BRAINTREE, Mass. -- Barry A. Berman, chairman and chief executive officer of Bradlees Inc., will step down from his post once a replacement is found.
This follows Herbert R. Douglas's resignation Tuesday from his slot as Bradlees' senior vice president of merchandising. Douglas will become president and ceo of Jamesway Corp.
Bradlees said the new ceo will assume direct responsibility for its merchandising divisions.
Berman could not be reached for comment Wednesday, but a spokesman for the discounter said the executive would remain with the company even after a new ceo is found.
Berman's title and responsibilities will be determined at that time.
Since early 1993, Bradlees has been slashing costs. The company has reorganized its merchandise division, restructured its planning and allocation division, and the firm also has made management changes.
Bradlees said that it expects to post a modest profit in the second quarter versus a year-ago loss of $5 million. The results should be reported Sept. 13. The company attributed the improvement to inventory controls, fewer markdowns and cost cutting.
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