Fred Haddad has retired as chairman of the board of Heck's Inc., the West Virginia-based department store chain he co-founded in 1959.
Heck's is based in Nitro, W. Va., and has 119 stores in western Maryland, southwestern Virginia, Ohio, Indiana, Kentucky, North Carolina, Pennsylvania, Tennessee and West Virginia. The chain's 1982 sales were $400 million. Heck's January 1983 sales were $22.3 million, which is a 30 percent increase over January 1982 sales of $17.2 million, said company treasurer James B. Lawrence.
A company spokesman said "Mr. Haddad's retirement was dictated by personal concerns and was not unexpected." Although Haddad will give up his annual $250,000 salary as a company officer, he will do consulting work for Heck's for four years at a fee of $225,000 next year and $160,000 over the following three years. He will sell back to the company substantially all of his 617,598 shares of Heck's stock (approximately 6.2 percent of all outstanding common stock) for $12.50 a share, according to reports from United Press International.
Russell I. Isaacs has returned to Heck's after a four-year absence to become chairman of the board and chief executive officer. He was president of the company and a member of its board of directors until 1979, when he left to join Wheat First Securities in Richmond. He later formed his own investment banking firm.
Heck's Inc. underwent internal restructuring in 1982 with the sale of its interest in the Felsway Corp. of Totowa, N.J., owner of Shoe Town retail stores; the sale of a Florida dress shop chain, Lory's Fashion Shops, and the acquisition of two regional discount department store chains, Singleton's and Mr. Wig's, whose stores were transformed into Heck's stores.