Exhibit 10(e)


                        EXECUTIVE EMPLOYMENT AGREEMENT



THIS AGREEMENT is entered into April 8, 2000, between JACOBSON STORES INC., a
Michigan corporation, of Jackson, Michigan (the "Company"), and Beverly A.
Rice the "Associate").


            THE PARTIES AGREE AS FOLLOWS:

            1. Employment and Term. The Company employs Associate as Senior
Vice President-Fashion & Merchandising Strategy, and Associate agrees to
serve in that capacity and/or in such other capacity or capacities as the
Chief Executive Officer of the Company deems advisable, commencing April 16,
2000, and continuing through April 14, 2001, unless terminated sooner
pursuant to the provisions of paragraph 4, for the salary and on the terms
set forth herein.

            2. Compensation. Subject to the provisions of paragraph 4, the
Company agrees to pay Associate salary at an annual rate of $150,000,
in bi-weekly or other regular periodic installments no less frequent than
monthly.

            3. Duties. Associate agrees, as long as employment by the Company
continues, to devote Associate's entire time and best efforts to furthering
the interests of the Company; to comply with all regulations and policies of
the Company; and to perform the duties requested by any officers and
executives of the Company to whom the Associate is directed to report.

            4. Termination. Associate's employment under this Agreement shall
terminate on the earliest to occur of the following: (1) immediately upon
Associate's death, (2) at the Company's option, immediately when notice to
Associate of such termination is given after Associate's permanent incapacity
(established to the reasonable satisfaction of the Chief Executive Officer of
the Company), (3) at the Company's option, immediately when notice to
Associate of such termination is given (for any reason or for no reason and
regardless of whether there is good cause for such termination), (4) 30 days
after notice of such termination is given to the Company by Associate, and
(5) April 14, 2001. Notice will be deemed to be given on the earliest of (1)
when delivered, or (2) three business days after mailed by certified or
registered mail, postage prepaid, return receipt requested, or (3) one
business day after sent by recognized overnight courier, if to Associate, to
Associate's address on the Company's corporate records, and if to the
Company, to the address of its principal executive offices. The following
events during the term of this Agreement shall have the following respective
effects on the obligations of the Company pursuant hereto:

                    (a) If employment is terminated due to Associate's death
or permanent incapacity, the Company shall have no obligation to pay any
salary or other amounts or benefits under this Agreement or otherwise for any
period after the date of termination of employment, but benefits may continue
to the extent provided in any wage continuation program, insurance, or other
Associate benefit plans that are generally applicable to all Associates of
the Company and that are maintained by the Company at that time.




                    (b) Except as otherwise provided in paragraph 4(c), if
employment is terminated by the Company (for any reason or for no reason and
regardless of whether there is good cause for such termination), or if
Associate resigns or retires before or at the expiration of the term, the
Company shall have no obligation to pay any salary or other amounts or
benefits under this Agreement or otherwise for any period after the date of
termination of employment, but benefits may continue to the extent provided
in any severance program, wage continuation program, insurance, or other
Associate benefit plans that are generally applicable to all Associates of
the Company and that are maintained by the Company at that time.

                    (c) If (1) a "Change in Control" (as defined below)
occurs during the term of Associate's employment under this Agreement, and
(2) either Associate terminates Associate's employment with the "Entity" (as
defined below) for "Good Reason" (as defined below) or the "Entity"
terminates Associate's employment without "Cause" (as defined below), both
within one year after the Change in Control, Associate will receive an amount
equal to Associate's annual salary at the rate set forth in paragraph 2 for
the period from the date of such termination through the date that is 24
months after the date such Change in Control occurs. Such payments shall be
made at the times provided in paragraph 2. The Company may withhold from such
payments all federal, state, city and other taxes to the extent such taxes
are required to be withheld by applicable law. The Company's obligation to
pay the salary continuation payments provided in this paragraph 4(c) shall
survive the expiration of the term.

                            (i) For purposes of this Agreement, a "Change in
           Control" occurs on the first day any one or more of the following
           occurs:

                                     (A) any person (as such term is used in
                    Sections 13(d) and 14(d)(2) of the Securities Exchange
                    Act of 1934, as amended (the "Exchange Act")), together
                    with all affiliates and associates of such person (as
                    such terms are defined in Rule 12b-2 under the Exchange
                    Act) but excluding all "Excluded Persons" (as defined in
                    paragraph 4(c)(ii)), becomes the direct or indirect
                    beneficial owner (within the meaning of Rule 13d-3 under
                    the Exchange Act) of securities of the Company
                    representing (A) 20% or more of the combined voting power
                    of all of the Company's outstanding securities entitled
                    to vote generally in the election of the Company's
                    directors, or (B) 20% or more of the combined shares of
                    the Company's capital stock then outstanding, all except
                    in connection with any merger, consolidation,
                    reorganization or share exchange involving the Company;

                                     (B) the consummation of any merger,
                    consolidation, reorganization or share exchange involving
                    the Company, unless the holders of the Company's capital
                    stock outstanding immediately before such transaction own
                    more than 50% of the combined outstanding shares of
                    capital stock and have more than 50% of the combined
                    voting power in the surviving entity after such
                    transaction and they own such securities in substantially
                    the same proportions (relative to each other) as they
                    owned the Company's capital stock immediately before such
                    transaction;

                                     (C) the consummation of any sale or
                    other disposition (in one transaction or a series of
                    related transactions) of all, or substantially all, of
                    the Company's assets to a person whose acquisition of 20%
                    or more of the combined shares of the Company's capital
                    stock then outstanding would have caused a Change in
                    Control under paragraph 4(c)(i)(A); or


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                                     (D) the "Continuing Directors" (as
                    defined in paragraph 4(c)(iii)) cease to be a majority of
                    the Company's directors.

             A determination by the Company's Continuing Directors (by
             resolution of at least a majority of the Continuing Directors)
             as to whether a Change in Control has occurred for purposes of
             this Agreement, the date on which it has occurred or both shall
             be conclusive for purposes of this Agreement.

                            (ii) For purposes of this Agreement, the
             "Excluded Persons" are (1) Associate, (2) any "group" (as that
             term is used in Section 13(d) of the Exchange Act and the rules
             thereunder) that includes Associate or in which Associate is, or
             has agreed to become, an equity participant, (3) any entity in
             which Associate is, or has agreed to become, an equity
             participant, (4) the Company, (5) any subsidiary of the Company,
             (6) any Associate benefit plan of the Company or any subsidiary
             of the Company or the related trust, (7) any entity to the
             extent it is holding capital stock of the Company for or
             pursuant to the terms of any Associate benefit plan of the
             Company or any subsidiary of the Company, and (8) any director,
             officer or beneficial owner of at least 10% of the Company's
             outstanding Common Stock as of the date of this Agreement. For
             purposes of this Agreement, Associate shall not be deemed an
             "equity participant" in any group or entity (1) in which
             Associate owns for investment purposes only no more than 5% of
             the stock of a publicly-traded entity whose stock is either
             listed on a national stock exchange or quoted in The NASDAQ
             National Market, if Associate is not otherwise affiliated with
             such group or entity, or (2) if Associate's participation is
             fully-disclosed to, and approved by, the Company's Chief
             Executive Officer before the Change in Control occurs.

                            (iii) For purposes of this Agreement, the
             "Continuing Directors" are the directors of the Company as of
             the date of this Agreement, and any person who subsequently
             becomes a director if such person is appointed to be a director
             by a majority of the Continuing Directors or if such person's
             initial nomination for election or initial election as a
             director is recommended or approved by a majority of the
             Continuing Directors.

                            (iv) Termination of Associate's employment for
             "Good Reason" means Associate's voluntary termination of
             employment with the Entity after a Change in Control as a result
             of (1) any decrease by the Entity (without Associate's consent)
             in Associate's salary from Associate's salary immediately before
             such Change in Control; provided, that no such decrease shall
             constitute "Good Reason" if such decrease is applied in the same
             manner to all officers or Associates at the same employment
             level as Associate (such as all officers or all store managers,
             as the case may be), (2) a substantial change by the Entity
             (without Associate's consent) in Associate's duties or
             responsibilities from Associate's duties and responsibilities
             immediately before such Change in Control, or (3) any
             requirement by the Entity (to which Associate does not consent)
             that Associate change Associate's primary place of business.
             "Good Reason" will not include Associate's death, permanent
             incapacity or Retirement (as defined below), or Associate's
             resignation other than as provided in the preceding sentence.
             For purposes of this Agreement, "Retirement" means Associate's
             retirement from the Entity in accordance with the Entity's
             normal policies.

                            (v) The Entity's termination of Associate's
             employment without "Cause" means a termination other than for
             (1) Associate's continued failure either to (A) devote
             substantially full time to Associate's employment duties (except
             because of Associate's illness or disability) or (B) make a good
             faith effort to perform Associate's employment duties; (2) any
             other willful act or omission which Associate knew, or had
             reason to know, would materially injure the Entity; or (3)
             Associate's conviction of a felony involving dishonesty or
             fraud.


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                            (vi) For purposes of this Agreement, the "Entity"
             shall mean both (1) the Company and (2) in connection with a
             Change in Control defined in paragraph 4(c)(i)(B) or paragraph
             4(c)(i)(C), the survivor of the merger, consolidation,
             reorganization or share exchange involving the Company and the
             buyer of all, or substantially all, of the Company's assets, if
             such additional entity described in this clause (2) (if other
             than the Company) has offered to employ Associate on such terms
             that would not constitute "Good Reason" for termination of
             Associate's employment if imposed by the Company. Therefore, for
             purposes of this paragraph 4(c), Associate shall not be deemed
             to have terminated Associate's employment with the Entity for
             "Good Reason" and the "Entity" shall not be deemed to have
             terminated Associate's employment without "Cause" unless such
             actions are taken by all entities included within the definition
             of "Entity". In addition, for purposes of this paragraph 4(c),
             Associate shall not be deemed to have terminated Associate's
             employment with the Entity for "Good Reason" and the "Entity"
             shall not be deemed to have terminated Associate's employment
             without "Cause" if (1) the survivor of the merger,
             consolidation, reorganization or share exchange involving the
             Company and the buyer of all, or substantially all, of the
             Company's assets has offered to employ Associate on such terms
             that would not constitute "Good Reason" for termination of
             Associate's employment if imposed by the Company, (2) Associate
             refuses such employment, and (3) the Company terminates
             Associate's employment for any reason or for no reason.

                    (d) The severance benefits provided in this paragraph 4
are exclusive and in lieu of any other severance benefits to which Associate
may be entitled, except for any benefits under the terms of any stock options
or restricted stock agreements Associate may have.

                    (e) There is not, nor will there be unless in writing
signed by both Associate and the Company, any express or implied agreement as
to Associate's continued employment by the Company after the end of the term
of Associate's employment under this Agreement. Associate's subsequent
employment with the Company, if any, will be employment "at will", and the
provisions of this Agreement will not apply to any such employment.

            5. Previous Agreements Superseded. This Agreement supersedes all
previous employment agreements between the parties.

            6. Miscellaneous Provisions. This Agreement may be amended only
by written agreement signed by either the Chairman or Vice Chairman of the
Company. It shall be construed according to the laws of Michigan, and shall
be binding on and enforceable by the parties and their successors in
interest.



IN THE PRESENCE OF:                JACOBSON STORES INC.


/s/  James K. Delaney              By: /s/  P. Gerald Mills
-----------------------------          -----------------------------------
                                       Its Chairman of the Board and Chief
                                           COMPANY       Executive Officer


/s/  Debra Cowling                     /s/  Beverly A. Rice
-----------------------------          -----------------------------------
                                            ASSOCIATE



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