Scoop: Kohl's Taps New Blood to Shake Things Up
Kohl's designates the previous CEO of Tuesday Morning as the head of its retail stores
Hey there! Guess who just got a fresh new face on board? You guessed it, none other than Kohl’s! On a recent hump day shindig, Kohl’s announced the appointment of Fred Hand as senior executive vice president and director of stores. This cat was the CEO of the one and only Tuesday Morning until very recently.
What does that mean for Kohl's, you ask? As part of his new gig, Hand will report straight to Dave Alves, the president and COO, and work alongside the bigwigs to boost the store's sales and productivity. With over 1,100 locations across the USA under his watch, he'll have his hands full, supervising store operations, customer experience, loss prevention, and store design.
With a whopping 30 years of experience under his belt, Hand's not new to the retail game. Prior to the Tuesday Morning gig, he was Chief Operating Officer at Burlington, where he was in charge of the Retailer's Stores organization for more than a baker's dozen years. He also held high ranks at Macy's and Filene's in stores and visual merchandising. So, this dude knows his stuff, alright?
Now, why the sudden change for Kohl's? Well, if the retailer's latest financial reports are anything to go by, things ain't looking too hot. In Q2, net income dropped nearly 60% to $58 million, while net sales dipped by 4.8% compared to the previous year. To top it off, comps were down 5%. But don't despair, cause Kohl's managed to keep things afloat with some tight cost control.
Hand's arrival couldn't be more timely. As Kohl's looks to revitalize its brick-and-mortar retail spaces and improve product offerings, Hand's expertise could be the key to unlocking new heights of revenue. And crafting an unparalleled customer experience? Assuredly, that's right up Hand's alley.
"Fred's got a soft spot for old-school retail and a zest for the digital age," Alves shared in an official statement. "He aims to pump life into stores and empower associates, and we're super excited to welcome this retail badass to our Kohl's fam."
Hand's road to Kohl's saw a detour when Tuesday Morning filed for Chapter 11 bankruptcy in February. Bye-bye, Tuesday Morning! In late April, the discount home décor chain said its last goodbyes in a court-approved bankruptcy sale to Hilco Merchant Resources for $32 million.
Faced with this turn of events, Hand expressed sincere affection for the iconic brand and can't wait to join the Kohl's squad. Keep your fingers crossed and your eyes peeled, folks! This is one partnership you're gonna want to watch unfold. Boom!
- Fred Hand, the former CEO of Tuesday Morning, will oversee Kohl's store operations, customer experience, loss prevention, and store design in his new role as senior executive vice president and director of stores at Kohl's.
- With a wealth of experience in the retail industry, Hand has previously held high-ranking positions at Burlington, Macy's, and Filene's.
- Kohl's has brought in Hand to help revitalize its retail spaces, improve product offerings, and create an unparalleled customer experience, as the retailer's latest financial reports indicate a challenging period for the business.
- Hand's expertise in brick-and-mortar retail and digital age experiences could be the key to unlocking new heights of revenue for Kohl's.
- According to Dave Alves, Kohl's president and COO, Hand is a retail expert who aims to inject life into stores and empower associates.
- Hand previously had a brief detour from Kohl's when his previous employer, Tuesday Morning, filed for bankruptcy and was sold to Hilco Merchant Resources for $32 million.
