OPERATIONS

Pacific Sunwear appoints CFO

BY CSA STAFF

Anaheim, Calif. — Pacific Sunwear of California announced that Michael Kaplan will join the company as senior VP and CFO, effective May 2. He will be replacing Mike Henry who became interim CFO in November 2007 and was named CFO in January 2008.

Most recently, Kaplan was CFO of Harbor Freight Tools, a 349-store retailer of proprietary branded tools. Prior to joining Harbor Freight Tools in 2010, he was a senior executive of Gap Inc. from 2005 to 2010.

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OPERATIONS

Loehmann’s names CFO

BY CSA STAFF

New York City — Loehmann’s Holding Co. announced that Joan Durkin has been appointed CFO and senior VP finance. She assumes the CFO role from Joe Melvin who successfully led the company out of Chapter 11 in early March.

Durkin most recently served as VP finance for Brown Shoe Co.

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News

Despite store openings, Fresh & Easy reports $300 million loss

BY CSA STAFF

EL SEGUNDO, Calif. — Supermarket retailer Fresh & Easy, which operates stores in California, Arizona and Nevada, experienced increased losses this year, according to parent company Tesco.

The chain, which opened its doors in 2007 and has expanded its reach to include more than 165 stores to date, endured a loss of more than $300 million, during the 2010-2011 financial year ended Feb. 26, its parent company reported on Tuesday.

Despite the higher losses in the last year, the overall Fresh & Easy business remains on track to break even towards the end of the current financial year, Tesco said.

Philip Clarke, who officially took the helm of Tesco as its CEO on March 1, said that it is working to drive more customers into Fresh & Easy stores and is confident that improvements will be seen.

"The customers that shop at Fresh & Easy absolutely love it… we just have to get more customers into the stores to appreciate it," Clarke said in a post-results interview, adding that more efforts are being put into communicating Fresh & Easy’s concept of offering high quality food at fair prices.

Clarke also noted that despite the losses, Fresh & Easy will forge ahead with its expansion.

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