Flooring America Makes Management Changes; Restructuring Key to Moving Company Forward.Business Editors ATLANTA--(BUSINESS WIRE)--June 22, 2000 Flooring America, Inc. (NYSE NYSE See: New York Stock Exchange :FRA Fra: see Angelico, Fra; Bartolommeo di Pagholo del Fattorino, Fra; Fra Filippo Lippi under Lippi. ) today announced several senior executive moves as part of its continuing effort to reorganize re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. the company and refocus Verb 1. refocus - focus once again; The physicist refocused the light beam" focus - cause to converge on or toward a central point; "Focus the light on this image" 2. on its core business. Flooring America filed for Chapter 11 bankruptcy protection last Thursday. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. David Nichols, the changes and promotions represent the type of executives and structure Flooring America needs to move forward. "These executives will be the core of a renewed Flooring America," said Nichols. "They are committed to rebuilding this company the right way, and the new talent and positions will help us maximize the skills of our top executives." As previously announced, Mike Cherico has been named president of the Flooring America franchise system and will remain as president of GCO GCO Google Check Out GCO Georgia Carpet Outlet GCO Ground Communication Outlet (aviation) GCO Global Children's Organization (Los Angeles, CA) GCO GeorgiaCarry. Carpet Outlet franchise system. Cherico has many years of experience in the franchise business, which will be key as Flooring America shifts its focus towards a business model emphasizing franchising. Other changes include:
-- Jim Frede, a veteran of Mercantile Stores Company and
Federated Department Stores, has joined Flooring America as
executive vice president for operations. Frede has an
extensive background in operations, logistics, and execution.
All retail stores now will report directly to Frede.
-- Also as previously announced, Ron Dunn will remain president
of Carpets Plus, a division of Flooring America. Dunn was a
member of the team that helped Mohawk Carpet grow from a $250
million to a $1.8 billion company in four years. This
experience will provide invaluable industry expertise for the
new Flooring America team.
-- Steve Coburn, formerly executive vice president of operations,
has become the company's chief financial officer.
-- Sue Salg has been named senior vice president of planning. An
eight-year Flooring America veteran, Salg previously has
served as the company's controller and handled budgeting,
projections and financial analysis. She will help identify any
other potential company store closings.
-- Bart Levich has been named president of merchandising. A
30-year industry veteran, Levich has held various positions
with Shaw Industries, Nebraska Furniture Mart, New York Carpet
World and Carpet One. He joined Flooring America in December
as senior vice president of merchandising.
Statements included in this press release that are not historical in nature, are intended to be, and are hereby identified as "forward looking statements" for the purposes of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provided by Section 21 of the of the Securities and Exchange Act of 1934. Flooring America cautions readers that actual results or events may differ from those indicated in forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Headquartered in the Atlanta suburb of Kennesaw, Flooring America, Inc. is the nation's largest dedicated retailer of floor covering. Flooring America's stores offer a complete selection of carpet, ceramic tile, hardwood, vinyl and resilient surfaces from the industry's leading manufacturers. |
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