Peter J. Solomon Adds Michael Sherman

by MR Magazine Staff

NEW YORK — Michael P. Sherman, founder of Crosstown Traders and former president of Fingerhut Companies, has joined investment bank Peter J. Solomon Co as a senior advisor specializing in multi-channel retailing.

“Michael Sherman’s expertise in retail and direct marketing supplements the firm’s solid presence in the retail arena,” said Peter J. Solomon, chairman. “Throughout his career he has demonstrated great talent in tackling major corporate challenges, and he will be enormously important to us and to our clients in lending his perspective to their strategic issues.”

A director of the Direct Marketing Association who previously served as its chairman, Sherman was executive vice president and general counsel of the Fingerhut Companies prior to its acquisition by Federated Department Stores. He served as president following the acquisition before leaving in 2002 to start Crosstown Traders. He was chairman of Crosstown when it was sold to Charming Shoppes in 2005. (Federated subsequently disposed of Fingerhut.)

Sherman, who began his career as corporate and securities lawyer, earlier in his career was executive VP of Hanover Direct (previously Horn & Hardart) and assistant corporate counsel for Joseph E. Seagram & Sons.

“I am looking forward to helping PJSC’s clients think through their strategies for multi-channel retailing,” Sherman said. “With the growing importance of catalog and Internet sales, an exciting evolution is occurring through the retail environment, and I hope my experience adds a useful dimension to the advice PJSC gives its clients.”

New York-based PJS has been an advisor in numerous high-profile transactions in the apparel and retail industries, including the acquisitions of White House | Black Market by Chico’s FAS, of Barneys New York by Jones Apparel Group, of Lands’ End by Sears and of Superba Neckwear by Phillips-Van Heusen.