Sports Authority Agrees to Buyout
Englewood, Colo., In a deal worth about $1.3 billion, sporting-goods retailer The Sports Authority, Inc. has agreed to go private in a management-led buyout.
The buyer is Los Angeles private equity firm Leonard Green & Partners LP, along with members of the retailer’s senior management. The board unanimously approved the deal, which is expected to close in this year’s second quarter.
According to a spokesman for the country’s largest full-line sporting-goods chain, going private will give the company greater flexibility to accomplish its long-term goals. It currently operates 398 stores under The Sports Authority, Gart Sports and Sportmart flags.
DSW Expands Management Team
Columbus, Ohio, DSW Inc. announced the promotion of two key executives and named two new officers as part of an ongoing initiative to position the company for continued growth and increased profitability.
Deborah Ferree, who joined DSW in 1997 and has held several executive positions, was promoted from president to vice chair. She will continue in her role as chief merchandising officer. Peter Horvath, who joined the firm in January 2005 as executive VP and COO, was promoted to president.
Additionally, Kevin Lonergan was named as executive VP and COO. He is a former executive VP and COO of Old Navy, a division of Gap.
The company also named William Jordan as VP and general counsel. He most recently served as corporate counsel for Lancaster County Corp.
Executive Changes at Charming Shoppes
Bensalem, Pa., Charming Shoppes promoted Diane M. Paccione to group divisional president, a newly created executive management position in which she will have responsibility for the company’s Fashion Bug and Catherine Plus Sizes brands. Paccione will also serve as president of Fashion Bug, and will be responsible for the day-to-day operations of the brand. Paccione replaces Elizabeth Wilson as president of Fashion Bug. Wilson is leaving the company to pursue other interests.
The retailer also announced that LuAnn Via has joined Charming Shoppes as the president of Catherines Plus Sizes and a member of the company’s executive leadership team. Via will have direct responsibility for the day-to-day operations of the Catherines Plus Sizes brand.