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Rag Shops Hires Former Michaels President

BY CSA STAFF

Hawthorne, N.J., Rag Shops appointed Ron Staffieri as its CEO. Staffieri joins the 69-store specialty retailer of crafts and fabrics after 30 years in the retail business. Most recently, he was president of Michaels Stores. He also held senior positions at Jordan Marsh and Joske’s, both divisions of Allied Stores. He was president of Waldenbooks, a division of Borders Group, Inc.; president of Things Remembered; and president and CEO of KB Toys.

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HP Ousts CEO

BY CSA STAFF

New York City, Hewlett-Packard Co. today ousted company chairman and CEO Carly Fiorina, and replaced her with CFO Robert Wayman as interim chief executive. Wayman said HP would not reverse the controversial and mostly unsuccessful Compaq Computer merger, according to Reuters. The company’s shares have lost 63% of their value since Fiorina took her post in 1999, but rose about 10% today.

HP has shown inconsistent financial results under Fiorina’s watch, and the 50-year-old resigned yesterday afternoon. The search for a new CEO who is more in line with the board on how to execute HP’s strategy is now underway.

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Borders Cafes Reveal New Face

BY CSA STAFF

Ann Arbor, Mich., Six Borders Books and Music stores in Oregon will be the first to convert the Borders cafes into Starbucks-owned Seattle’s Best Coffee cafes. Grand re-openings will be celebrated in the Corvallis, Eugene, Gresham, Portland, Salem and Beaverton branches on Feb. 11. Seattle’s Best Coffee’s full line of beverages will be available at the newly branded bookstore cafes. More than 400 other Borders cafes across the nation also will undergo this change over the next few years.

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