Connect with us

Business

Paul McCartney weighs in on JCPenney CEO search

Published

on

Paul McCartney weighs in on JCPenney CEO search

Paul McCartney wants JCPenney to get by with a little help from his friend.

The former Beatle recently introduced his longtime buddy and retail honcho, Herbert L. Becker, to the new owners of the bankrupt department store, suggesting him as a candidate for the CEO job, The Post has learned.

McCartney made the introduction via email to Jamie Salter, CEO of Authentic Brands Group, a brand licensing firm that has deals with scores of celebrities and which recently bought JCPenney along with the mall operator Simon Property Group, two sources close to the situation said. 

A brief phone call between McCartney’s friend — a retired magician who performed on television and at Radio City Music Hall before hanging up his wand in 1978 — and the owners has already taken place, one source said.

It’s unclear why McCartney got involved, but he appears to have acted as an intermediary on behalf of Becker, who he’s known for decades, sources said. The former Beatle also has ties to Salter, according to sources.

Salter declined to comment for this story. Neither McCartney nor Becker returned requests for comment.

The top job at the ailing retailer, which filed for bankruptcy in May, became vacant on Dec. 31, when the new owners ousted CEO Jill Soltau, who’d been at the helm since 2018.

Becker was a senior executive with the Canadian department store T. Eaton Company Limited, which ceased operations in 1999. He was also CEO of an upstate New York department store chain called Patrick Hackett Hardware, which was founded in 1830 and has been defunct for about 15 years.

When he was gunning for the top job running the Trump Taj Mahal in 2015, he told The Deal that he has “decades of turnaround” experience, pointing to his stints as an advisor to teen retailer Wet Seal, La Curacao – a department store – and Kohl’s during the companies’ turnaround or expansion periods.

“This is exactly what I do best,” he told the publication. “I come into a situation that seems hopeless and where there are thousands of people depending [on a change]. I am ready for that challenge … and three years from now people will look at this as the turning point.”

Becker’s name has been floated in connection with the Plano, Texas-based JCPenney before. When JCPenney was searching for a new CEO after firing Ron Johnson in 2013, Becker was one of several people who were potential fits, according to a Huffington Post article at the time.

Becker, 65, is also the author of books on magic and was sued by David Copperfield in 1994 for allegedly revealing Copperfield’s illusion secrets in “All the Secrets of Magic Revealed.”

As for his chances of leading JCPenney, one source close to the retailer said the owners are not even close to making a hiring decision.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Alexandra Ford English becomes 1st female board member at Ford

Published

on

Alexandra Ford English becomes 1st female board member at Ford

Henry Ford’s great-great-granddaughter has become the first woman in history to take a seat on the company’s board of directors.

Alexandra Ford English, 33, who has an MBA from Harvard and an undergraduate degree from Stanford, will begin her tenure on the 14-member board immediately, which will also include her cousin, Henry Ford III, the founder’s great-great-grandson, according to a report.

English, the daughter of the company’s executive chairman Bill Ford, joined the 118-year-old company in 2017 and works as director of corporate strategy.

Both Ford and English were elected to the board in March.

Continue Reading

Business

AMC cashes in on Reddit-trading frenzy with $428 million share sale

Published

on

AMC cashes in on Reddit-trading frenzy with $428 million share sale

Cinema operator AMC Entertainment Holdings has raised about $428 million from a share sale, capitalizing on the retail-trading driven surge in its stock earlier this year.

The world’s largest cinema chain operator’s shares have gained more than five-folds in 2021 thanks to interest from amateur traders on Reddit that were piling into heavily shorted stocks such as GameStop and AMC to punish hedge funds that bet against them.

AMC said in a statement Thursday it had sold 43 million shares at an average price of $9.94 apiece in the at-the-market offering, sending its stock nearly 16 percent higher.

The company has raised funds in the past few months to ride out a downturn in its business wrought by pandemic-driven theater closures, delays in the launch of big movies and the growth of video streaming platforms.

It said in January it had raised $917 million since mid-December through equity and debt issues. It raised an additional $304.8 million in the same month through a share sale.

Continue Reading

Business

Amazon Fresh grocery store to replace Fairway in Paramus

Published

on

Amazon Fresh grocery store to replace Fairway in Paramus

The Paramus Fairway’s getting a fresh start.

An Amazon Fresh supermarket is set to replace the shuttered Fairway Market in Paramus, N.J.

The Jeff Bezos-owned e-commerce giant bought the former Fairway location out of bankruptcy auction along with another former Fairway store in Woodland Park for a total of $1.5 million last March, The Post previously reported. 

Amazon’s plans for the two locations were listed as confidential at the time, but came as the Seattle-based company, which also owns Whole Foods, was beginning to expand in the groceries space. 

But Amazon confirmed in November the former Woodland Park Fairway would be converted into an Amazon Fresh. And now, the Paramus location will go the same route, an Amazon spokesperson confirmed to NorthJersey.com. 

It’s not clear when opening day will be, and the company did not return The Post’s request for comment. 

Amazon opened its first Fresh store in Los Angeles’ Woodland Hills neighborhood in September. It’s since opened 11 other locations elsewhere in California and in Illinois, according to the tech giant’s website. 

Amazon Fresh is the company’s attempt to offer a mix of in-store and online grocery shopping while attracting a distinct demographic from Whole Foods by offering lower prices. Fresh stores also tend to feature more national staple brands like Coca-Cola and Kellogg’s than Whole Foods, which emphasizes organic food. 

As The Post previously reported, Amazon may be looking to scoop up some more Fairway locations to expand Amazon Fresh’s footprint in the Northeast. Only seven of Fairway’s 14 stores were sold at last year’s bankruptcy auction, including the two that went to Amazon. Village Supermarket, which operates Shoprite stores, acquired at least four of those locations as well as rights to the Fairway brand. 

Continue Reading

Trending