PACSUN CUTS UNIT PRESIDENT: Pacific Sunwear of California said Wednesday in a regulatory filing that it is eliminating the position of president at its D.e.m.o. subsidiary, which the skate- and surf-inspired apparel chain is in the process of shuttering. The Securities and Exchange Commission filing said Lou Ann Bett will leave the company on March 15. The company previously said it will close the remaining 154 D.e.m.o. stores as part of its restructuring process. Last May it closed 74 units of the underperforming urban-inspired division. The closing of the stores is expected to be completed this May. The filing also said Bett will be entitled to receive severance benefits under the company’s executive severance plan.
This story first appeared in the January 24, 2008 issue of WWD. Subscribe Today.
EXPRESS APPOINTMENT: Express has named Lisa Gavales executive vice president and chief marketing officer, succeeding John Wendler, who departed in May. “As an independent business, we have established aggressive growth plans that will require strong marketing and visual leadership to ensure that we are clearly articulating our brand to our customers,” Michael Weiss, chief executive officer of Express, said. Gavales was most recently Bloomingdale’s senior vice president of marketing and was largely responsible for growing the store’s e-commerce. Earlier, she worked at PricewaterhouseCoopers and Habberstad International.
JAFFERJEE TO RAFAELLA: Rafaella Apparel Group Inc. said it appointed Husein Jafferjee as chief operating officer. Jafferjee was previously at Elie Tahari as chief operating officer. Prior to that, Jafferjee served in a variety of roles at Urban Children’s Stores, Henri Bendel and Mexx USA, as well as Bankers Trust Co., Cosmair Inc. and Touche Ross & Co.
VALUE CITY DEAL: Retail Ventures Inc. said it sold an 81 percent ownership stake in its Value City Department Stores business to VCHI Acquisition Co., which is described as a newly formed entity owned by VCDS Acquisition Holdings LLC, Emerald Capital Management LLC and Crystal Value LLC. “Retail Ventures Inc. will receive no net cash proceeds from the sale, will pay a fee of $500,000 to the purchaser and anticipates recognizing an aftertax loss on the transaction,” the retailer said in a statement. “As part of the transaction, Retail Ventures Inc. issued warrants to VCHI Acquisition Co. to purchase 150,000 shares of common stock of Retail Ventures at an exercise price of $10 per share, and exercisable within 18 months of the date of the closing of the transaction.”