SILVERSTEIN NAMED PRESIDENT, CEO OF SPENCER GIFTS.
BOSTON-Steven Silverstein, former president of Linens 'n Things Linens 'n Things, Inc., headquartered in Clifton, New Jersey, is the second-largest large-format retailers of home textiles, housewares and decorative home accessories in the United States, behind Bed Bath & Beyond. , has been named president and chief executive officer of Spencer Gifts. Silverstein's appointment is concurrent with Gordon Brothers Group LLC and Palladin Capital Group Inc. acquiring the 700-unit specialty gift retailer from Vivendi Universal Entertainment LLLP LLLP Limited Liability Limited Partnership .
Silverstein left Linens 'n Things in February after 11 years at the company. Prior to joining Linens, Silverstein was merchandising vice president at Bloomingdale's. Silverstein succeeds Steve Shaiken, who was serving as interim CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and has left the company.
Mark Schwartz, president of Gordon Brothers Group and president and CEO of Palladin Capital Group, said Silverstein will be in charge of running Spencer on a day-to-day basis, with Gordon Brothers and Palladin acting as advisers.
"We view our investments similarly to some buyout firms, but we view ourselves as strategic investors as opposed to financial investors because of our in-house expertise," Schwartz said. The firms also have a stake in Restoration Hardware.
Spencer Gifts is a 55-year-old chain of mall-based stores, known for a quirky assortment of novelty items. Seasonal and holiday-related products figure prominently in the retailer's offering, with a significant focus on Halloween items.