Caleres (CAL) names interim CFO and updates 2025 outlook after Saks bankruptcy

Rhea-AI Filing Summary

Caleres, Inc. reported a leadership change and an outlook update. Senior Vice President and Chief Financial Officer Jack P. Calandra is stepping down as CFO effective January 15, 2026, and will end his employment with the company on January 30, 2026. The company states his departure is not due to any disagreement over operations, policies, or accounting or financial practices.

On January 15, 2026, Daniel L. Karpel, the company’s Senior Vice President and Chief Accounting Officer, was appointed Interim Chief Financial Officer effective January 21, 2026, and will assume the principal financial officer duties. Caleres also disclosed that on January 21, 2026 it issued a press release updating its fourth quarter and fiscal 2025 outlook to reflect the potential impact of the Saks Global bankruptcy and possible restructuring charges that were not included in prior guidance.

Positive

• None.

Negative

• Updated outlook flags potential headwinds: Caleres revised its fourth quarter and fiscal 2025 outlook to reflect possible impact from the Saks Global bankruptcy and restructuring charges not included in prior guidance.

Insights

Equity analyst – corporate events and guidance

CFO transition and outlook update signal new financial leadership amid potential headwinds.

The filing combines a senior finance leadership change with a revision to expectations. Caleres notes that CFO Jack P. Calandra stepped down as Chief Financial Officer effective January 15, 2026 and will leave the company on January 30, 2026, explicitly stating that his departure is not related to disagreements over operations or accounting and financial practices. This helps frame the move as non-controversial from a governance and reporting standpoint.

Daniel L. Karpel, already Senior Vice President and Chief Accounting Officer, will take on the Interim Chief Financial Officer role effective January 21, 2026. His prior experience as CFO and Chief Accounting Officer at multiple companies, as well as previous tenure at Caleres including as Chief Accounting Officer, suggests familiarity with both the organization and complex finance functions, potentially easing the transition.

The company also issued a press release on January 21, 2026 updating its fourth quarter and fiscal 2025 outlook to incorporate the potential impact of the Saks Global bankruptcy and possible restructuring charges that were not previously anticipated in guidance. This points to external pressure on results and to additional charges that may affect reported earnings, with the specific magnitude to be understood from the accompanying press release and subsequent financial disclosures.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) January 15, 2026

CALERES, INC.

(Exact name of registrant as specified in its charter)

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New York	​	1-2191	​	43-0197190
(State or other jurisdiction of		​		​
incorporation or organization)	​	(Commission File Number)	​	(IRS Employer Identification Number)

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8300 Maryland Avenue St. Louis, Missouri	​ ​ ​	63105
(Address of principal executive offices)		(Zip Code)

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(314) 854-4000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

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☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Securities registered pursuant to Section 12(b) of the Act:

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Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock - par value of $0.01 per share	CAL	New York Stock Exchange

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

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Departure of Principal Officer

Jack P. Calandra, the Company’s Senior Vice President and Chief Financial Officer will be stepping down from his position effective as of January 15, 2026, and he will no longer be an officer of the Company as of that date. Mr. Calandra will terminate his employment with the Company as of January 30, 2026. Mr. Calandra’s departure is not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices or to any issues regarding its accounting or financial policies or practices.

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Appointment of Principal Officer

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On January 15, 2026, Daniel L. Karpel, the Company’s Senior Vice President and Chief Accounting Officer was appointed to the additional role of Interim Chief Financial Officer effective January 21, 2026. In this position Mr. Karpel will assume the duties of principal financial officer from Mr. Calandra. Mr. Karpel, 55, has over 30 years of finance and accounting experience. Prior to joining the Company as the Senior Vice President and Chief Accounting Officer in 2025, he served as the Chief Financial Officer of Club Car Wash Operating, LLC from 2024 to 2025. Prior to this, Mr. Karpel served as Chief Financial Officer from 2023 to 2024 of CW Holdings, LLC and a legacy entity owning the brands of Soft Surroundings and Coldwater Creek, and served as Chief Accounting Officer of Eyecare Partners LLC from 2022 to 2023 and Spectrum Brands Holdings, Inc from 2020 to 2022. Mr. Karpel previously worked at Caleres from 2008 to 2016, and served as the Company’s Chief Accounting Officer from 2013 to 2016.

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Item 7.01. Regulation FD Disclosure.

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On January 21, 2026, the Company issued a press release (the “Press Release”) announcing that it was updating its fourth quarter and fiscal 2025 outlook to note the potential impact of the Saks Global bankruptcy and potential for restructuring charges not previously anticipated in the Company’s prior guidance.

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Item 9.01.   Financial Statements and Exhibits

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(d)	Exhibits	​
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Exhibit Number		​	Description
99.1		​	Press Release Issued January 21, 2026.
104		​	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	​ ​ ​	CALERES, INC.
		(Registrant)
Date:  January 21, 2026	​	/s/ Thomas C. Burke
		Thomas C. Burke
		Senior Vice President, General Counsel and Secretary

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FAQ

Why is Caleres (CAL) changing its Chief Financial Officer?

Caleres reported that Jack P. Calandra, Senior Vice President and Chief Financial Officer, is stepping down from his position effective January 15, 2026 and will terminate his employment on January 30, 2026. The company states his departure is not due to any disagreement regarding operations, policies, or accounting and financial practices.

Who is the new Interim Chief Financial Officer of Caleres (CAL)?

Caleres appointed Daniel L. Karpel, its Senior Vice President and Chief Accounting Officer, to the additional role of Interim Chief Financial Officer effective January 21, 2026. He will assume the duties of principal financial officer from Jack P. Calandra.

What experience does Daniel L. Karpel bring to the Interim CFO role at Caleres (CAL)?

Daniel L. Karpel, age 55, has over 30 years of finance and accounting experience. Before rejoining Caleres in 2025, he served as Chief Financial Officer of Club Car Wash Operating, LLC, CFO of CW Holdings, LLC and related entities, and Chief Accounting Officer at Eyecare Partners LLC and Spectrum Brands Holdings, Inc. He previously worked at Caleres from 2008 to 2016, including as Chief Accounting Officer from 2013 to 2016.

How is the Saks Global bankruptcy affecting Caleres (CAL)?

Caleres disclosed that on January 21, 2026 it issued a press release updating its fourth quarter and fiscal 2025 outlook to note the potential impact of the Saks Global bankruptcy. The company also cited the potential for restructuring charges that were not included in its prior guidance.

Did Caleres (CAL) indicate any accounting or financial reporting issues related to the CFO’s departure?

No. Caleres specifically stated that Jack P. Calandra’s departure is not due to any disagreement with the company on matters related to operations, policies, practices, or its accounting or financial policies or practices.

What disclosure did Caleres (CAL) make under Regulation FD?

Under Regulation FD, Caleres reported that on January 21, 2026 it issued a press release updating its fourth quarter and fiscal 2025 outlook to reflect the potential impact of the Saks Global bankruptcy and possible restructuring charges that had not been anticipated in its earlier guidance.