The company did not provide a reason for Griesemer’s departure and did not return calls seeking comment.
Pence cofounded the Sandpoint, Idaho-based missy retailer in 1984 and served two prior stints as ceo: from 1984 to 2000 and again from 2002 to 2007.
Griesemer, a veteran of Federated Department Stores Inc., now Macy’s Inc., and Gap Inc., joined Coldwater Creek in October 2001. He was promoted to president and chief operating officer in March 2007 and took the reins as ceo after Pence retired from the position in October 2007.
“It is my firm belief that this brand, now 25 years of age, has significant opportunities for substantial growth,” Pence said in a statement. “The board of directors has asked me to return as our leader in order to accelerate the timelines for this growth, and for a return to long-term profitability, which our shareholders so rightfully expect.”
The company has struggled recently as the missy market proved particularly vulnerable to the recession and accompanying slowdown in consumer spending.
In its second quarter, which ended Aug. 1, Coldwater Creek swung to a loss of $4.9 million while revenues fell 6.7 percent to $225.2 million and were off 10.2 percent on a same-store basis. Direct-channel sales fell 19.7 percent to $41.8 million. Its first-half net loss more than doubled to $12.5 million as sales fell 11.5 percent to $453.6 million.
At the time of the retailer’s earnings release, Coldwater Creek said it planned to increase spending on marketing and inventory to better its sales figures. The company operates 355 stores.
Shares of Coldwater Creek fell more than 8 percent after disclosure of the shakeup but finished the day up 7 cents, or 1 percent, at $7.38.
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion
“I’m Russian and I love to use all these little tricks that I got from my grandma or my mom. We didn’t have a lot of money for creams or anything like that so we would use a garden as a beauty treatment regime. We’d put cucumber in the fridge and do a cucumber mask,” says model @irinashayk on one of her beauty hacks. WWD asked celebs what their go-to self-care rituals are. See what Naomie Harris, Freida Pinto and more said on WWD.com. #wwdeye #wwdbeauty (📷: @zefashioninsider)
Exclusive: @viktorandrolf are teaming up with @Zalando on a collection made from leftover clothing. The lineup, which lands at the retailer February 1, includes 17 pieces adorned with sliced up and repurposed overstock from the retailer’s private label collection. Pictured here is a look from the collection –– see more on WWD.com. #wwdfashion #wwdnews
@duewestnyc is the newest bar joining the collection of intimate neighborhood-focused spaces in the West Village. The cocktail menu, which includes bitters and syrups made in-house, offers a “Build Your Own Old-Fashioned” – like the one pictured here – where guests can choose from a list of spirits and unexpected sugars and bitters. #wwdeye
Spotted at last night’s National Board of Review gala in NYC: Angelina Jolie. Jolie – along with Meryl Streep, @lupitanyongo and more – continued the all-black dress code from Sunday’s Golden Globes. #wwdeye (📷: @lexieblacklock)