William Modell dead at 86
NEW YORK Modell’s Sporting Goods chairman William Modell passed away Thursday from complications of prostate cancer at the age of 86.
Modell began working at Modell’s, which has been owned by his family for 118 years, in the 1940s and became chairman in 1985. During his career, Modell helped lead the chain’s expansion in the Northeast. Today there are 136 Modell’s stores and the company generated about $635 million in revenue last year.
According to reports, William Modell helped grow the business by buying locations from struggling competitors.
Modell is survived by his wife and two children. His son, Mitchell Modell, is president of the company.
Besides his wife, the former Shelby Zaldin, he is survived by his sister, Doris Tipograph of Hewlett Harbor; a daughter, Leslie Modell, of Manhattan; a son, Mitchell, of Alpine, N.J., who is president of the company, and nine grandchildren.
Stage Stores says Peebles evp to retire
HOUSTON Stage Stores today announced that Dennis Abramczyk, evp and coo of its Peebles Division, will be retiring after approximately nine years with the company. He will continue to serve in his position until a replacement is found.
Jim Scarborough, chairman and ceo, commented, “We want to thank Dennis for his contributions and service to our company, and we wish him well as he begins this new phase of his life. We will immediately begin a search for his successor, and we are pleased that Dennis will be staying on until the conclusion of our search process, as this will ensure a smooth and orderly transition.”
Home Depot to cut 500 HQ jobs
ATLANTA Home Depot is cutting 500 jobs at its headquarters. According to reports the cuts make up 10% of the 5,000 employees who work at the headquarters.
The cuts are partly due to the struggling U.S. economy, which has hurt market conditions, reports said. Employees were notified of the eliminations today, they will be paid through April 4.
Home Depot reported fiscal 2007 third quarter consolidated net earnings of $1.1 billion, or 60 cents per diluted share, compared with $1.5 billion, or 73 cents per diluted share, in the same period in fiscal 2006.