Retail Roundup: Wal-Mart Names New CEO, Sale of Boscov's Approved, More

New Wal-Mart CEO named — Wal-Mart, the world’s largest retailer, will soon be under new leadership: Company officials announced on the morning of Nov. 21 that Mike Duke will replace H. Lee Scott Jr. as CEO of the massive chain, effective Feb. 1. Duke, 58, currently serves as the head of the company’s international division and will bring to his new job the experience he has accumulated from overseeing operations in more than a dozen countries. Also moving up Wal-Mart’s ranks: Eduardo Castro Wright, who was announced as the new vice chairman of the company, effective immediately. [Source: Washington Post]

Boscov’s to be sold to family-led group — Bankrupt retailer Boscov’s Deparment Store LLC will be sold to a family group after receiving court approval Nov. 21. Albert Boscov and Edwin Lakin lead the team trying to keep the chain in the family. “In these very dark economic times, the Boscov family, through its purchase here, has indicated it has faith in the future,” said Judge Kevin Gross in U.S. Bankruptcy Court. As BNET reported, stalking horse bidder Versa Capital Management is still seeking $4 million, claiming that it handed the struggling chain a cash “lifeline” that allowed stores to stay open. [Source: Reuters]

Half of all retailers to struggle in ‘09? — Half of today’s retailers will find themselves in deep trouble at some point next year, according to the predictions of one retail analyst. Sears and Kmart are among the chains that may well become casualties of the downturn, said Britt Beemer, CEO and founder of America’s Research Group, naming Macy’s as another big business with a dicey future. “I wouldn’t buy gift cards [this holiday],” he said at a recent conference, alluding to beliefs that some retailers may be wiped out before gift-card recipients can redeem their present. Mall foot traffic is expected to dip 9.9 percent this season from last year, according to ShopperTrakRCT. [Source: Chicago Sun-Times]

Bill Blass liquidating — Keeping up with all the retailers forced into liquidation has become a challenge this fall, and for those maintaining a tally: Add Bill Blass New York, the direct-sales apparel firm, to your list. The retailer has stopped taking orders, and its parent firm, Angelo Gordon & Co., filed last week to liquidate the seller of women’s garb under Chapter 7. According to  Women’s Wear Daily, it could not be immediately determined in which bankruptcy court the petition was filed. [Source: WWD]