FINANCE

Report: Barneys to close two locations

BY CSA STAFF

New York City Barneys New York plans to close two of its seven stores, according to the Wall Street Journal.

The 85,000-sq.-ft. store at the Shoppes at the Palazzo in Las Vegas is one of the stores the company plans to close, the report said. The location of the other store could not be immediately determined.

Barneys had expected to generate $6 million a month in sales at the Las Vegas store, but the company has managed to earn only a quarter of that since last autumn, the report said.

Dubai’s Istithmar World Capital owns the retailer, which has stores in New York, Beverly Hills, Chicago, Boston, Dallas, San Francisco and Las Vegas.

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First Insight adds new director

BY CSA STAFF

PITTSBURGH First Insight announced that Richard Marcus has joined its board of directors.

Marcus, a senior advisor at Peter J. Solomon Co., a leading independent investment banking firm, is a director of 7 Billion People and My Wines Direct.

Marcus commented, “First Insight’s new product market testing analytics gives retailers the means to couple new product development and merchandising decisions with keen predictive insight. Its customer network approach to product market testing offers retailers unmatched scale, speed, and accuracy critical for better merchandise performance and customer satisfaction.”

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Deer Consumer products names new board members

BY CSA STAFF

NEW YORK Deer Consumer Products, maker of small kitchen electronics targeting both international and the Chinese domestic markets, welcomes three independent board members to the company.

Arnold Staloff, chairman of the audit committee, currently serves on the boards of several NASDAQ listed companies including Shiner International, a packaging and anti-counterfeit plastic film company; AgFeed Industries, a feed and commercial hog producer and SmartHeat, an energy savings equipment company.

 

Edward Hua, chairman of the nominating committee, has held various management positions at the Bank of China and is currently the general manager of the Treasury Department of the Bank of China Shenzhen Branch.

Walter Zhao, chairman of the compensation committee, has been the president of Kaito Electronics, an electronics design and manufacturer, since 1997.

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