Howard Goldfeder, US department stores veteran, passes away
What: The former CEO of Federated had organised the sale of the company to Campeau in 1988.
Why it is important: He has been one of the most instrumental person in the concentration of the US retail market during the 20th century.
Howard Goldfeder, who rose the ranks from the training executive program at Bloomingdale's to chairman and CEO of the former Federated Department Stores Inc, passed away at 96. He was instrumental in organizing the sales of Federated to the Canadian company Campeau Corporation in 1988, which won over Macy’s at the time for the bid.
During his 7-year-long tenure at Federated, the company grew from $7.6bn to $11bn in annual sales, and even considered Walmart for acquisition at the time.
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