Lifestyle

Tailored Brands Taps Neiman’s Richardson for CFO Role – WWD

Tailored Brands has named Brandy Richardson its chief monetary officer, efficient Nov. 8.

The boys’s tailor-made clothes retailer has saved a low profile since its chief government officer, Dinesh Lahti, and chief service provider, Carrie Ask, left the agency in March, three months after it emerged from chapter. The corporate introduced veteran Peter Sachse on board as interim co-CEO at the moment, sharing these duties with former Lowe’s CFO Bob Hull. John Tighe, who had labored for J.C. Penney Co. Inc. and Peerless Clothes, was introduced on board as chief buyer officer.

Richardson has greater than 20 years of expertise in finance, enterprise transformation, strategic planning and execution, capital allocation and investor relations. She most lately served as government vp and CFO of Neiman Marcus Group, the place she performed a pivotal function within the firm’s Chapter 11 restructuring and helped refinance the exit debt services. At Tailored Brands, she is going to serve on the corporate’s government committee and have duty for all points of finance in addition to actual property and loss prevention.

“Brandy joins us at a time after we are well-positioned to speed up our enterprise methods, delivering for our clients and positioning every of our manufacturers — and the groups that help them — for long-term success,” stated Hull. “Brandy brings a wealth of data and expertise in managing a portfolio of corporations, growing liquidity, enhancing capital allocation and driving worth creation. Our management staff and board of administrators are assured that her forward-thinking management is the suitable match on the proper time.”

Sachse added: “The expertise Brandy brings from her roles in technique and finance will present a complete perspective as we proceed to navigate the ever-changing retail surroundings and present up robust for our clients in all of the moments that matter. We’re excited to have Brandy be part of our management staff as we decide revolutionary methods to execute towards our strategic priorities and additional our success.”

Previous to becoming a member of Neiman Marcus Group, Richardson was with Cardinal Well being, a medical tools producer, and Ernst & Younger LLP.

Tailor-made Manufacturers filed Chapter 11 in August of 2020. It emerged from chapter in December with $678 million much less in debt, 500 fewer shops, a $430 million asset-based mortgage facility, a $365 million exit-term mortgage and $75 million of money from a brand new debt facility.

Nevertheless, in early March, the corporate stated it wanted an extra $75 million to be able to maintain working. Tailor-made Manufacturers secured that sum — which consists of $50 million of mandatorily convertible notes and $25 million in extra senior secured debt — from Silver Level Capital LP, one in every of its current lenders and its largest fairness holder.

https://wwd.com/menswear-news/mens-retail-business/tailored-brands-neiman-marcus-brandy-richardson-cfo-1234979302/ | Tailor-made Manufacturers Faucets Neiman’s Richardson for CFO Function – WWD

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