LACY DEPARTING SEARS: Alan Lacy, vice chairman of Sears Holdings Corp., has decided to leave the company on July 29 and also resign from the boards of Sears Holdings and Sears Canada. “Under Alan’s leadership, Sears, Roebuck took the steps necessary to create a more competitive company,” Sears Holdings chairman Edward S. Lampert said in a statement. “Most importantly, he recognized that the merger of Sears and Kmart would be a powerful opportunity to significantly improve the strategic and financial position of both franchises.” Lacy became vice chairman in September 2005, after serving as chief executive officer of Sears Holdings, which includes the Kmart chain, and before that ceo for Sears, Roebuck. Lacy joined Sears as senior vice president, finance, in 1994 and became executive vice president and chief financial officer the following year. He was appointed president, Sears Credit in 1997, helped sell off that division, and served as president, services, before becoming ceo.
LAUDER TALKS TURKEY: The Estée Lauder Cos. has established a wholly owned affiliate in Turkey. The Istanbul-based firm, called ELCA Kozmetik Ltd. Sti., was officially opened July 1. ELCA Kozmetik is headed by Ahmet Ramiz, general manager, and the company employs about 300 people. Ramiz was formerly general manager of Vepa Velar, which had been New York-based Lauder’s exclusive distributor in Turkey.
TALBOTS OUTLOOK: Talbots updated its second-quarter outlook on Tuesday with an estimate that is ahead of Wall Street consensus. The company said its integration effort to combine the Talbots and J. Jill brands is ahead of schedule, with cost-saving synergies projected to be more than $30 million. The original estimate was $25 million. The company also said it expects a second-quarter, diluted-per-share loss of between 8 cents and 10 cents a share, including acquisition costs, compared with the Wall Street consensus of a 10 cent loss. The retailer previously said it expected a loss of between 5 cents and 15 cents.