Cache Announces the Appointment of Brian Woolf as Chairman and Chief Executive Officer and Announces Thomas Reinckens Promoted to President, Chief Operating Officer.Business Editors NEW YORK--(BUSINESS WIRE)--Oct. 10, 2000 Cache, Inc., (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CACH CACH Canyon de Chelly National Monument (US National Park Service) CACH Carolina Chickadee CACH Canadian Adult Congenital Heart Network CACH Chicago Area Consolidation Hub (United Parcel Service) ), a specialty chain of 211 women's apparel stores, announced today the appointment of Brian Woolf as Chairman and Chief Executive Officer. Mr Woolf joins Cache from Limited Stores where until recently he held the position ExecutiveVice President and General Merchandise Manager. Separately, the Company announced the appointment of Thomas Reinckens to the position of President, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . Mr. Reinckens previously held the position of Executive Vice President, Chief Financial Officer at Cache. Commenting on the executive changes at Cache, Andrew Saul  This article or section contains information about one or more candidates in an upcoming or ongoing election.Content may change as the election approaches. , former Chairman, stated "the timing was right to add an executive with the extensive merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. experience and leadership qualities Brian Woolf has. I believe the new executive team led by Brian and Tom will ultimately allow Cache to reach its true potential." The Saul family controls approximately 75.6% of the outstanding common stock of Cache. Andrew Saul will continue as a director of the company. The Company also announced its expects to report a quarterly loss for its third quarter, which ended on September 30, 2000, greater than the 8 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. third quarter loss in 1999. The Company expects its nine months results for the current year will be approximately break even as compared to a profit of $1,455,000, $.16 cents per share, in 1999. Despite the disappointing nine-month results, the Company anticipates results for the fourth quarter, traditionally its strongest quarter, will be profitable. Cache reported profits of $2,554,000, $.27 cents per share, in the fourth quarter of 1999. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion