BENSALEM, Pa., April 3 /PRNewswire-FirstCall/ -- Charming Shoppes, Inc.
(Nasdaq: CHRS), a leading multi-brand apparel retailer specializing in women's
plus apparel, today announced the appointment of James P. ("Jim") Fogarty as
President and Chief Executive Officer and a member of the Company's Board of
Directors.
Alan Rosskamm, Chairman of the Board of Charming Shoppes, Inc. commented,
"We are extremely pleased to be welcoming Jim to Charming Shoppes. Jim is an
exceptional business leader, with a solid track record of driving results and
creating value at a number of multi-brand consumer-based companies. His
reputation in building operational excellence and his proven skills in
re-energizing strong brands will nicely complement our team of experienced
merchant leaders."
Jim Fogarty most recently was a Managing Director with Alvarez & Marsal
("A&M"), a premier independent global professional services firm providing
leadership, problem-solving and value-creation services across the industry
spectrum. He was also a member of the firm's Executive Committee for North
America Restructuring. In his almost 15 years with A&M, he has provided
performance improvement, crisis management and restructuring advisory services
to numerous companies in various sectors.
During his tenure at A&M, Fogarty most recently served as President and
Chief Operating Officer of Lehman Brothers Holdings from September 2008 to the
present. From September 2005 through February 2008, he was President and Chief
Executive Officer of American Italian Pasta Company, the largest producer of
dry pasta in North America, where market capitalization has grown five fold
since his initial involvement with the company. He served as the Chief
Financial Officer at the $4 billion Levi Strauss & Co. from 2003 to 2005,
during which time the company's EBITDA nearly doubled, creating a substantial
increase in shareholder value. From December 2001 through September 2003, he
served as Senior Vice President and Chief Financial Officer of The Warnaco
Group, a then $1.5 billion global apparel maker, which emerged from bankruptcy
in early 2003 after completing a successful turnaround during his tenure.
Prior to joining A&M in 1995, Fogarty spent four years with the Corporate
Transactions Group of KPMG Peat Marwick. He holds a bachelor's degree in
economics and computer science from Williams College, a master's degree in
accounting from the Leonard Stern School of Business at New York University,
and a master's degree in business administration, with concentrations in
finance and accounting, from the Leonard Stern School of Business at New York
University. He is also a Certified Public Accountant (CPA).
Commenting on his appointment, Fogarty said, "Charming Shoppes is the
leader in women's specialty plus apparel, a market with growing demographics
and opportunities. I am impressed with Charming Shoppes' renewed focus on
their core customer, and their recruitment of empowered and experienced
merchant and brand executives. I look forward to leading the Charming Shoppes
team and am especially attracted to the opportunity to grow this business over
time, and more fully capitalize on its leading position in its market."
Michael Goldstein, Chair of the Directors' CEO Search Committee
summarized, "We are excited to have recruited an executive with the
credentials and successes that Jim brings, and we extend to him an
enthusiastic welcome to Charming Shoppes. Also, on behalf of the Board and
the associates of Charming Shoppes, I would like to extend our thanks to Alan
for his significant contribution and service as Interim CEO. He has been a
tireless and fully engaged leader, and has done a tremendous job in refocusing
the Company on its core brands."
At January 31, 2009, Charming Shoppes, Inc. operated 2,301 retail stores
in 48 states under the names LANE BRYANT(R), FASHION BUG(R), FASHION BUG
PLUS(R), CATHERINES PLUS SIZES(R), LANE BRYANT OUTLET(R), and PETITE
SOPHISTICATE OUTLET(R). Please visit www.charmingshoppes.com for additional
information about Charming Shoppes, Inc.
Safe Harbor Statement
This press release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 concerning
appointments of executives, the Company's operations, performance, and
financial condition. Such forward-looking statements are subject to various
risks and uncertainties that could cause actual results to differ materially
from those indicated. Such risks and uncertainties may include, but are not
limited to: the failure to consummate our identified strategic solution for
our non-core assets, the failure to effectively implement our planned
consolidation, cost and capital budget reduction plans and store closing
plans, the failure to implement the Company's business plan for increased
profitability and growth in the Company's retail stores and direct-to-consumer
segments, the failure to effectively implement the Company's plans for a new
organizational structure and enhancements in the Company's merchandise and
marketing, the failure to effectively implement the Company's plans for the
transformation of its brands to a vertical specialty store model, the failure
to achieve increased profitability through the adoption by the Company's
brands of a vertical specialty store model, the failure to achieve improvement
in the Company's competitive position, the failure to continue receiving
financing at an affordable cost through the availability of our credit card
securitization facilities and through the availability of credit we receive
from our suppliers and their agents, the failure to maintain efficient and
uninterrupted order-taking and fulfillment in our direct-to-consumer business,
changes in or miscalculation of fashion trends, extreme or unseasonable
weather conditions, economic downturns, escalation of energy costs, a weakness
in overall consumer demand, increases in wage rates, the ability to hire and
train associates, trade and security restrictions and political or financial
instability in countries where goods are manufactured, the interruption of
merchandise flow from the Company's centralized distribution facilities,
competitive pressures, and the adverse effects of natural disasters, war, acts
of terrorism or threats of either, or other armed conflict, on the United
States and international economies. These, and other risks and uncertainties,
are detailed in the Company's filings with the Securities and Exchange
Commission, including the Company's Annual Report on Form 10-K for the fiscal
year ended January 31, 2009, our Quarterly Reports on Form 10-Q and other
Company filings with the Securities and Exchange Commission. Charming Shoppes
assumes no duty to update or revise its forward-looking statements even if
experience or future changes make it clear that any projected results
expressed or implied therein will not be realized.
SOURCE Charming Shoppes, Inc.
-0- 04/03/2009
/CONTACT: Gayle M. Coolick, Vice President, Investor Relations of
Charming Shoppes, Inc., +1-215-638-6955/
/Web Site: http://www.charmingshoppes.com /
(CHRS)
CO: Charming Shoppes, Inc.
ST: Pennsylvania
IN: REA TEX
SU: PER
PR
-- PH94134 --
7934 04/03/2009 06:00 EDT http://www.prnewswire.com
