NEW YORK — One Price Clothing Stores’ two-month search for a new chief executive officer ended Monday with the appointment of John Disa to the post at the troubled 552-store chain.
Disa succeeds Ronald Swedin, who’d served as acting ceo since the September resignation of Leonard Snyder. Swedin will resume his previous role as senior vice president of store operations at the Duncan, S.C.-based off-price chain.
Disa comes to One Price after serving as chief operating officer of Lady/Kids Foot Locker, where he’d previously worked as senior vice president of merchandise planning. Earlier in his career, he’d spent 14 years with Casual Corner Group Inc., where his positions included senior vice president and chief financial officer and, most recently, president of the Casual Corner division.
T. Scott King, a One Price director and vice president of Sun One Price LLC, its largest shareholder, commented in a statement, “We are delighted that an individual with John’s breadth of experience in the retail arena is joining the strong management team currently in place. With the recent investment of an additional $5 million by Sun One Price LLC and various cost-cutting initiatives already in place, we believe the addition of John’s leadership to the team puts the company in a solid position for future success.”
The $5 million secured loan from Sun One was engineered “to maximize our ability to purchase key merchandise for the holiday season,” Swedin said. “With this additional capital, we expect to optimize our product mix for the fourth quarter, as well as take advantage of outstanding buying opportunities that currently exist in the marketplace.”
One Price has been battling weak sales and steep losses in the past year. Net losses for the past four quarters have totaled $27.5 million, $5.3 million of that in the second quarter ended Aug. 2. In the third quarter ended Nov. 1, sales, impeded by 60 fewer stores than in the prior-year quarter, dropped 15.1 percent to $62.3 million while comparable-store sales receded 8.4 percent.
In disclosing sales for the quarter last week, Swedin pointed out, “Third-quarter sales suffered due to lackluster consumer demand and continuing economic uncertainty, particularly among the ethnic customer population targeted by the company.”He also cited, as did other retailers reporting lackluster sales results last month and during the third quarter, “acute price competition” and “unseasonably warm weather” in October for the poor performance.
Last month, One Price filled a vacancy internally, appointing C. Burt Duren, formerly vice president of finance and treasurer, to be its new senior vice president and chief financial officer.
Back in June, Sun One, an affiliate of Sun Capital Partners, a private investment firm based in Boca Raton, Fla., plowed $7 million into One Price, effectively gaining control of 85 percent of the company’s stock, and concurrently received a $10 million increase in its credit line, to $54.7 million, from Congress Financial Corp.
Both components required accounts-receivable concessions from One Price’s vendors.
The management change failed to excite investors, who sent One Price shares down 14 cents, or 21.5 percent, to close at 51 cents in over-the-counter trading.
My character, Dinah Madani, is just the coolest, [most] badass woman imaginable," says @amberroserevah. The actress stars in @marvel's newest series on @netflix, @thepunisher. To prepare for her role, Revah sat down with Homeland agents to get a real sense of with Dinah's day-to-day life is really like. Read our full interview on WWD.com. #wwdeye (📷: @jilliansollazzo)
A scene from the 91st annual @macys Thanksgiving Day Parade. The parade, which boasts 50 million TV viewers and 3.5 million on-site spectators, is considered one of the largest and most watched parades in the world. (📷: Jason Szenes/EPA-REX)
The circus came to @bloomingdales 59th Street on Tuesday night and lit up Lexington Avenue with acrobatic dancers, death-defying knife throwing, sword swallowing and aerial acts with no net. The 45 minutes of theatrics built up to unveiling the holiday windows depicting @swarovski crystal-encrusted circus pieces and scenes from “The Greatest Showman” – songs from the soundtrack included. See the rest of the photos on WWD.com #wwdfashion (📷: Joshua Scott)
The psychedelic fashion that pervaded the ’60s is back with an exhibit at the @museumofcityny. “Mode New York: Fashion Takes a Trip” chronicles the changing styles from 1960 through 1973 and features designers such as @ysl, @oscardelarenta and more. The exhibition, which is on display through April 1, is organized into four periods: First Lady Fasion, Youthquake, New Bohemia and New Nonchalance. Pictured here is model Pat Bardonella during the Garvey Day Parade in 1968. (📷: @kwamebphoto) #wwdeye #wwdfashion
“People should be a lot more honest in expressing both the dark and light of themselves. We need to give each other the space to do that because it’s the only way we can grow and evolve,” says @noelwells of her new film “Mr. Roosevelt,” which is largely based on her own struggles. Unexpectedly leaving @nbcsnl in 2014 after just one season, Wells felt set back in her self-esteem and career trajectory. She quickly refocused her energy to more personal projects, which led to the completion of “Mr. Roosevelt.” Read the rest of WWD’s interview with the “Master of None” actress on WWD.com #wwdeye (📷: @jilliansollazzo)
@barbrastreisand is giving fans a chance to see her perform up close in a new concert series, which makes its debut on @Netflix today. From behind-the-scenes takes to her concert performance in Miami last December, the two-hour streaming special captures Streisand in her element. Pictured here is the singer/actress photographed for WWD in 1963. (📷: Palmieri Tony) #wwdeye #wwdarchive
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)