In today’s top retail news, Genesco is encountering an activist challenge for board seats, while Grove Collaborative will sell cleaning products in brick-and-mortar Target locations. Plus, Gap Inc. and Synchrony Financial will part ways in their branded card relationship.
Footwear Retailer Genesco Faces Activist Challenge For Board Seats
Genesco announced that Legion Partners Asset Management has informed the firm that it intends to nominate a controlling slate of seven individuals to stand for election to the merchant’s board of directors at the 2021 yearly meeting of shareholders. Nashville-based Genesco offers footwear and accessories under brands like Journeys, Journeys Kidz, Little Burgundy, Schuh, Schuh Kids and Johnston & Murphy.
Grove Collaborative To Sell Cleaning Products In Target Stores
Grove Collaborative is growing into offline retail via an arrangement to offer its merchandise in Target locations throughout the nation starting in April. Grove Collaborative CEO and Co-founder Stuart Landesberg said in a report that “the mainstream consumer and the sustainability-conscious consumer are merging. Efficacy allows that to happen. And things like our partnership with Target are key steps along the way.”
Gap And Synchrony Part Ways On Branded Credit Cards After 22 Years
Gap Inc. and Synchrony Financial will part ways on their branded card partnership, after the two firms couldn’t attain suitable terms to lengthen a business relationship that goes back over 20 years. “Synchrony will not renew its financing partnership with Gap Inc. when it expires on April 30, 2022,” according to an 8-K filing with the SEC.
AccrueMe Invests In Amazon Sellers Instead Of Acquiring Them
It’s a classic case of upending a business model – but for New York-based upstart AccrueMe, the firm is aiming to invest in the growth of Amazon sellers in lieu of purchasing them or providing traditional loans.“What we do is completely different than any other source of financing,” AccrueMe Co-founder Eric Kotch told PYMNTS in a recent interview.
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