Eddie Bauer Holdings Inc announced the resignation of its President, CEO and Board member, Fabian Mansson. Howard Gross, a member of the Board, has been named Interim CEO as the Board conducts a search for a permanent CEO. Howard has over 35 years of experience in the retail apparel industry, having served as President and CEO of Limited Stores and Victoria's Secret Stores, as well as CEO of the Hub Distributing, Millers Outposts, and Levi's Outlet Stores divisions of American Retail Group Inc.
"On behalf of the entire Board, I'd like to thank Fabian for his leadership over the past four and a half years," said William End, Chairman of the Board. "He guided the Company through its difficult reorganization and the early stages of its turnaround and restored positive sales momentum this past Holiday season with the refocusing of the Company's product line. We wish him well in his future endeavors."
Mr. Gross commented, "Our Board is committed to taking the necessary actions to put Eddie Bauer on a path to improve its performance and capitalize on the strong potential of its brand. We are moving forward thoughtfully and expeditiously to position the Company to execute its turnaround strategy."
As previously announced, at a special meeting of stockholders held on February 8, 2007, an insufficient number of shares were voted in favor of approving the Company's proposed sale to Eddie B Holding Corp, a company owned by affiliates of Sun Capital Partners Inc and Golden Gate Capital. As a result, the Board is evaluating appropriate next steps for the Company to effectuate its turnaround.
Eddie Bauer Holdings Inc, USA
marketing@alchempro.com
