Duckwall-ALCO Names New VP, COO
Abilene, Kan., Duckwall-ALCO Stores, Inc. named Michael S. Marcus as VP and COO. Marcus, who joined the company in 2004 as a financial planning manager, has 17 years experience in the retail industry. He most recently served as VP and CFO for Weiner’s Stores, Inc. in Houston. Marcus will replace David W. Mills, who said he would be leaving the company to devote his time to his farming interests.
Hart Stores Inc. Announces New Board of Director Member
Montreal, Hart Stores Inc. announced that J. Pierre Brunet, Ph.D., has joined its board of directors.
Brunet is currently a member of a number of advisory boards and chairman of the board’s PEAK Financial Group Inc., in charge of managing strategic growth and organization issues. The company also announced that as part of its focused expansion plan it would open two new stores in Ontario by the end of March 2006.
Rue21 Plans Public Offering in Upcoming Months
Pittsburgh, Bob Fisch, president and CEO of teen retailer rue21, Inc. said the company plans to have a public offering once again, The Pittsburgh Post-Gazette reported. The chain, which recently opened a new 35,000-sq.-ft. headquarters and plans to open 400 stores in the next five years, claims its double digit same-store sales for the past two years has helped the company go public once again. Although owners of the then-235-store chain reported sales of $160 million in 1998, the company filed for Chapter 11 bankruptcy reorganization in February 2002. Under Fisch’s management, sales increased as new merchandize and strategy was implemented. “We are becoming the dominant teen-specialty value retailer in the industry,” Fisch said. The public offering is expected within the next 12 to 18 months.