Charming Shoppes strengthens its global sourcing team

03 Nov '09

5 min read

Eric M. Specter, Executive Vice President and Chief Financial Officer of Charming Shoppes, Inc. commented, "The Company will receive payments from Alliance Data based on credit sales generated by the private label credit card portfolio. These payments are expected to substantially replace the Company's net credit contribution related to its credit card portfolio, based on the trailing twelve months ended August 1, 2009."

BofA Merrill Lynch and Barclays Capital served as financial advisors to Charming Shoppes, Inc. on the transaction for the sale of the Company's credit card receivables program.

Charming Shoppes also announced it has strengthened its global sourcing team through the addition of four brand sourcing executives to the organization.

Jim Fogarty commented, "Improving our global sourcing - our strategies, our execution, and accelerating our drive for superior product value, while improving "like for like" cost of goods sold savings across all of our brands - has been one of my key initiatives for our organization. Each of our new brand sourcing executives are charged with developing a brand appropriate sourcing strategy and will work together with our head of global sourcing and our brand teams to execute these strategies and optimize and leverage our vendor base. I am very pleased with the quality of the sourcing talent we are fielding and am happy to welcome each of them to Charming Shoppes."

The Company's appointments included:
Roland Medrano, Senior Vice President, Sourcing, Lane Bryant - Roland joins Lane Bryant from Gear for Sports where he held the position of Senior Vice President of Supply Chain for six years, responsible for Global Sourcing, Inventory Management, Quality Assurance, Corporate Social Responsibility, Customs & Logistics and eight international buying offices. Prior to Gear for Sports, Roland led the Sourcing function at JCPenney and had VP responsibility for Sourcing and Production at Gymboree, Young Stuff Apparel and Speedo.

Larry Burak, Senior Vice President, Sourcing, Fashion Bug - Larry has built a successful 30+ year career in global sourcing, manufacturing and operations. His most recent role was as Senior Vice President, Chief Operating Officer with Warnaco Swimwear Group where he was responsible for operations in both the eastern and western hemispheres. Larry's career also includes senior leadership roles with Liz Claiborne, Guess Jeans, Limited and Kellwood.

Donna Perri, Vice President, Sourcing, Catherines - Donna joins Catherines from Talbots where she was most recently Vice President of Global Sourcing for all woven categories for the Talbots Brand and Premium Outlets. Before joining Talbots, Donna was Senior Director, Product Development, Production and Sourcing at Guess?Inc., and Director of Global Sourcing and Product Development, Wovens for one year at Ann Taylor, and six years in their Loft division during its formative years.

John Gambino, Vice President, Sourcing, Lane Bryant Outlet - Prior to joining Lane Bryant Outlet, John's most recent role was Global Sourcing/Manufacturing and Product Development Director at Liz Claiborne. His prior positions during his 17-year career at Liz included Director of Technical Service and Director Corporate Quality Assurance. Earlier in his career, John was Production Manager at Cattiva Outerwear and Production, Manufacturing and Quality Manager at Bert Newman in New York.

Charming Shoppes, Inc

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