Linda LoRe, chief executive officer of the retail division of Frederick’s of Hollywood Group Inc., has added the title of company president, overseeing merchandising, marketing and product development activities of both the Frederick’s of Hollywood retail and Movie Star wholesale divisions.
Mel Knigin has relinquished the position of president and ceo of the wholesale unit and resigned as a director of the company to assume the new title of senior vice president of sales. The company said Knigin’s transition, originally planned for July 1, was moved up “to facilitate the company’s management restructuring and concentrate [Knigin’s] experience and efforts on improving its wholesale sales.”
Knigin was ceo of Movie Star before its merger with Frederick’s one year ago. Earlier this month, Thomas Lynch succeeded executive chairman Peter Cole as ceo of the company. Lynch had held the same post at Fursa Alternative Strategies, one of the principal shareholders of Frederick’s.
LoRe spent eight years as president and ceo of Giorgio Beverly Hills before joining Frederick’s in the same post in 1999. The following year, Frederick’s filed for bankruptcy, emerging from Chapter 11 in January 2003.
In the first quarter ended Jan. 28, the company’s net loss available to common shareholders grew to $5.3 million, or 20 cents a diluted share, from a loss of $3.9 million, or 33 cents, in the year-earlier period. With the addition of $9.4 million in wholesale revenues, offset by a $4.1 million decrease in retail volume, sales rose 14.5 percent to $42.6 million from $37.2 million.
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