Shakeup reported at New York Dept. Stores. (New York Department Stores)

Shakeup reported at New York Dept. Stores

Mike Hess, president of NYTSA Acquisition Co., holding company of Seedman's and New York Department Stores, has resigned the position he has held since 1988, when the chains were purchased by Investcorp, an international investment bank, and a group of independent investors.

"Hess' resignation surprised the entire retail industry," said a local industry executive, who heard the news about two weeks after Hess had left the company.

According to sources from Seedman's and New York Department Stores, Hess resigned about a month ago, but the company did not want to disclose the cause. One source said that Hess had …