredibly powerful, and with this acquisition, we’re creating a new global platform that will meet these needs through iconic concepts consumers know and love, enhanced stores and omnichannel experiences, and product assortments that resonate across diverse customer bases.”

The transaction remains subject to standard regulatory approvals, including antitrust review, and is expected to close in the second half of 2025.

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