Finkelstein, Ed (1925-2014)
Dates
- Existence: 1925-2014
Biography
Edward (Ed) Finkelstein was born on March 30, 1925 in New Rochelle, N.Y. He majored in economics at Harvard and received his M.B.A from the Harvard Business School. One of his first jobs after graduating was at Macy's, working as a fabric buyer, beginning in 1949. From 1956 to 1962, Finkelstein was head of the budget and ready-to-wear departments. Finkelstein oversaw the merchandising and sales promotion divisions at the Bamberger's chain in New Jersey between 1962 and 1969. He moved to California in 1969 and made "record profits" for the California division. Finkelstein moved back to the East Coast in 1974, this time settling down in New York City; he was now president of Macy's New York. He worked for the Macy's in the city, helping the company grow their annual sales by more than 20% by 1982. Finkelman became a chairman of what is now Macy's Inc. in 1980. Under his control, Finkelstein opened new Macy's stores throughout the nation. Along with 400 executives, Finkelstein, in 1986, bought Macy's to save it from a hostile takeover. Unfortunately, this purchase stressed Macy's already weak financial state, and in 1992, the company declared bankruptcy. In April of that year, Finkelstein resigned from his position at the company. Ed Finkelstein passed away in June, 2014 at the age of 89.