Yapingguo.com raises $50 million from Rothschild Group and CID Group of Taiwan.
James Fogarty also resigns his spot on the apparel retailer’s board of directors.
James P. Fogarty has left his job as CEO of Charming Shoppes Inc., a women’s apparel retailer. He also has resigned his spot on the board of directors. While the board searches for a new CEO, company operations will be overseen by Anthony Romano, who has been promoted to chief operating officer from executive vice president of global sourcing and business transformation.
Fogarty served for 18 months. The company would not give a specific reason for his departure and Fogarty could not be reached for comment. “Under his leadership we have made substantial progress on the financial and operational phase of our restructuring by improving our balance sheet, increasing our liquidity, reducing costs and strengthening our management team,” says Michael Goldstein, board chairman.
Charming Shoppes, No. 128 in the Internet Retailer Top 500 Guide, operates four e-commerce sites: lanebryant.com, cacique.com, fashionbug.com and catherines.com. Last month, the retailer reported a second quarter net loss of $8.6 million compared with net income of $4.9 million in the second quarter of 2009. Web sales, however, increased 36.8% to $30.5 million from $22.3 million in the second quarter of 2009.
Romano served as an executive vice president since 2009, the retailer says. Michael Blitzer, a principal of corporate advisory firm Portsmouth Partners LLC, will join the Charming Shoppes board and advise Romano.