NEW YORK — I. Magnin, the West Coast specialty chain being liquidated, said its chief executive officer, Scott Bowman, will resign Jan. 15. “Our best estimate is that the liquidation should be relatively complete by that time,” Bowman said Friday. “It’s going rapidly.”
Bowman said he was offered another position at Federated Department Stores, which he declined to name, but has decided to vacation in Europe and the Far East for a few months and then reassess his career options.
Federated merges with Magnin’s parent, R.H. Macy & Co., today.
Bowman became ceo of Magnin last July, succeeding Joseph Cicio, who was leading a turnaround, but saw the writing on the wall. Before that, Bowman was president of Magnin. He has been with Macy’s West since 1990, starting as a vice president of men’s wear and rising to senior vice president for the buyer-planner-store process. He started his career in the training program of Maas Bros./Jordan Marsh in Tampa in 1979.
Federated will convert the Magnin units in Palo Alto and Walnut Creek, Calif., into Macy’s stores and those in Woodland Hills, Palos Verdes and Palm Desert, Calif., into Bullock’s. The stores are likely to become specialized formats, such as a Bullock’s men’s or a Macy’s home store, since Magnin units are smaller than department stores.