He rose from the executive training program at Bloomingdale's to become one of America's top retailers in a period of industry consolidation.
Goldfeder was instrumental in securing the deal, which was a good one for shareholders considering they received $73.50 a share, representing a premium from what the stock had been selling for prior to the transaction, though some observers believe the price could have gone higher.
Allen Questrom, the retired retail veteran who was chairman and CEO of Federated, Macy’s, Barneys New York and J.C. Penney, when he was a general merchandise manager at the Bullock’s chain in California reported to Goldfeder, who was the chairman of Bullock’s at the time. Later, when Goldfeder was running Federated, he promoted Questrom to CEO of Federated’s Rich’s division in Atlanta.
Federated decades ago once targeted Walmart for acquisition, according to investment banker Gilbert Harrison, chairman of the Harrison Group, and an insider on many deals in the retail and fashion sectors. Harrison said he believes if Federated followed through on buying Walmart, it never would have gone bankrupt and gotten swallowed up by Macy’s. It’s also possible Walmart would never have become the world’s largest retailer, Harrison added.
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