Retail briefs
Staff -- Home Textiles Today, 5/6/2002
Kmart investigates former executives
Kmart has launched an investigation into the activities of several former key executives under former management, according to Kmart. The Audit and Compensation committees of the board of directors are reviewing the "stewardship" of these executives, and in the meantime has suspended severance payments as well as retention loans provided last fall to several former senior executives. Kmart, which has been looking into its accounting methods for weeks, declined to name the executives.
May Dept. Stores reorganizes structure; names new exec
The May Department Stores Company announced that, effective Aug. 3, it is combining its Kaufmann's and Filene's divisions in the Northeast as well as its Robinsons-May and Meier & Frank divisions in the West and Northwest. May anticipates that combining these divisions will save approximately $60 million pretax ($0.13 per share) annually, approximately 50 percent of which will be realized in the second half of fiscal 2002. Following these combinations, May will operate 436 quality department stores under 11 trade names through six divisions: Lord & Taylor, Filene's, Hecht's, Famous-Barr, Foley's and Robinsons-May. The company also announced the retirement of Thomas Hogan, president and ceo of the Foley's division, effective May 31. Andrew Pickman, who was president and ceo of Kaufmann's, was named to succeed Hogan.
