Stein Mart names chief merchant
Jacksonville, Fla. Stein Mart said Friday it has named Brian R. Morrow executive VP and chief merchandising officer.
Morrow was most recently senior VP and general merchandising manager at Macy’s West. He previously served in that position at Mervyn’s and Macy’s North/Marshall Field’s.
He assumes his new position with Stein Mart on Jan. 31, replacing William Moll, who resigned as senior VP and general merchandising manager.
Stein Mart also promoted Gregory W. Kleffner, CFO, to executive VP.
Report: Borders cuts corporate staff by 10%
New York City Borders has let go 124 corporate employees, about 10% of its corporate staff, the New York Times reported.
The company, which announced the resignation of its chief executive, Ron Marshall, on Tuesday, also laid off 40 workers in two warehouse facilities in Nashville, Tenn., and Mira Loma, Calif., the report said.
First-time jobless claims fall less than expected
Washington, D.C. Evidence that the job market remains weak, the number of new claims for unemployment benefits fell less than expected last week, according to the latest report from the Labor Department.
The U.S. Labor Department said Thursday that first-time jobless claims dropped by 8,000 to a seasonally adjusted 470,000.
Analysts had expected a steeper drop to 450,000. The four week average rose for the second straight week to 456,250. The average had fallen for 19 straight weeks before starting to rise. That decline had given some analysts hope the economy would soon generate net job gains.
Economists monitor initial claims, which are considered a gauge of the pace of layoffs and an indication of companies’ willingness to hire new workers.