Here are the top business stories trending today:
1. Hudson’s Bay Taps CEO: The department store group continues to beef up its executive team. It named former Toys “R” Us chief Jerry Storch its new CEO. He will be responsible for Hudson’s Bay, Lord & Taylor, Saks Fifth Avenue, Saks Off 5th, Home Outfitters and HBC Digital. “The board and I could not be more pleased to have Jerry — an accomplished executive with a proven track record of growing retailers through both digital and traditional channels — join us. We believe this change will enhance our growth strategy,” said Richard Baker, governor and executive chairman of HBC, in a statement. In a related move, Donald Watros, formerly president of Hudson’s Bay, has been appointed president of HBC’s newly-formed international unit. He will focus on global expansion and will continue to report to Baker.
2. Li Ning Under Pressure: Investors had a lackluster reaction to the Chinese athletic giant’s new fundraising plan. The firm said it aims to raise up to 1.69 billion Hong Kong dollars, or $218 million at current exchange, in an open stock offering to fuel its next phase of growth. But the company, which hasn’t yet taken off in the U.S. market, saw its shares fall 8 percent after the announcement.
3. All Eyes on Nike, Finish Line: The good times continue to roll for Nike Inc., which reports second quarter earnings tomorrow. While adverse currency impacts are expected to affect results, the firm is well positioned heading into 2015, according to analysts. Sales in the firm’s major markets, North America, Europe and China, continue to accelerate. At Finish Line Inc., market watchers expect mixed results when the retailer unveils third quarter numbers on Friday. While the digital business is on fire and results from the Macy’s shop-in-shop concepts are healthy, the core brick-and-mortar business has experienced a tougher year.