In Brief: Gottschalks Guidance … Tefron’s New CFO … Tiger Sale …
GOTTSCHALKS GUIDANCE: Gottschalks Inc., the retail chain based in Fresno, Calif., lowered its 2005 guidance, saying it expects to report earnings between 59 cents and 64 cents a share. Its prior estimate called for earnings of 62...
GOTTSCHALKS GUIDANCE: Gottschalks Inc., the retail chain based in Fresno, Calif., lowered its 2005 guidance, saying it expects to report earnings between 59 cents and 64 cents a share. Its prior estimate called for earnings of 62 cents to 67 cents a share. The revision reflects changes in how the retailer accounts for leases. Gottschalks operates 63 department stores and 10 specialty stores.
TEFRON’S NEW CFO: Asaf Alperovitz has been appointed chief financial officer of Israel-based Tefron Ltd., effective June 1. He succeeds Gil Rozen, who served as cfo for more than three years and will resign May 31 to pursue private business opportunities. Alperovitz is cfo of Corigin Ltd., a private company specializing in developing, marketing and selling software products. He previously held management positions in high-tech areas of Ernst & Young in Israel and California. Tefron is one of the world’s leading producers of seamless intimate apparel and activewear for firms such as Victoria’s Secret, Gap, Banana Republic, Target, Nike and J.C. Penney Co.
TIGER SALE: A Superior Court judge in Ontario, Canada, has approved the sale of Tiger Brand Knitting Ltd. of Cambridge, Ontario, to a company controlled by New York investor Ken Lazar, who will close the plant and source its branded apparel in China. The sale of the company, which has been in bankruptcy protection since September, will result in the loss of 300 jobs, according to the United Steelworkers union. Representatives of Tiger Brand could not be reached for comment. Tiger Brand produces cotton fleece products under the Canadian Classic Brands and Non-Fiction labels for men and women, TBK for women and private label for Canadian and U.S. retailers. It was founded in 1881 by the Warnock family, which was in its fifth generation of ownership.
SWITCH AT SAKS: Sunny Diego has been named women’s contemporary shoe buyer at Saks Fifth Avenue. She was previously fashion director of women’s accessories and succeeds Christine Merrick, who will move to another as-yet-undecided buying area. Diego, who joined Saks 10 years ago, said she moved back to the buying office because Saks is in “the renaissance of the company’s history and I wanted in.” She said Ron Frasch, chief merchandising officer, “has made merchandising the place to be, and the contemporary position in all divisions — ready-to-wear, shoes, bags — will be key.”
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"