US: Cache names Margolis CEO as Reinckens resigns
Women's wear retailer Cache has appointed Jay Margolis as its chairman and chief executive officer, replacing Thomas Reinckens who has stepped down.
Margolis most recently served as president and CEO at Limited Brands' apparel group. He previously held various positions at Reebok International, Esprit and Liz Claiborne, which has since changed its name to Fifth & Pacific Companies.
"Jay is a highly accomplished merchant with proven success in strengthening assortments, growing revenues, increasing store productivity and driving product sales in new channels, all of which is expected to position our company for sustained long term profitability and growth," said outgoing CEO Reinckens. "We are confident that Jay is the perfect choice for this important role."
In addition, Margolis will invest US$1m in newly issued shares of Cache in connection with the $8m rights offering announced by the company yesterday (6 February), which is subject to shareholder approval. The proceeds of the rights offering will be used to provide enhanced liquidity to Cache, the company said.
Separately, the retailer expects to post a fourth-quarter pre-tax loss of $4.8-$5.1m, compared to a pre-tax profit of $2.4m the year before. Sales are expected to fall 3.3% to $60.8m, while comparable store sales are seen edging down 0.7%.
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