Toys βRβ Us CEO stepping down
ChainStoreAge.com - Feb 14th 2013, 10:15
Wayne, N.J. -- The search is on for a new chief executive of Toys βRβ 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 βRβ 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 βRβ Us board credited Storch with rebuilding the company and successfully leading it through an βextremely difficult global economic environment.β The company said it has dramatically increased its online presence under his leadership.
In a statement, the Toys βRβ Us Board of Directors said: βJerry 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,β the board said in a statement.
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24/09/2013 - 11:12
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United States: Survey: Retailers cautiously optimistic for 2013 holiday
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