Dive Brief:

• Footwear company Caleres appointed Chief Accounting Officer Daniel Karpel to the role of interim CFO, succeeding finance chief Jack Calandra, the company said Thursday in a press release and securities filing.
• Calandra stepped down from his role as an officer effective Jan. 15 to pursue “other opportunities,” and will depart from the company on Jan. 30, the St. Louis, Missouri-based parent of Famous Footwear and Dr. Scholl’s said. The company has begun an external search for a permanent CFO successor, according to the press release.
• The company on Thursday also updated to its guidance for its upcoming fourth quarter earnings regarding the potential impact of the Saks Global bankruptcy, warning of potential sales volatility.

Dive Insight:

The aftermath of the Saks Global bankruptcy leaves many vendors waiting for what could be a lengthy process of reimbursement. The retail giant filed for Chapter 11 bankruptcy on Jan. 14 after a year of financial challenges, including struggling to pay its vendors, weak sales and an inability to offload $4.7 billion in debt, according to CFO Dive sister publication Retail Dive.

As part of its restructuring, Saks is prioritizing the payment of outstanding and partially paid invoices, as well as payment for goods shipped after its bankruptcy filing, but it could take some time for smaller vendors to receive reimbursement, Retail Dive previously reported.

While it is still evaluating the full potential effects of the bankruptcy on its upcoming Q4 earnings, the company flagged that it could result in “up to $0.06 risk to our fourth quarter earnings per diluted share guidance,” according to Thursday release.

Caleres may also incur additional charges related to restructuring “not previously anticipated” in its guidance, it said. Guidance otherwise remains in line with previous estimates shared Dec. 9 during its Q3 earnings call, it said. Caleres noted it expected to see relatively flat sales for its brand portfolio, though it also anticipates its recently completed acquisition of the Stuart Weitzman brand to add between $55 million to $60 million in shares for the quarter, according to an earnings transcript.

Karpel, who previously served a stint as the St. Louis, Mo.-based company’s CAO beginning in 2013, reprised the role at the footwear company in October, according to the press release. Prior to rejoining Caleres, Karpel most recently served as CFO for Club Car Wash, a tunnel car wash brand, according to his LinkedIn profile.

He has held top financial roles, including CAO and CFO, at companies including Save-A-Lot, telecom Spectrum Brands and CW Holdings, the parent company of Coldwater Creek and Soft Surroundings, and started his career at Big Four firm Ernest & Young.

Karpel’s “deep familiarity with our company coupled with his financial expertise will ensure a smooth transition,” CEO and President Jay Schmidt said in a statement included in the release.

The Thursday filing with the Securities and Exchange Commission did not detail compensation arrangements associated with Karpel’s appointment as interim finance chief. In rejoining Caleres as its CAO, the company noted in a previous SEC filing that he was set to receive a “customary compensation package consisting of an annual salary commensurate with his duties and will be eligible to participate in the Company’s short- and long-term incentive plans, and other benefit plans generally available to similarly situated employees.”

Caleres declined to comment beyond its press release.