Report: Barneys for Sale
New York City Barneys New York may be on the selling block, yet again. Not even two years after purchasing the luxury retailer, Dubai-based investment fund Istithmar World is rumored to be looking to rid itself of the company, according to reports on Bloomberg News.
The asking price for the upscale retailer is $942.3 million, the same amount Istithmar paid when it bought Barneys from Jones Apparel Group in Sept. 2007, Bloomberg reported. But industry experts say Istithmar is unlikely to find anyone willing to pay its asking price in this market.
Former Circuit City finance chief moves to OfficeMax
NAPERVILLE, Ill. OfficeMax announced that Bruce Besanko will assume the role of EVP and CFO effective Feb. 16.
Besanko served most recently as EVP of finance and CFO for Circuit City Stores. Before joining Circuit City in 2007, he was SVP of finance and CFO for The Yankee Candle Company from 2005 to 2007. He served as VP of finance for Best Buy from 2002 to 2005.
Blockbuster names digital entertainment SVP
DALLAS Blockbuster has hired former Philips executive Kevin Lewis as SVP of digital entertainment. In this newly created position, Lewis will be responsible for the development and execution of the company’s initiatives to deliver Blockbuster-branded content to consumers via both established and emerging technologies such as direct-to-home connected devices, set-top boxes, portable video players, DVD vending machines and digital kiosks.
Before joining Blockbuster, Lewis served as chief of strategy and new business development for Philips Consumer Lifestyle, a $20 billion product division of Royal Philips Electronics, headquartered in Amsterdam. At Philips, Lewis led a global team that oversaw worldwide strategy development, product innovation, mergers and acquisitions, and technology development.