Limited Reorganizes Operations
Columbus, Ohio Columbus, Ohio , Limited Brands. Inc. is reorganizing its operations and into three business groups—lingerie; beauty and personal care; and apparel—with each group led by a president who will provide oversight for the brand and its products across all distribution channels.
Jay Margolis, formerly president/COO of Reebok Int., has joined Limited Brands as group president, apparel, with oversight for The Limited and Express. Len Schlesinger, vice chairman and COO, will now also oversee beauty and personal care, including the Bath & Body Works division. Chairman and CEO Leslie Wexner will assume group leader responsibilities for lingerie, including Victoria’s Secret. Wexner and Schlesinger will share responsibility for Henri Bendel and Victoria’s Secret Beauty.
In addition, Deborah Fine, founder and president of Avon Future, will join the company as CEO of Victoria’s Secret’s Pink division.
“We are poised for accelerated future growth and we need the depth and breadth of leadership to achieve it,” Wexner said. “This newly assembled leadership team will provide the intense focus and oversight in lingerie, beauty and personal care and apparel to maximize our growth potential.”
Friedman’s Files Chapter 11
Savannah, Ga., Jewelry retailer Friedman’s filed voluntary petitions for reorganization under Chapter 11 on behalf of the company and nine of its subsidiaries. The company said the filing should provide it with the breathing room necessary to complete financial restructuring initiatives it embarked upon more than five months ago.
Blockbuster Still Committed to Hollywood Entertainment
Dallas, Blockbuster announced that it remains committed to pursuing an acquisition of Hollywood Entertainment despite the recent announcement of the entry into a definitive merger agreement by Hollywood and Movie Gallery.
“We are disappointed that the special committee of Hollywood’s board of directors elected to enter into a merger agreement with Movie Gallery without giving Blockbuster a fair opportunity to participate in the auction process,” said John Antioco, Blockbuster chairman and CEO. “While it no longer makes sense at this time for Blockbuster to commence a tender offer at $11.50 per share in light of the Movie Gallery agreement, we are evaluating the price that Blockbuster would be willing to offer for Hollywood in light of various factors, including the termination fee to Movie Gallery that is included in the merger agreement.”