PETRIE’S NEW PRESIDENT: Edwin J. Holman, who was president and chief executive officer of the former Woodward & Lothrop department store chain, was named president and chief operating officer of Petrie Retail Inc. on Tuesday.
Gil Osnos, chairman of the crisis management firm Osnos & Co., held the posts on a temporary basis since last November, when Allan Laufgraben, president and ceo, left the company.
Petrie, which operates stores under the Stuarts, Marianne, Winkleman’s and Jean Nicole names, filed Chapter 11 in October 1995.
Before joining Woodies in June 1994, Holman was vice chairman and chief operating officer of Carter Hawley Hale Stores.
PAMIDA PULLS BACK: Exiting many markets where it competes with national discounters, Pamida Holdings will close 40 stores by May, leaving 145 in operation. About 1,000 employees will be laid off.
The stores caused a cash drain of about $3.8 million during 1995, Pamida said. Of Pamida’s remaining stores, 119 will be in markets without another national or regional general merchandiser, and 135 will be in markets with populations of less than 20,000.
Pamida stores range in size from 35,000 to 40,000 square feet.
The Omaha, Neb.-based discounter will take a pretax charge of $19 million to $21 million in the fourth quarter to cover the closings. In addition, Pamida said, it expects to write down $70 million in capital assets, primarily goodwill, stemming from its 1986 leveraged buyout.
Pamida said it extended to March 1998 its committed revolving credit facility with Congress Financial Corp. and BA Business Credit Inc. for $70 million.
Pamida said it expects to open eight 42,500-square-foot prototype stores in smaller markets this year.
CLASSIER WAREHOUSE CLUB: Price/Costco will build a flagship with columns, parapets and a tile roof on a 30-acre parcel in Westlake Village, Calif., acquired for $9.3 million from Richland Westlake Ltd. of Florida.
The plans were disclosed by Daum Commercial Real Estate Services, a broker in the deal. The 130,000-square-foot Price Club will anchor a 300,000-square-foot center at Lindero Canyon Road and Westlake Boulevard just north of the Ventura Freeway. An early summer opening is expected.