FINANCE

Report: Barney’s CEO to Resign

BY CSA STAFF

New York City The CEO of Barneys New York has said he plans to resign, The New York Times reported on Saturday.

Citing colleagues of Howard Socol, who presided over the company’s steadying after it fell into bankruptcy in the mid-1990s, the report said that people with knowledge of the situation had said Socol had sharp differences with the company’s new owners over strategy, including plans for overseas expansion.

Barneys was bought from Jones Apparel by Istithmar, the investment arm of the Dubai government, for $942 million last summer.

Socol’s colleagues spoke on condition of anonymity, and said he might announce his resignation as early as next week, the Times said.

Socol’s “frustration level (with Istithmar’s plans) was pretty high,” the newspaper quoted one person familiar with the situation. Socol joined the company in 2001.

A spokeswoman for Barneys, VP Dawn Brown, said the company had no comment, and representatives of Istithmar did not return phone calls or e-mail messages, the Times said.

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Bloomingdale’s to shift direct-to-consumer focus online

BY CSA STAFF

NEW YORK Bloomingdale’s is shifting the focus of its direct-to-consumer business to its stronger performing bloomingdales.com Web site, where sales growth has far outpaced he Bloomingdale’s By Mail catalog in recent years. As such, the company said it will discontinue its By Mail catalog by 2009.

“Bloomingdale’s is focused on growing its online business, increasing profitability and reflecting a seamless brand and merchandise selection, whether it be in-store or online,” commented Michael Gould, Bloomingdale’s chairman and ceo.”

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Tuesday Morning names new director to board

BY CSA STAFF

DALLAS Tuesday Morning announced the appointment of Starlette Johnson to its board of directors.

Johnson is currently president, coo, and director of Dave and Busters and has served in that capacity since April 2007.

 

“We are pleased to welcome Starlette to the Tuesday Morning board of directors,” said Bruce Quinnell, chairman of the board. “We believe her extensive experience will make her a valuable addition to the board and an asset to the company.”

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