February 25, 2008-- Home Textiles Today,
Duckwall-ALCO ceo Dale Resigns
On Feb. 22, Rural general merchandiser Duckwall-ALCO Stores announced the immediate resignation of president and ceo Bruce Dale, who had joined the company in 2005 to help steer a three-year turnaround. While a search committee is active, svp and cfo Donny Johnson assumes the role of interim ceo. Johnson came to the 250-store retailer in August 2007.
The resignation came three days after Cayman Islands-based investor Raymond French and Strongbow Capital, which together hold 14.3% of Duckwall-ALCO voting stock, in an SEC filing said they intended to put up nominees at the upcoming annual meeting "to replace certain members of the board" — including chairman Warren Gfeller — and want to see director Royce Winsten named chairman. Winsten was elected to the board last October; a financial analyst and broker, he is the founder and managing director of Shore Capital Management of Sea Girt, N.J.
Bloomingdale's to Phoenix in 2009
Department store operator Macy's Inc. will open its first Bloomingdale's in Arizona with a 180,000-square-foot, three-level store in the CityNorth area of Phoenix planned for fall 2009. Construction on what will be the tenth Bloomingdale's in the Western U.S. is set to start this fall. Founded in 1872, Bloomie's now operates 40 stores, mainly in Eastern states, but also operates units in Illinois, Minnesota, Nevada and California.
Sears Names Dell's Rollins to Board
Sears Holdings increased its board of directors to eight members with the election of Kevin Rollins, 55, former president and ceo of computer maker Dell. Rollins is currently a senior adviser to the private investment firm TPG Capital (formerly Texas Pacific Group). He retired from the Dell board last year.
Cohen Joins Stein Mart Board
Retired Deloitte & Touche partner Irwin Cohen has been named to board of directors of Jacksonville, Fla.-based specialty retailer Stein Mart. Cohen was most recently the global managing partner of the consumer products, retail and services practice at Deloitte & Touche. He is currently a senior advisor at the Peter J. Solomon Company and a member of the board of directors of SuperValu Inc.
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