Francesca's Merchandising Chief Resigns
August 18 2015 - 8:30AM
Dow Jones News
By Chelsey Dulaney
Francesca's Holdings Corp. (FRAN) said Tuesday that
merchandising chief Sei Jin Alt has resigned, the latest leadership
shift at the struggling boutique retailer.
Ms. Alt, a former J.C. Penney Co. executive who has been
Francesca's chief merchandising officer since 2012, will remain in
the role until Nov. 20. Francesca's said it has initiated a search
for her replacement.
Under new Chief Executive Michael Barnes, who joined the company
late last year after the resignation of Neill Davis, the retailer
has been focused on improving its comparable sales performance.
Francesca's focuses on 18-to-35-year-old female customers and
designs locations to look and feel like independently owned upscale
boutiques. Though its apparel sales have been soft lately, its
gifts and accessories categories have helped to drive growth.
In July, Greg Brenneman and Richard Zannino, partners at CCMP
Capital, resigned from Francesca's board. Mr. Brenneman and Mr.
Zannino had joined the board in 2010 when CCMP took a controlling
stake in the company. CCMP hasn't had an ownership interest in the
company since 2013.
Shares of Francesca's are down 32.5% this year through Monday's
close.
Write to Chelsey Dulaney at chelsey.dulaney@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 18, 2015 08:15 ET (12:15 GMT)
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