FACTORY 2-U STORES, INC. Names William R. Fields, Chairman of Board and Chief Executive Officer; Former President and CEO of Wal-Mart Stores Division.Business Editors SAN DIEGO--(BUSINESS WIRE)--Nov. 7, 2002 Board of Directors Establishes Lead Director Position FACTORY 2-U Factory 2-U is a chain of department stores that are located mostly in the Western United States selling clothing, domestics, and merchandise, founded in 1962, originally private owned. They have 6000 employees with more than 10 stores. STORES, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (Nasdaq: FTUS FTUS Full-Time Unit Support ) today announced the appointment of William R. Fields as Chairman of the Board and Chief Executive Officer of the Company. Mr. Fields replaces Mike Searles who was named President and Chief Executive Officer of the Company in March 1998 and Chairman of the Board in November 1998. During his tenure revenues grew from $300 million to over $580 million, while total stores increased from 164 to 258. Mr. Fields, 53, served as President and Chief Executive Officer of Wal-Mart Stores Division during 1993-96. He originally joined Wal-Mart in 1971 as Assistant Store Manager and was promoted over the next 24 years to various management positions in strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. for store operations, distribution, transportation, finance, merchandising and sales. Most recently he served as Chairman and Chief Executive Officer of Blockbuster Entertainment Group (1996-97), President and Chief Executive Officer of Hudson's Bay Company Hudson's Bay Company, corporation chartered (1670) by Charles II of England for the purpose of trade and settlement in the Hudson Bay region of North America and for exploration toward the discovery of the Northwest Passage to Asia. (1997-99) and Chairman and Chief Executive Officer of Apec China Asset Management, Ltd. (1999 to October 31, 2002). He serves on various professional and business Board of Directors, including, The University of Texas Pan, American Foundation, Lexmark International, The ADX ADX Average Directional Movement Index ADX Automatic Data Exchange Adx Adrenodoxin ADX Adrenalectomized ADX Accumulation/Distribution Index ADX Air Defense Exercise ADX Administrative Maximum Facility ADX Address Cross Reference Company-Advanced, Data Exchange and several other organizations. He received a BA, Economics and BS, Business at the University of Arkansas The University of Arkansas strives to be known as a "nationally competitive, student-centered research university serving Arkansas and the world." The school recently completed its "Campaign for the 21st Century," in which the university raised more than $1 billion for the school, used in 1971. The Company also announced that the Board of Directors had established the position of Lead Director naming Ronald Rashkow to this new Board responsibility. Mr. Rashkow has been a director of Factory 2-U Stores since 1997, and has been a principal of Chapman Partners, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , an investment banking firm, since its founding in September 1995. For more than five years prior to that, he served as Chairman and Chief Executive Officer of Handy Andy Handy Andy may refer to:
FACTORY 2-U STORES, INC. operates 261 "Factory 2-U" off-price retail stores which sell branded casual apparel for the family, as well as selected domestics and household merchandise at prices which generally are significantly lower than the prices offered by its discount competitors. The Company operates 34 stores in Arizona, 3 stores in Arkansas, 64 stores in southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, , 63 stores in northern California, 1 store in Idaho, 5 stores in Louisiana, 3 stores in Missouri, 8 stores in Nevada, 9 stores in New Mexico, 2 stores in Oklahoma, 15 stores in Oregon, 2 stores in Tennessee, 36 stores in Texas, and 16 stores in Washington. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, and actual results could differ materially from the Company's present expectations. Among the important factors that could cause actual results to differ materially from those indicated in the forward-looking statements are: customer demand and trends in the off-price apparel industry, the effect of economic conditions, the impact of competitive openings and pricing, supply constraints or difficulties, and other risks detailed in the Company's Securities and Exchange Commission filings. |
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