NEW YORK — The American Place, Edward S. Finkelstein’s store in China, closed last week on Chinese New Year.
The 3,000-square-foot unit opened October 1993 on Beijing Road in Guangzhou. From the outset, there were problems, including delivery delays and difficulties filling a few key positions. However, the problems were ironed out, and business picked up after about three months.
“It was doing quite well,” Finkelstein said Tuesday. “But we couldn’t raise the money right from the beginning to expand. Operating just one store was not good use of our time. It doesn’t work financially.”
Finkelstein’s vision was to roll out a moderate-priced sportswear chain in China featuring Western looks.
Much of the merchandise was supplied by Wisetex, the trading company operated by Finkelstein’s son, Mitchell, in Hong Kong. Finkelstein, a former chairman of R.H. Macy & Co., continues to operate a consulting company here.