Pacific Sunwear Announces CEO Retirement
Anaheim, Calif., Pacific Sunwear of California, Inc. announced that the company’s chairman of the board, Greg H. Weaver, will retire, effective April 1, 2006.Weaver, who served as CEO from 1996 to 2000, has been a part of the company since its public debut in 1993. He became executive chairman in April 2005 for a limited time to provide a period of transition and to work on new business development, he said. “Now that our One Thousand Steps concept is ready to launch, this is the appropriate time for me to step down,” Weaver said.
Pier 1 Sells Subsidiary Group
New York City, Retailer Pier 1 Imports Inc. said it was selling its the United Kingdom-based subsidiary Pier Retail Group Limited to Palli Limited for about $15 million. Pier 1 said it recorded a pretax impairment charge of about $7 million in the fiscal fourth quarter related to the subsidiary.
Golf Galaxy Acquires The GolfWorks
Eden Prarie, Minn., Golf Galaxy, Inc. completed its acquisition of club-making tools and supply company The GolfWorks. The acquisition comes two days after competitor Golfsmith International filed plans with the Securities and Exchange Commission to launch an initial public offering worth approximately $115 million. Golf Galaxy paid a combination of $3.7 million in cash and assumed $5.4 million in debt from The GolfWorks, which reported net sales of $24.5 million in fiscal 2005. Golf Galaxy currently operates 52 stores in 23 states along with its e-commerce Web site.