Barneys CEO Resigns
New York City Socol’s resignation was not unexpected. According to a report in Women’s Wear Daily, he has been growing increasingly frustrated with Barney’s new owner Istithmar, an investment arm of the Dubai government, and felt it was encroaching on his managerial independence. Istithmar bought Barneys from Jones New York in 2007 for $942 million.
Under Socol, Barneys initiated an expansion program, and opened four flagship stores, 15 Barneys New York CO-OP stores and two outlet stores. Socol will remain with the company through the end of June.
“I felt strongly about remaining with the company for a short period following its recent sale to [private-equity firm] Istithmar, as well as through the opening of our Las Vegas flagship,” Socol said in a company statement. “With the sale process well behind us and the Las Vegas location having opened in January of this year, this is the appropriate time to move forward.”
With no obvious inside candidate, the company is currently searching for a successor “that will work cohesively with Barneys’ seasoned management team,” said David Jackson, CEO, Istithmar. But industry experts cautioned that finding a successor to lead the company would not be easy.
Kanter to leave Michaels end of May
IRVING, Texas Michaels Stores has announced that Harvey Kanter, evp and managing director, has decided to leave the company effective May 25 to pursue a top leadership role at another company.
Brian Cornell, ceo, said, “Harvey has made significant contributions to Michaels by assisting in our transformation to a consumer-driven organization and we appreciate his service. He has developed a strong team and we are confident they will ensure a smooth transition.”
Until Kanter’s replacement is named, the merchandising organization will report to Brian Cornell.
Fresh & Easy boosts own-brand foods
EL SEGUNDO, Calif. Fresh & Easy Neighborhood Market confirmed reports that it will be adding new products to its stores announcing a new selection of fresh&easy own-brand foods to cater to increasing demand.
Following a great customer response and encouraging sales of fresh&easy own-brand food, the company is expanding the range with 250 additional products. Some of the new products include fresh prepared ready meals, new juices and brewed teas, soy and goat yogurt, and a range of ready-to-grill meats. .