True Religion Apparel coo resigns
NEW YORK True Religion Apparel coo Daryl Rosenberg has resigned, according to a filing with the Securities and Exchange Commission on Friday.
No reason was given for his departure, which occurred Sept. 28, and was announced in the company’s 8-K report on Tuesday. Rosenberg joined the company in June 2006 after its previous coo, Mark Saltzman, resigned.
Before joining True Religion, Rosenberg was a vp involved in production at l.e.i., a sportswear and denim business owned by Jones Apparel Group.
In August, the company, which makes fashionable jeans that cost $200 or more, said second-quarter profit rose 3.7% as sales grew at the company’s stores and over the Internet.
Rosenberg’s resignation delayed filing results with the SEC. In August, the company received a letter from the NASDAQ Listing Qualifications Panel failing to file its 10-Q form on time for one of its quarter ends (June 30).
The stock has risen about 15% calendar year-to-date.
Winn-Dixie team honored for turnaround
JACKSONVILLE, Fla. The team that lead Winn-Dixie Stores’ successful turnaround initiative is being honored by the Turnaround Management Association for the best ‘Mega Company Turnaround’ for 2007. Comprised of financial experts from The Blackstone Group, Skadden, Arps, Slate, Meagher & Flom and Smith Hulsey & Busey, the team helped Winn-Dixie regain the market share and profits it started to lose in the mid 1990s and early 2000s to competitors Publix and Wal-Mart.
Winn-Dixie filed for Chapter 11 bankruptcy in early 2005 after reporting year-to-date losses of $552.8 million or $3.93 per share of common stock and a decline of 4.9% in identical-store sales in its second fiscal quarter over the same period in 2004.
Despite the difficulty of achieving a succesful turnaround, Winn-Dixie began its reorganization effort, while still continuing to operate its core business and preserving jobs. According to the Turnaround Management Association, it created new common stock for five classes of unsecured creditors, with recoveries ranging from about 96% to 53%. The company emerged from bankruptcy on Nov. 21, 2006.
For its fiscal year ended June 27, Winn-Dixie reported adjusted EBITDA of $85.9 million compared to a loss of $27.8 million last year and an identical-store sales increase of 1.6%
Sears ends deal with maternity retailer
PHILADELPHIA Sears and Mothers Work, the world’s leading maternity apparel retailer, will not be renewing their agreement, Mothers Work announced today. Under their current agreement, Mothers Works operates the maternity apparel department in 502 Sears stores through the sale of its Two Hearts Maternity branded merchandise.
Mothers Work said it expects its partnership with Sears to end on June 20, 2008, when it current deal with the company is expected to expire.
Rebecca Matthias, president and ceo of Mothers Work, noted, “While we are disappointed about the end of our relationship with Sears, we feel the decision not to proceed with a renewal is in the best interest of our stockholders since we were unable to reach terms on a renewal which would be favorable for Mothers Work and our stockholders. “