OUT AT DOTS: Lisa Rhodes, chief executive officer of the bankrupt Dots chain, left the company this week. To fill the management void, two insiders — David Minnix, head of stores, and Lisa Surella, chief merchant — have been pumped up to copresidents.
Owner Irving Place Capital is actively seeking to sell the $325 million Dots chain, which went bankrupt. One source said a deal could happen within 30 to 60 days. Irving Place Capital declined to comment Thursday. Weeks ago, The Wet Seal Inc. showed interest, but it is currently not seen as a bidder, two sources said.
Dots filed bankruptcy last month. At the time, Rhodes blamed it on past management practices but some market sources pegged the difficulties on an overly ambitious volume buildup and weak sell-throughs resulting in stale merchandising. Rhodes joined Dots in August 2012. Previously, she headed up Wal-Mart’s New York fashion office, which shut down in February 2012. Before that, she was executive vice president and chief merchandising officer for Maurice’s.