(Filed Under wholesale Lingerie News). After posting a 65.2 percent adjusted EBITDA decline during the recent second quarter, Charming Shoppes Inc. announced today that James (Jim) P. Fogarty has stepped down as C.E.O of the company, a position he has held since April of last year. He has also resigned from the board of directors.
The company has promoted Anthony M. Romano, E.V.P of global sourcing and business transformation, to the position of C.O.O. As the board of directors searching for a new C.E.O, all brand presidents will report to Romano. Michael Blitzer, a principal of corporate advisory firm Portsmouth Partners LLC, will join the company's board and will also serve as a consultant during the C.E.O searc. He will be a key advisor to Romano, and will report to Michael Goldstein, chairman of the board.
As of October 2, Charming Shoppes operated 2,094 stores in 48 states under the Lane Bryant; Cacique; Lane Bryant Outlet; Fashion Bug; Fashion Bug Plus; and Catherines Plus Sizes names.
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