Rosenberg is Levitz/Seaman's CEO; Grund leaving
By Clint Engel -- Furniture Today, October 7, 2001
Woodbury, N.Y. — Alan Rosenberg has been named president and chief executive officer of Levitz Home Furnishings, ending co-leadership of the 58-store Levitz chain.
Ed Grund, who has been CEO of Levitz stores in the West, will leave the company Oct. 15.
Rosenberg also is CEO of the 58-store Seaman's chain, and had headed Levitz's East Coast stores since Levitz emerged from bankruptcy early this year.
Grund said the decision to name one CEO for both chains was made by Resurgence Asset Management.
Resurgence, a New York-based investment company, is the largest shareholder in Levitz Home Furnishings, parent of Levitz and Seaman's, formed when Levitz emerged from bankruptcy. Resurgence was the largest stakeholder in Seaman's and the biggest claims holder in the bankrupt Levitz.
James Rubin, chairman of Levitz Home Furnishings and co-chairman of Resurgence, did not return phone calls.
Grund was named president of Levitz in May 1998, when it was based in Boca Raton, Fla., and chairman and CEO later that year. Grund said he had accomplished what he set out to do: bringing Levitz out of bankruptcy protection with the help of former Chief Financial Officer Mike McCreery, helping with the transition as Levitz merged with Seaman's under one parent, and setting up the West Coast office in Pleasanton, Calif.
"Then there was a decision to go to one CEO and, honestly, given that, I really felt it was time for me to move on," Grund said, adding he has enjoyed the furniture industry and remains open to opportunities in it.
"I have full confidence in Alan Rosenberg," he said. "He's been a good furniture merchant for decades. And I also feel Levitz has tremendous opportunities, particularly on the West Coast, given the competitive landscape."
Levitz will continue to maintain East Coast and West Coast offices, and will be opening a replacement store in San Dimas, Calif., in November and a new Ontario, Calif., store in early spring. Two other new stores are in the works and the company is exploring potential expansion at several closed HomeLife Furniture locations, Grund said.
Rosenberg said no other personnel changes are planned. "We're formulating policies and procedures we think make sense, and we'll go forward," he said.
For the most part, Rosenberg said the integration of Levitz into Seaman's systems and into a new 1 million-square-foot distribution center in Washington Township, N.J., has gone smoothly, with most of Levitz's East Coast volume now coming out of that facility.
The general plan to operate Levitz and Seaman's as distinct entities has not changed, he said. Levitz Home Furnishings will continue to have two full buying staffs, but will recognize certain bulk-buying opportunities and be aware of each other's promotions.
The Levitz West Coast office will continue to aid the flow of goods to and from the West Coast regional warehouses; to assist in advertising and merchandise selection for regional needs and wants; and to maintain a corporate presence that is open during a typical West Coast business day.
In an unrelated move in August, Levitz Home Furnishings hired Carl Landeck as chief financial officer in Woodbury. He replaces Peter McGeough, who left the company in late August.
Landeck most recently was executive vice president and CFO for Edison, N.J.-based The Wiz, the New York area's largest consumer electronics retailer.
McGeough was one of the key executives who helped turn Seaman's around following its 1992 emergence from bankruptcy protection, Rosenberg said. He will continue with Seaman's on a consulting basis through January.
| Rosenberg |
| Grund |
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