Former Bloomingdale CEO Marvin Traub dead at 87
New York — Marvin S. Traub, Bloomingdale’s president and CEO for 22 years, died Wednesday at age 87. Traub had suffered from bladder cancer.
Traub is credited with turning the Bloomingdale’s Manhattan flagship – at Lexington and 59th – into a showcase. He started as a merchandising manager in 1962, and was named president in 1969.
“Blessed with enormous energy, he will always be remembered for the devotion he gave to our store for the last 62 years,” current CEO and chairman Michael Gould said in an e-mail to employees. “Marvin took great pride in all of those that he mentored, from retail industry leaders to our Bloomingdale’s family. He touched so many and we are grateful to have been a part of his journey.”
Carrefour sales fall, reaffirms profit expectations
Paris — French retail giant Carrefour reported Thursday that sales in the second quarter dipped 0.3% to $26.5 billion, beating analysts’ expectations and prompting the retailer to issue earnings guidance to match 2012 expectations of $2.5 to $2.6 billion.
The world’s second largest retailer behind Wal-Mart has been hurt by sliding sales in Europe, as well as strategic missteps in an uncertain economy. But the upbeat report comes just a few weeks after newly appointed CEO Georges Plassat warned it would take three years to turn the company around.
In France, revenue fell 2.1% in the quarter, described as “unsatisfactory” by the company. In Asia, Carrefour’s revenue jumped 14% in the second quarter, bolstered by a favorable currency effect. In Latin America, sales rose 2.7%.
S&P further lowers rating on J.C. Penney
New York — Standard & Poor’s Ratings Services is further lowering its credit rating on J.C. Penney Co., attributing the move to a continuing weak performance.
J.C. Penney’s corporate credit rating has been lowered to "B+" from "BB-." The junk rating is four notches below investment grade. The move marks the second downgrade from S&P since mid-May.