Paul Buxbaum, president and chief executive officer of Hampshire Group Ltd., has been elected chairman of the company’s board. In addition, Benjamin Yogel has been elected lead director. Both Buxbaum and Yogel have been members of Hampshire’s board since 2011 when the company acquired Rio Garment, a Honduras-based apparel manufacturer. Buxbaum was the owner of Rio and Yogel was a key investor.
Hampshire’s remaining directors — Peter Woodward, Robert Siegel, Bobby Melnick and Frank Tworecke — have been elected to serve until the 2014 annual meeting.
Last week, Hampshire sold its Scott James brand back to its founder, Scott Kuhlman.
In the three months ended March 30, Hampshire’s net losses grew to $5.4 million, or 72 cents a diluted share, from $5 million, or 74 cents, in the prior-year period. The reduction in loss per share was attributable to an increase in the number of shares outstanding. Sales dropped 11.8 percent to $19.9 million from $22.6 million in the first quarter of 2012 as growth in sales from the new Dockers tops business failed to compensate for declines at Rio.