Caleres has named a new top finance executive as it grapples with the impacts of the Saks Global bankruptcy.

On Thursday, the footwear company revealed that Dan Karpel, the company’s senior vice president and chief accounting officer, has been appointed to the additional role of interim chief financial officer, effective immediately.

Karpel succeeds Jack Calandra, who is leaving Caleres at the end of the month to pursue other opportunities. The company noted in a statement that Calandra’s departure is not related to any disagreement with the company.

Caleres added that it has commenced an external search for a permanent successor.

Karpel rejoined Caleres as chief accounting officer in October 2025 and brings over 30 years of accounting and finance experience to the role. Most recently, he served as the chief financial officer of Club Car Wash Operating. Previously, he was chief financial officer of CW Holdings and a legacy entity which owned the brands Soft Surroundings and Coldwater Creek. He also served as chief accounting officer of Eyecare Partners and Spectrum Brands Holdings.

“On behalf of the board of directors and all of our associates, I would like to thank Jack for his contributions over the last three plus years and wish him the very best,” Jay Schmidt, president and chief executive officer of Caleres, said in a statement. “Dan recently returned to Caleres, and he knows our company well. We are confident that his deep familiarity with our company coupled with his financial expertise will ensure a smooth transition.”

The announcement comes at the same time Caleres disclosed that it is evaluating the full impact of the Saks Global bankruptcy on its fourth quarter results. The company noted that the impacts could result in sales volatility and up to a 6-cent dent in earnings per diluted share in Q4.

What’s more, Caleres warned that it may incur charges related to restructuring costs not previously anticipated in guidance.

“Excluding these potential impacts, our sales and earnings per diluted share outlook for the fourth quarter and fiscal 2025 are in-line with previous guidance provided in the company’s press release issued on December 9,” the company stated on Thursday.

After weeks of intense speculation and many twists and turns, the parent company of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman and other nameplates made the move in the U.S. Bankruptcy Court for the Southern District of Texas earlier this month.

In total, over 10,000 creditors are cited in the filing. The company said in the filing that both assets and debts are each at between $1 billion and $10 billion, but those numbers will evolve.

Last month, Caleres reported net sales in the third quarter of fiscal 2025 totaled $790.1 million, up 6.6 percent from $740.9 million the same time last year. Adjusted net earnings in the third quarter 2025 were $13.1 million, or 38 cents per diluted share, down from $42.6 million, or $1.23 per diluted share, in the third quarter of 2024.

At the time of the earnings release, the company said it expected continued tariff pressure on gross margin and earnings dilution from Stuart Weitzman in the fourth quarter.

As a result, Caleres anticipates a loss per diluted share for the fourth quarter on both a GAAP and adjusted basis. For the full year, Caleres anticipates GAAP loss per diluted share in the range of 13 cents to 18 cents and adjusted earnings per diluted share in the range of 55 cents to 60 cents, including 60 cents to 65 cents dilution from Stuart Weitzman.