Property Types Retail
Barneys CEO Officially Resigns
May 15, 2008

Following several rumors and reports of the resignation of its CEO, Barneys New York has officially announced that Howard Socol, chairman, president and CEO of the company, has resigned.

Socol will remain with Barneys through the end of June. Socol had served in the role since January 2001 through a period of company growth and two changes in ownership. According to The New York Times, Socol had reportedly disagreed over strategy with the retailer's new owners, especially regarding plans to expand the chain internationally. Dubai, U.A.E.-based private-equity firm Istithmar acquired Barneys for $942 million in August from Jones Apparel.

"After more than seven of the greatest years of my long career in retail, I felt it was time to take time to enjoy all the opportunities that life affords," Socol said. "I felt strongly about remaining with the company for a short period following the sale to Istithmar, as well as through the opening of our Las Vegas flagship. With the sale process well behind us and the Las Vegas location having opened in January of this year, this is the appropriate time to move forward." David Jackson, CEO of Istithmar, said the company is currently searching for a successor.

This article first appeared on www.ddimagazine.com, affiliated with Display and Design Ideas.

 
Recent Retail Headlines
Bankrupt Filene's Basement Assets Snapped Up by Men's Wearhouse in $67M Auction
June 09, 2009
Clothing retailer Men's Wearhouse has emerged victorious from a feverish nine-hour auction of assets belonging to off-price chain Filene's Basement, which fell victim to the retail market's downward spiral and filed for Chapter 11 bankruptcy protection in early May, just two weeks after its purchase by Buxbaum Group affiliate FB Acquisition II. Acting through its affiliate, K&G Acquisition Corp., Men's Wearhouse put forth the winning bid of $67 million for 17 to 20 of Filene's store leases, as well as the leases on the company's Massachusetts corporate headquarters and distribution center, its Maryland storage facility and-- possibly most important--the Filene's Basement trade name.
Economic Update - Starwood Eyes Distressed Sector with $500M Fund
June 08, 2009
Yet another deep-pocketed real estate entity has jumped into the grave-dancing game—only please, don’t call it that, but rather strategic investment in distressed properties. The player is a newly formed investment company called Starwood Property Trust Inc., a creation of Starwood mogul Barry Sternlicht, which filed with the Securities and Exchange Commission late last week for a public offering that aims to raise half a billion dollars to do the distressed-property boogie. It will invest in not only physical properties, but mortgages and mortgage-backed securities.
Economic Update - Retailers See May Malaise
June 05, 2009
May comparable-store sales numbers are filtering down from various retailers, and the results aren't inspiring confidence in the prospects for recovered consumer spending. Actually, most analysts expected average retail same-store sales to decline in May 2009 when compared with May 2008, but the trouble was they declined more than expected.
 
Select Coverage By City:

?CPN Executive Outlook? A roundtable discussion on market strategies with John C. Cushman III, Chairman of Cushman & Wakefield, Inc., Gordon DuGan, President and CEO of W. P. Carey & Co., and Mark Rauenhorst, Chairman and CEO of Opus Group.; CPN; Cushman & Wakefield; Gordon DuGan; John C. Cushman III; Mark Rauenhorst; Opus Group; W. P. Carey & Co.; Eugene Gilligan, Senior Editor for Commercial Property News interviews Bob Bach, National Director, Market Analysis Grubb & Ellis Company at Multi Housing World.; Bob Bach; Commercial Property News; Eugene Gilligan; MHN; Multi housing news; multi housing world; hompage