Stung by Stockholders, Eddie Bauer Exec Resigns

Redmond, Wash. — Outdoor lifestyle brand Eddie Bauer announced the resignation of president, ceo and board member, Fabian Mansson one day after the proposed private buyout of the company failed to get a sufficient vote of approval by shareholders.

The apparel-driven specialty retailer, which has several licenses in the home furnishings categories, said it would proceed with its turnaround strategy.

Howard Gross, a member of the board, has been named interim ceo as the board conducts a search for a permanent ceo. Gross has more than 35 years of experience in the retail apparel industry, having served as president and ceo of Limited Stores and Victoria's Secret Stores, and in top executive posts at other fashion companies.

On Feb. 8, the special stockholder meeting turned down the proposal to sell the publicly traded company to Eddie B Holding Corp., a company owned by affiliates of Sun Capital Partners, Inc. and Golden Gate Capital, for $9.25 in cash per share. Mansson's resignation was announced on Feb. 9.

Thomas RussellThomas Russell | Associate Editor, FurnitureToday
trussell@furnituretoday.com

I'm Tom Russell and have worked at Furniture/Today since August 2003. Since then, I have covered the international side of the business from a logistics and sourcing standpoint. Since then, I also have visited several furniture trade shows and manufacturing plants in Asia, which has helped me gain perspective about the industry in that part of the world. As I continue covering the import side of the business, I look forward to building on that knowledge base through conversations with industry officials and future overseas plant tours. From time to time, I will file news and other industry perspectives online and, as always, welcome your response to these Web postings.

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