FINKELSTEIN NAMED TO HEAD 51-UNIT CHERRY & WEBB CHAIN
NEW YORK — Edward S. Finkelstein, chairman of R.H. Macy from 1980 to 1992, has been named chairman and chief executive officer of Cherry & Webb, a private, 51-unit New England specialty chain founded in 1884.
The announcement Wednesday by the parent company, CWT Specialty Stores, confirmed a WWD report Feb. 14. CWT is controlled by Apollo Investment Fund, an investor group including former CBS chairman Laurence Tisch.
Donald Eugene, a former president of the defunct I. Magnin, was named president and chief operating officer of Cherry & Webb. Finkelstein and Eugene have equity interests in Cherry & Webb and succeed Kathleen Mason, former president and ceo who left last year.
“Cherry & Webb is a profitable company,” Finkelstein said. “I think we can improve it. When we feel it’s working very well, we’ll start to expand it in our third year — but not before.”
Finkelstein said the goal now is to boost productivity and that Cherry & Webb’s edge is that 90 percent of its stores are in malls anchored by J.C. Penney or Sears, or in strip centers — locations where major brands are hard to find. Among the brands at C&W are Liz Claiborne, Alfred Dunner, Estee Lauder and Lancome. The moderate-priced chain does about $100 million in annual sales and offers some private label, but there are no plans to boost the category, Finkelstein said.
Finkelstein, who is 73 and spent 43 years working at Macy’s, is not letting up. He will close his consulting firm here and plans to spend Mondays in South Attleboro, Mass., where the chain is based. Tuesdays through Thursdays he’ll be in New York, where the company will open an office in the garment district. On Fridays and Saturdays, he’ll visit stores.
“Some people enjoy golf,” Finkelstein said. “I enjoy retailing.”