JENNA LANE APPOINTS GARY COFFEY
NEW YORK — Jenna Lane Inc. has named Gary A. Coffey chief operating officer.
Coffey fills the void left by Mitchell Dobies, who last month gave up daily responsibilities at the maker of moderate-price women’s sportswear and children’s wear, where he was president and co-chief executive officer. As reported, Dobies was named vice chairman and will remain a member of the board.
Coffey had previously been senior vice president of finance and operations at Telebrands Corp., a telemarketing company.
He has also worked in senior financial and operational positions at Performance Team Logistics Corp., Michael Stevens Ltd., Mutterperl Ltd., Audre Inc. and Touche Ross & Co.
Jenna Lane also reported that it has laid off approximately 35 employees, or about 22 percent of its workforce. It said it reduced the salaries of approximately 28 other employees, all in upper to middle management, by 10 to 30 percent.
Charles Sobel, president, said that upper management took a 30 percent paycut, while middle management personnel had their paychecks reduced by 10 to 20 percent. The changes were effective Sept. 6, he said.
“We were letting overhead drive sales, instead of sales drive overhead,” said Sobel, who noted that he himself took a 30 percent pay cut.
The firm recently reported a net loss of $173,000 in the first quarter ended June 30 against earnings of $369,000, or 8 cents a share, a year ago.
Sales zoomed ahead 41 percent to $19.5 million from $13.8 million, primarily due to the addition of TLC for Girls, acquired in June 1998, and Impatiens dresses, launched in August 1998.