Advertise with fastmoving.co.za
 
 

Toys β€œR” Us CEO stepping down. Image from BusinessInsider.com
Toys β€œR” Us CEO stepping down. Image from BusinessInsider.com

Toys β€œR” Us CEO stepping down

RETAILER NEWS

ChainStoreAge.com - Feb 14th 2013, 10:15

Wayne, N.J. -- The search is on for a new chief executive of Toys β€œR” Us with the announcement that Gerald L. Storch is stepping down as CEO of the company. The news comes just weeks after the world's largest dedicated toy retailer reported that its same-store U.S. sales fell 4.5% during the holiday season, and that its total sales fell 4.7%.
 

Toys β€œR” Us said that Storch, 56, will remain in his position as chairman of the board, providing strategic guidance and playing a key role in its growth initiatives. He also will remain in the chief executive role while the company searches for a replacement.

A former Target executive, Storch joined the company in February 2006, following its acquisition by an investment group consisting of affiliates of Bain Capital Partners LLC, Kohlberg Kravis Roberts & Co., and Vornado Realty Trust.

The Toys β€œR” Us board credited Storch with rebuilding the company and successfully leading it through an β€œextremely difficult global economic environment.” The company said it has dramatically increased its online presence under his leadership.

In a statement, the Toys β€œR” Us Board of Directors said: β€œJerry has done an exceptional job in rebuilding the company, while successfully leading it through an extremely difficult global economic environment. We are grateful for his leadership over the past seven years and for the strong foundation he has built for the future,” the board said in a statement.  

Related News

Holiday champagne recession over - experts
18/12/2013 - 09:35
New York - After years of resorting to less costly sparkling beverages, many wine experts said they will be popping champagne corks this New Year's Eve, which could be an indication of better economic times ahead

Card payments overtake cash: FNB
06/11/2013 - 09:15
FNB reports that monthly non-cash purchases by customers in its consumer segment have surpassed cash withdrawals at its ATMs by R800 million.

UK: Sluggish start, late surge, solid rather than bonanza, Planet Retail
04/11/2013 - 17:50
On Planet Retail’s predictions for the UK retail market over Christmas 2013, Stephen Springham, Senior Retail Analyst at Planet Retail, commented:

Deloitte: U.S. holiday sales to rise 4% to 4.5%
24/09/2013 - 11:12
New York -- Holiday sales are expected to climb to between $963 and $967 billion, representing a 4% to 4.5% increase in November through January holiday sales (excluding motor vehicles and gasoline) this year from last year’s season, according to the new Deloitte holiday sales forecast. The growth rate is on par with last year's 4.5% gain.

United States: Survey: Retailers cautiously optimistic for 2013 holiday
02/08/2013 - 08:15
San Jose, Calif. -- Retailers are cautiously optimistic about the 2013 holiday season, with 60% forecasting revenue growth in excess of 10%, in line with industry forecasts, according to a survey by Baynote, a provider of personalized customer experience solutions.