Children's apparel and accessories retailer The Children's Place Retail Stores, Inc. (PLCE) Friday named Jane Elfers as its president and chief executive officer, effective January 4, 2010. The New Jersey-based company also appointed Elfers to its board.
Elfers has served as president and CEO of one of the nation's oldest department store, Lord & Taylor, from 2000 to late 2008, and is considered the architect of Lord & Taylor's turnaround strategy. It was during her tenure that Lord & Taylor's poor-performing stores were closed and merchandise was refocused with trendier and upscale brands.
Lord & Taylor was taken over by NRDC Private Equity in 2006, by which time Elfers' strategies to rejunuvate the vastly neglected company by its former parent, Federated Department Stores, were underway.
Later, in October 2008, Elfers was replaced by the then chief of Neiman Marcus Direct, Brendan Hoffman. It was published in one of the reports that NRDC's chief called her the "Joan of Arc of Lord & Taylor." Elfers began her retail career at New York-based department store chain Macy's Inc. (M).
In addition to this, Children's Place also stated today that Chuck Crovitz, who has served as interim CEO since September 2007 and as a company director since 2004, will remain a member of the board.
In a statement, Norman Matthews, Chairman of Children's Place, stated, "Jane is a highly talented merchant and a visionary leader. Her deep knowledge of merchandising and marketing, coupled with hands-on operational experience, makes her the ideal leader to take The Children's Place to the next level as the Company seeks to further expand its market share and enhance shareholder value."
PLCE is currently trading on the Nasdaq at $29.40 per share up $0.33 or 1.14% on a volume of 554,459 shares. In the past 52-week period, the shares have been trading in a range of $17.09 to $37.68.
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