Brookstone Announces Succession of CEO, Chairman
Merrimack, N.H. Brookstone announced Tuesday that is has entered into a succession agreement with Louis Mancini, the company’s president and CEO, and a member of Brookstone’s board of directors.
The agreement will be effective March 4. Mancini, who joined the company in 2006, plans to step down from his positions that day as well.
Upon his departure, Phillip Roizin will serve as interim president and CEO, and director of the company. Roizin has served as the retailer’s executive VP, finance and administration since December 1996.
The company’s board will also see changes. Jackson Tai has been appointed as chairman of the company’s board of directors, succeeding Ron Sim, who will remain as a director. Tai has been a director with Brookstone since August 2008. Prior to joining the retailer, he was vice chairman and CEO of DBS in Singapore.
Credit trends under pressure
January data related to Target’s credit card receivables portfolio show an increasing number of consumers are paying their bills slower or not at all. According to data released by the company, nearly 9% of credit customers were more than 30 days delinquent on their payments in January. That is slightly more than December, and well above the average of 5.4% delinquency rate seen in 2007. Charge offs as a percentage of average receivables were slightly more than 12%, up slightly from approximately 11.6% in December and 9.6% in the third quarter.
Limited partners with P&G to promote benefits of Tide, Downy brands
CINCINNATI The Limited is partnering with Procter & Gamble’s Tide and Downy brands to show women how they can use Tide and Downy to care for their clothes.
As part of a $60 million dollar marketing campaign to introduce the latest line of Fashion Care Products, Tide and Downy are building on the success of previous retail partnerships and reminding women that they can look fabulous and help keep clothes looking like new with Tide and Downy Total Care. Research has indicated a strong overlap between Tide and Downy’s consumers and The Limited’s stylish clientele, reinforcing the importance of clothing maintenance and “fashion care.”
“The Limited provides modern women with high-quality private-label apparel designed to help the modern woman succeed,” said Linda Heasley, CEO of The Limited. “Nearly 80% of The Limited’s products are machine washable, allowing clients to keep costs down as they continue to care for their clothes. This partnership with Tide and Downy will give our clients the opportunity to wash their favorite items with innovative Total Care technologies, helping to keep their clothes looking beautiful.”
The partnership will take place in over 200 Limited stores across the country. The in-store elements include hang tags, gift with purchase, tissue stickers, and customized signage. This partnership will also exist on both The Limited ( http://www.thelimited.com/ )and Total Care ( www.TryTotalCare.com )Web sites offering product information and an online gift with purchase.