Apparel retailer Innovo appoints CEO, sees loss for 4Q
18 Jan '06
3 min read
Apparel maker Innovo Group Inc has announced a series of strategic initiatives designed to improve its financial performance, enhance its platform for the future, and improve shareholder value.
The Los Angeles-based company stated that Marc Crossman, President and CFO, will assume the additional title of Interim Chief Executive Officer and agreed to terminate its CEO Samuel Furrow but he will remain a company director.
The company plans to hire an investment bank to help in implementing and/or seeking strategic alternatives, and is currently in discussions to sell or exit its indie™ branded apparel business. It plans to align the organization's people and its resources behind its premier asset, Joe's Jeans.
Marc Crossman, Interim Chief Executive Officer, stated, "The Joe's brand is one of the strongest labels in the premium denim market which commands high price points and carries strong margins for both us and our retail customers. It is our intent to focus our efforts on unlocking the substantial value that this brand has developed over the last few years.”
"In addition to focusing on this strategic vision, we will take the necessary financial and operational steps to support this key initiative," continued Crossman.
The company also expects its fourth quarter performance to be below analysts' expectations. It predicts revenues of approximately $108 million which are within prior expectations and net sales of approximately $19.8 million for the fourth quarter.
marketing@alchempro.com
