Dayton Hudson's three retailing divisions help shield the company from swings in the economy because they draw consumers from different income levels.

He also appointed Roger Holmes, 40, to lead Marks & Spencer's British retailing division - its core business, with 297 stores.

The company was founded in 1968 as a retailing division of Western Merchandisers, Inc., a books and music wholesaler.

The retailing divisions hope the suppliers that were paid Wednesday will resume shipments next week.

During the height of Melville's success, the company operated the following retailing divisions.

The Sears merchandise group, the retailing division of Sears, Roebuck & Company, once again showed signs that its turnaround was proceeding apace.

Revenue from the retailing division edged up 1.3 percent, to $7.6 billion from $7.5 billion.

Both companies also have fast-growing retailing divisions.

Mr. Zeichner will join Guess on Sept. 13 as president of the retailing division, the first such formally designated head for the unit.

Results from its international drinks business IDV provide rather more cheer, with profits up 12% to £509m, while its retailing division had a mixed performance.