FINANCE

Steve & Barry’s Names Former Macy’s Exec as CEO

BY CSA STAFF

Port Washington, N.Y. Harold “Hal” Kahn has joined Steve & Barry’s as CEO, effective immediately. Kahn spent 10 years as chairman and CEO of Macy’s East until he left in 2004 to launch a retail consulting business. During his career, he was also CEO of Abraham & Straus, president of Montgomery Ward, and CEO of Macy’s South and Macy’s West.

Investment fund Bay Harbour Management and York Capital Management purchased Steve & Barry’s out of bankruptcy this summer. The two firms expect the appointment to help the company meet profitability goals and fuel future growth.

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Burlington Coat Factory cuts 1Q loss

BY CSA STAFF

BURLINGTON, N.J. Burlington Coat Factory reported that net sales for the first quarter ended Aug. 30 were $707 million, compared with $678.8 million for the comparative period ended Sept. 1, 2007, a 4.2 % increase. Comparative-store sales increased 0.2% for the quarter.

The company recorded a net loss of $32.5 million for the quarter compared with a net loss of $50.4 million for the same period last year.

 

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NRF ask Congress to consider 2nd stimulus package

BY CSA STAFF

WASHINGTON The National Retail Federation is urging Congress to hold a lame duck session to address the nation’s economy as soon as possible after the November elections, and to include tax relief for consumers in any economic stimulus package that is adopted.

The United States is in the midst of a national crisis, NRF president and ceo Tracy Mullin said. Extraordinary measures are needed to address this profound economic emergency that has affected every American. 

Consumer confidence has been badly eroded by the foundering economy and instability of the financial markets, Mullin said. Because consumer spending represents two-thirds of GDP and supports tens of millions of jobs, it is difficult if not impossible to foresee an improvement in overall economic growth until consumer confidence and spending improve. 

Mullin said she believes a second round of stimulus checks would provide a much-needed boost in consumer spending.

 

Mullins comments came in a letter sent today to House Speaker Nancy Pelosi, D-Calif.; House Minority Leader John Boehner, R-Ohio, Senate Majority Leader Harry Reid, D-Nev., and Senate Minority Leader Mitch McConnell, R-Ky.

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