Thursday, May 06, 1999
TRISTATE BUSINESS SUMMARY
Barneys chain hires Federated's Questrom
Barneys New York, a high-priced fashion chain that emerged from bankruptcy five months ago, Wednesday tapped Allen Questrom, the former head of Federated Department Stores Inc. and a turnaround veteran, as chairman and chief executive.
Mr. Questrom replaces Tom Shull, effective immediately. Mr. Questrom, 59, has been a member of the closely held retailer's board since January. Until May 1997, he was chairman and CEO of Cincinnati-based Federated, which owns the Bloomingdale's and Macy's chains.
Barneys is turning to Mr. Questrom to help regain the cachet it carried before its high-profile bankruptcy three years ago. He'll use his merchandising flair to create splashy displays and select creative merchandise to help the New York-based retailer compete against other luxury stores such as Saks Inc.'s Saks Fifth Avenue and Bloomingdale's, analysts said.
“Allen Questrom is a man with strong vision and the ability and determination to execute the vision,” said Kurt Barnard, a consultant and president of Barnard's Retail Trend Report. “He never takes his eye off the customer, the investor and the employees.”
Multi-Color Corp. has profitable quarter
Multi-Color Corp., the Cincinnati printer of consumer product labels, reported fourth-quarter net income of $587,000, or 20 cents a share, vs. a loss of $3.9 million, or $1.82 a share, a year ago primarily due to costs associated with closing its east-side Cincinnati plant.
Revenues for the three months ended March 28 increased to $13.1 million from $11.6 million a year ago. The company, which is adding 61,000 square feet to its Scottsburg, Ind., plant, has put together four consecutive profitable quarters from operations.
For the fiscal year, Multi-Color reported net income of $1.48 million, or 50 cents a share, vs. a loss of $4 million, or $2 a share, a year ago. Annual revenues were $49.8 million vs. $47.6 million a year ago.
Investor backs Simon for mall purchases
Simon Property Group Inc., the largest shopping mall owner in the United States, Wednesday signed a letter of intent with an investor to help finance its purchase of 14 malls for $1.73 billion, company officials said.
Though Indianapolis-based Simon didn't disclose the identity of the prospective investor, the company previously said it was in talks with J.P. Morgan Investment Management Inc. and its pension fund clients.
Simon Property, a real estate investment trust, said in February that it agreed to buy the malls from closely held New England Development Co. of Boston, making Simon the dominant mall owner in New England.
Humana reports lower 1st-quarter earnings
Humana Inc. Wednesday reported that it had sharply lower first-quarter earnings due to higher medical care expenses.
The managed health care company had warned last month that its results would come in below expectations. It also announced Wednesday a $15 million tentative agreement to settle federal government claims that Humana benefited from Medicare premium overpayments earlier this decade.
Humana reported operating earnings of $33 million, or 20 cents a share, down from $50 million, or 30 cents a share, in the same period a year ago. That was below analyst estimates of 22 cents a share, according to First Call Corp.
Cincinnati Bell gets ready for strike
Bell gets OK to operate in 55 counties
Tristate dollar goes a long way
Report: Region basks in glow of robust economy
P&G's Prell brand looking for a buyer
TRISTATE BUSINESS SUMMARY
INDUSTRY NOTES: REAL ESTATE
COMMERCIAL REAL ESTATE TRANSFERS
PEOPLE ON THE MOVE
TRISTATE MARKET SPOTLIGHT
