Neal Goldberg, a veteran of Macy's, Victoria's Secret and Gap Inc., has been named president and chief executive officer of Zale Corp., the $2.5 billion jewelry retailer.
Goldberg will succeed Betsy Burton, the ceo since February 2006. Burton replaced Mary L. Forte, who resigned after three years because of lagging financial returns. A former ceo of Supercuts Inc., PIP Printing and Cosmetic Center Inc., Burton had a reputation in the industry as a turnaround specialist. She has a two-year consulting agreement with the company.
Zale reported a net loss of $28.4 million for the first quarter ended Oct. 31, versus a loss of $26.4 million a year ago. Quarterly revenues declined 1.2 percent to $377 million compared with $382 million last year.
The quest for permanent leadership hasn't been Zale's only challenge in recent years.
In April 2006, the Securities and Exchange Commission started an investigation into certain accounting practices of the Irving, Tex.-based firm. The probe looked at accounting for extended service agreements, leases and accrued payroll.
Three months later, Zale was hit with three shareholder class action lawsuits alleging that the company misled investors about its financial condition. According to the allegations in each of the three complaints, company executives issued false and misleading financial results to the market during the class period to artificially inflate the price of Zale's shares.
In September 2006, Rodney Carter was named group senior vice president and chief financial officer, a title he still holds. The SEC probe was terminated with no enforcement action being recommended.
Goldberg, who also joined the company's board, said on a conference call Thursday that Zale "has a lot of good things going for it — a solid foundation of great brands, dedicated customers and enthusiastic associates. I'm encouraged by our initiatives, which include growing our core mall business, increasing gross margins and generating value for shareholders.
Goldberg most recently was president of The Children's Place Retail Stores Inc., a specialty retailer of value-priced apparel and accessories for children.
In September, The Children's Place ceo Ezra Dabah resigned after an internal investigation revealed violations of the company's policies and procedures. The board named Chuck Crovitz, a board member, as interim ceo. An investigation by the company's audit committee showed that in two instances Dabah did not comply with The Children's Place internal policies related to securities trades.
Yesterday, the Parisian fashion house @azzaro_official cut the ribbon on a temeporary retrospective at the wing of the Musée des Arts Décoratifs in Paris. The exhibition, which shows the lasting influence of the brand’s founder Loris Azzaro, is titled “Azzaro, Fifty Sparkling Years” and presents 50 looks. In it’s ’70s heyday, fans of the brand included Jane Birkin, pictured here, Raquel Welch, Brigitte Bardot and more. See more photos on WWD.com #wwdfashion
@trinaturk and @macys Inc International Concepts line are linking up on a collection for summer — filled with accessories, swimwear and shoes. The collection will also include a Mr Turk men’s line, both of which are the designer’s first entry into a more accessibly priced area. “It’s very world-traveler, gypset-inspired,” said Turk. The Trina Turk x INC line will launch on May 15th. #wwdfashion
Assouline is paying homage to the late Azzedine Alaïa with a reprint of "Alaïa Livre de Collection.” The book is comprised of photographs of the designer's summer 1992 runway show with models Christy Turlington Burns, Naomi Campbell and Tyra Banks, pictured here at right. #wwdfashion #alaia #tyrabanks
Fall 2018 accessories take on a painterly hue, with Nebulas Blue among Pantone’s top 10 colors of the season. (📸: @jonghyupstudio ; editor: @twallz21 ; stylist and set designer: @haideefindlaylevin ) #wwdaccessories
@americanapparelusa is relaunching the brand outside of the U.S. today, opening its online store to more than 200 countries. The company is also contemplating a return to brick-and-mortar, though details have not been confirmed. In tandem with the expanded distribution is a recasting of a social media ad campagn, called “Back to Basics,” pictured here, with a focus on diversity and a cast of models above the age of 21. Read more on WWD.com #wwdnews #wwdfashion
Exclusive: @britneyspears is continuing to expand her brand. The pop icon, who appears in @kenzo ’s latest campaign, is partnering with Epic Rights to launch a line of branded merchandise. Read @hernameislex ‘s story, link in bio. #wwdnews #britneyspears
The Duchess of Cambridge channeled Princess Diana’s look upon giving birth to Prince Harry, when she and the Duke of Cambridge departed the hospital with the new baby Prince this afternoon in London. #wwdeye #princeofcambridge
The new Prince of Cambridge has arrived! The Duke and Duchess of Cambridge posed with the 8-pound newborn. She wore a look from one of her go-to designers, @jennypackham. Tap link in bio for more. #wwdeye #princeofcambridge