Andrew Hall, president and chief operating officer of Houston-based Stage Stores Inc., is to succeed Jim Scarborough as chief executive officer of the retail company on Nov. 3.
This story first appeared in the September 29, 2008 issue of WWD. Subscribe Today.
Scarborough, who is retiring, will continue as chairman and Hall will retain his title as president.
Hall joined Stage in 2006 after four years at Foley’s, the Houston-based division of then Federated Department Stores, as chief financial officer and later chairman. Earlier, he was cfo of Kaufmann’s Department Stores, a unit of May Department Stores Co. later acquired by Federated, which has been renamed Macy’s Inc.
Scarborough, former president and ceo of Busy Body Inc., joined Stage in 2000 as president and ceo and assumed the title of chairman the following year. During his time at the helm, Stage Stores expanded its geographical reach with the 2003 acquisition of Peebles, giving it a presence throughout the East, and solidified its business in secondary markets in the Southeast with the 2006 acquisition of B.C. Moore & Sons.
“Jim not only played the lead role in our successful reorganization efforts, but he was also instrumental in bringing about many needed changes and improvements in our business,” Hall said.
In addition to Peebles, the company’s principal nameplates are Bealls, Palais Royal and Stage. The firm operates 729 stores in 38 states and in 2007 had flat sales of $1.55 billion as net income dropped 4 percent to $53.1 million.
In the first six months of the year, sales were up 1.2 percent, to $726.2 million, but down 3.4 percent on a same-store basis. Net income in the first half declined 37.2 percent to $11.9 million. Same-store sales were down 8.3 percent in August and are expected to drop 1 to 3 percent during the second half of the year.
The company didn’t return calls about the appointment of a new chief operating officer.