That hasn't deterred Glimcher, though its mobile app is still on the drawing board.
Company insiders added 4.9% to their holdings of Glimcher Realty in the past six months.
Again, Glimcher sent it on loan, fielding ten phone calls from Kirshenbaum in 48 hours.
Last week, however, CEO Michael Glimcher said that he was not seeing any signs of a retail collapse.
But in the hands of the first-time director, Arne Glimcher, it becomes the worst sort of varnished kitsch.
Glimcher owns, develops and operates a portfolio of retail properties, including 27 regional and super-regional malls and four community shopping centers.
Since then Kirshenbaum, 51, has bought a dozen pieces from Glimcher, 48.
"The market has worried that massive bankruptcies of retailers would slam REITs, particularly Glimcher, which has pretty high levels of debt, " says Adamo.
Kirshenbaum had become friendly with Glimcher, the son of Pace founder Arne Glimcher (see p. 102), and had asked for his help in assembling a serious collection.
The piece is full of dramatic movement and, Pace Gallery dealer Marc Glimcher reasoned, perfectly matched the hyperkinetic energy of New York City adman art collector Richard Kirshenbaum.
Though Kirshenbaum still occasionally buys on impulse--example: a large canvas perforated with holes, depicting a rabbit on a pink-and-gray background, by contemporary British artist Charming Baker--Glimcher remains his chief advisor.
As Kirshenbaum began working with Glimcher, his finances improved.
"While nearly the whole retail sector got walloped following JCPenney's earnings warning, Glimcher Realty Trust firmed by 3.8%, " notes Adamo about the performance of this retail real estate investment trust during the week ended March 28.
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