Harold Kahn new CEO Steve & Barry's |
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| Monday, 20 October 2008 | |
 Apparel retailer Steve & Barry's on Thursday named Harold Kahn its new chief executive officer. With immediate effect, the ex-Macy's executive will set to work to turn around the chain recently purchased out of bankruptcy by investors. Retail veteran Kahn has enjoyed a diverse career for 35 years,
including 10 years as chairman and chief executive officer of Macy's East, a division of Macy's, before leaving in 2004 to launch a retail consulting business.
"I am thrilled about the opportunity to help lead Steve & Barry's, a retailer I believe offers a value proposition that's second to none in the marketplace," said Kahn. Kahn said he had long admired the Steve & Barry's concept, with its mix of celebrity-endorsed fashions for less than $20. "I've been watching the company closely since it began launch ing amazing celebrity collections with Sarah Jessica Parker, Venus Williams, Amanda Bynes, Laird Hamilton and others. I'm looking forward to helping guide the company to ensure it reaches its full potential." Douglas Teitelbaum, managing principal of Bay Harbour, said: "Hiring an extraordinary retail pro to lead Steve & Barry's was our top priority in the strategic business plan we put together for getting the company on track to meet our profitability goals over the long term." "We're very fortunate that we were able to persuade Hal Kahn, one of the genuine greats in the field, to join the team. I think that's testament to how big an impact Steve & Barry's can make in retail over the next several years." Steve & Barry's filed for bankruptcy protection in July after aggressive growth plans were hurt as the economy weakened and consumers cut back on spending. It then was purchased by investment funds Bay Harbour Management and York Capital Management. The company is in the midst of closing nearly half its locations to operate with a smaller base of 173 stores, in an effort to achieve profitability. image: Venus Williams for Steve & Barry's |
He also spent time as chief executive officer of Abraham & Straus, president of Montgomery Ward, and chief executive officer of Macy's South and Macy's West, having joined the retailer's training programme in 1970.