Terry J. Lundgren
Terry J. Lundgren, 55, doesn’t have the weight of the world on his precisely tailored shoulders, but he does, for all intents and purposes, carry with him the future of the department store industry. After orchestrating Federated Department Stores’ $11 billion acquisition of May Department Stores, Lundgren is now dealing with the challenges that come with managing a single department store giant.
For Lundgren, combining forces under one banner wasn’t about being bigger. It was about being more competitive in a tough marketplace. He believes that with its greatly expanded portfolio, Macy’s now has the clout to secure better deals, including exclusive arrangements with designers and manufacturers. He scored a big coup in October when Macy’s struck an exclusive deal with designer Tommy Hilfiger, who agreed to sell his biggest clothing lines exclusively at Macy’s stores.
Long known for his fashion savvy, Lundgren, in recent years, has proven himself to be a tough negotiator and determined businessmen. He also has a knack for inspiring confidence. Since Lundgren became CEO in 2003, Macy’s shares have appreciated about 110%.
Borders to offer free resolution workshops
ANN ARBOR, Mich. Borders said Thursday that it is offering customers free in store events throughout the month of January to help them kick start their new year’s resolutions and learn how to keep them through the year. Programs include wellness fairs, yoga classes and diet seminars.
Borders reported that local organizations and community groups will be featured in activities and events at its stores across the country ranging from fitness centers and hospitals to singles groups and retirement centers.
Schulze sells 440K shares of company stock
MINNEAPOLIS Best Buy chairman and founder Richard Schulze sold 440,000 shares of Best Buy stock last week valued at $22.4 million. Schulze sold the stock at prices ranging from $50.71 to $51.18 per share. Earlier this month, Schulze sold 2.35 million shares valued at more than $120 million.
While Schulze’s stock sales are considerable, they represent just a fraction of his holdings at Best Buy. He’s estimated to still hold more than 68 million shares of stock amassed during 41 years with the company.