Fabric and craft merchandise Rag Shops Inc announced that Mr. Mark Syrstad has been appointed its new President and CEO, replacing Ronald Staffieri who has resigned to pursue personal interests.
An affiliate of Sun Capital Partners Inc, a leading private investment firm specializing in leveraged buyouts of market-leading companies, acquired Rag Shops in September 2004.
Mr. Syrstad has more than 30 years experience in executive management positions with leading U.S. specialty retailers including service as: President Retail Stores, Carter's Inc, the largest U.S. branded marketer of apparel exclusively for babies and young children with 195 retail stores President and CEO of The Gingiss Group Inc. a formalwear retailer with 268 stores President and CEO of McWhorter's Inc, a retailer of stationery, cards, gifts, and office products with 37 locations and President and CEO of Motherhood Maternity Inc, a maternity retailer with 312 stores.
T. Scott King, Managing Director, Sun Capital Partners, Inc., commented, "We are pleased to attract an executive with Mark's leadership ability and extensive retail expertise in brand development. His operational and merchandising experience uniquely qualifies him to lead the management team in building Rag Shops' business and brand to compete effectively in the crafts and fabric sector."
Mark Syrstad, President and CEO of Rag Shops Inc, added, "I am delighted to be joining Rag Shops at this critical point in its development and look forward to working with its management team and suppliers building upon its position as a leading retailer of quality craft merchandise."