Former Macy’s CEO Finkelstein dies
New York – Edward H. Finkelstein, former chairman and CEO of the company now known as Macy’s Inc., died of natural causes at his home in Thousand Oaks, California, on May 31. He was 89.
Finkelstein led Macy’s in the 1970s and 1980s and launched concepts including the Aeropostale apparel chain, which was later sold off, as well as several private brands. Finkelstein left the company in 1992 after 44 years, following a bankruptcy filing.
"Ed Finkelstein was an innovator who shall be remembered for his many important contributions in building the Macy’s brand over the decades,” said Terry Lundgren, Chairman and CEO of Macy’s Inc., in a statement. “His career was remarkable. The Macy’s Inc. team extends our heartfelt sympathies to the Finkelstein family.”
Gordmans seeks head merchant
Gordmans Stores is looking for a new head merchant — in addition to a permanent CEO – following the resignation of Michael Morand as EVP and chief merchandising officer.
The company said Morand resigned on May 28, the same day the operator of 94 stores, reported disappointing first quarter results and held its shareholders’ meeting. Gordman’s disclosed Morand’s departure in a filing with the Securities and Exchange Commission on Friday, May 30. Interim CEO Scott King will oversee the retailer’s merchandising function until a replacement is named, the company said.
In other personnel moves, Jason Neimark resigned from the board of directors and was replaced by Brian Urbanek. Both men are affiliated with Sun Capital Partners, the private equity firm which owns a controlling interest in Gordmans. Urbanek previously served on the Gordmans board.
The off-price department store retailer is also searching for a full time CEO following the resignation earlier this year of Jeff Gordman amid ongoing sales challenges. Sales for the 13-week first quarter ended May 4 increased 8.8% to $143 million as the result of new store expansion. Same store sales declined 2.7% on top of a prior year decline of 10.5%. A loss of $700,000, or four cents a share, was well below a prior year profit of $3.2 million, or 17 cents a share. First quarter results were negatively affected by expenses of two cents a share related to the departure Gordman and a three cents a share impact due to increased interest expense related to a $45 million loan that was taken out last fall to pay a special dividend of $3.60.
Survey: Consumers spend less on Father’s Day than Mother’s Day
Austin, Texas – More people buy Mother’s Day gifts than Father’s Day gifts (86%, compared to 77%). According to the 2014 Father’s Day Shopper Trend report from RetailMeNot, survey respondents say they spend $61 on Father’s Day gifts and $68 on Mother’s Day gifts.
According to the survey, on average, shoppers buy a Father’s Day gift two weeks in advance of the holiday. Of those who buy gifts, more than six in 10 (63%) make these purchases in-store – far fewer buy gifts online (21%) or make them (14%). Nearly two-in-10 (17%) consumers look for coupons, discounts or sale-priced items when purchasing a gift for their dad on Father’s Day.
According to the survey, the items at the top of dads’ Father’s Day wish lists this year are gift cards (17%) and quality time spent with family (17%). Far fewer dads are hoping to receive home improvement products (3%), video game systems or games (3%) or sports lessons (1%) this year.
More than half (56%) of consumers surveyed say their dad is interested in technology products. The top technology product brand consumers think dad is most interested in is Apple (33%), beating out Windows (29%), Android (26%), and budget-friendly brands like Insignia (25%) and Samsung (24%).
When it comes to new technologies, dads surveyed say they are most excited about smart TVs, automotive technologies found in connected cars and vehicles with park assist and wireless sound systems for the home.