Dive Brief:
- Amid concerns about its long-term health, The Home and Holiday Superstore has named Jeff Evans as president and chief merchandising officer, the retailer announced Tuesday.
- In a statement, Evans said he will “help drive the business strategy and participate in fueling future growth by identifying and maximizing opportunities to deliver results.” Evans will enter his new role on June 19.
- Before joining At Home, Evans served as executive vice president of entertainment, toys and seasonal for Walmart. Before spending 15 years at Walmart U.S. and Sam’s Club, Evans also had a 15-year tenure at Filene’s merchandising various apparel categories, according to the announcement.
Dive Insight:
Evans is taking the helm of the company’s merchandising operations as At Home works to turn itself around. In September 2022, S&P Global Ratings downgraded At Home Group’s corporate rating from B to B- due to declining cash flow and sales, worrisome elevated costs and falling consumer demand. The rating agency said the company could be downgraded again in the future and gave the company a negative forecast.
Though S&P Global cited high costs in its rating decision, the retailer lowered its prices in response to the easing supply chain costs. Though the company said supply chain-related expenses rose by more than $300 million between 2021 and 2022, the company permanently dropped its prices on thousands of products to reflect the drop in freight costs. The company announced its price drop across home decor, furniture, rugs and other products in March.
Following its price drop announcement, the retailer announced that it closed on a $200 million private placement and completed some refinancing agreements, which will let the company improve its balance sheet and acquire more customers following the bankruptcies of Tuesday Morning and Bed Bath & Beyond.
During his tenure at Walmart and Sam’s Club beginning in 2006, Evans worked his way up to multiple senior-level roles and was named 2014 Walmart General Merchandise Manager of the Year, according to Evans’ Walmart bio. Now, Evans is set to join At Home during a pivotal moment in the company’s revamp, Lee Bird, chairman and CEO of At Home, said in a statement.
“His experience leading at the highest-ranked Fortune 100 company will bring a new level of excellence to our business. He is a collaborative leader that has delivered consistent results by building high performing teams, being customer and data focused and driving digital transformation,” Bird said in a statement.
