February 5, 2011 by staff
Coldwater Creek, Coldwater Creek Inc. (Nasdaq: CWTR) announced today that Jill Dean Brown was appointed president and chief merchandising. Ms. Dean will be joining Coldwater Creek on February 14, 2011 and pass the Georgia Shonk Simmons, who has already announced his intention to retire. The Company also announced that Jerome Jessup, currently Executive Vice President, Creative Director, was promoted to President and Chief Creative Officer. Both Ms. Dean and Mr. Jessup will report directly to Dennis Pence, co-founder, president and CEO of Coldwater Creek.
Ms. Dean joined Coldwater Creek with over 25 years experience in retail and merchandising in the retail sector specialist. She has held several leadership roles throughout his career, most recently as Division President of Limited Too Tween Brands. Before that, Ms. Dean has spent 18 years with Limited Brands, serving as executive vice president, general manager for Victoria’s Secret stores lighthouse and President and CEO of Lane Bryant. Ms. Dean started her career in merchandising Brands Limited’s Express division.
Jill Dean Brown said: “I am delighted to be joining Coldwater Creek, as I believe that the Company has a strong heritage, a great team and significant growth potential. I am looking forward to working with the team of Coldwater Creek to provide our customers and relevant offers that appeal based on our heritage and the position of the Company to drive continued growth in sales and improved performance. ”
“We are extremely pleased to welcome Jill to the team from Coldwater Creek. Jill joined Coldwater Creek in a watershed in the history of the Company. She is an experienced trader with experience in retail and proven success in building consumer brands and repositioning, “said Dennis Pence. “We are also pleased to announce the promotion of Jerome to the President and Chief Creative Officer. Since coming to Coldwater Creek, he has updated and increased brand with our new creative initiatives, and we believe the changes it brings to the design and development of our products move from the Society in the right direction. ”
Mr. Pence continued: “On behalf of the Board of Directors and the Company, we thank Georgia for his many contributions to this organization over the past 12 years. She was instrumental in the construction of the Coldwater Creek brand and business growth and more than $ 1 billion revenue. We will miss her greatly and wish him well in his retirement. ”
“With these changes to our management team, we have now completed the reorganization of the areas of merchandising and design of Coldwater Creek. I am confident our new team and I look forward to seeing the results of the changes we have made in the months to come, “said Mr. Pence.
About Coldwater Creek
Coldwater Creek is a specialty retailer of leading women’s clothing, gifts, jewelry and accessories, which was founded in 1984 and is headquartered in Sandpoint, Idaho. The company sells its merchandise through premium retail stores across the country, online at coldwatercreek.com and through its catalogs.
CAUTION REGARDING FORWARD-LOOKING INFORMATION:
This news release contains “forward-looking statements” within the meaning of securities laws, including statements regarding our future performance. These statements are based on management’s current expectations and are subject to a number of uncertainties, risks and assumptions that may not materialize or may be inaccurate. Therefore, our actual results may differ materially from those expressed or implied by such statements. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include, but are not limited to:
The inherent difficulty in forecasting consumer buying and retail traffic patterns and trends that continue to be erratic and are affected by factors beyond our control, such as the current macroeconomic conditions, high unemployment, persistent heavy promotional activities on the specialty retail market and competition conditions and the possibility that due to the lower than expected customer, or due to competitive pricing pressures, we may sell goods prices lower than expected margins, or loss;
Retention of key personnel;
Our new aesthetic design may take longer to implement than expected or may not resonate with our core demographic and target audience;
Difficulties in forecasting consumer demand due to changing fashion trends and consumer preferences;
The possibility that our sales and earnings forecasts will not be realized due to the changing business and economic conditions;
Our potential inability to recover fixed costs is substantial in our fleet of retail stores because of sluggish sales;
Our potential inability to continue to fund our activities solely with cash operating income due to lower or higher than expected costs, or both;
Delays we may encounter in finding merchandise from our foreign and domestic suppliers, including the potential inability of our suppliers, to finance the production of goods or command that we meet our production needs due to shortages raw materials or labor, risks related to our foreign sourcing strategy, and the possibility that foreign outsourcing can lead to a reduction in our supply costs or improve our margins;
Increasing competition from discount retailers and companies that have introduced concepts or products similar to ours;
Difficulties in anticipating and managing customer returns and the possibility that customer returns will be greater than expected;
The difficulties inherent in managing the catalog, which we incur substantial costs before the shipment we are not able to recover, and the possibility of an unexpected increase in costs of mailing and printing;
Unexpected costs or problems associated with our efforts to manage our expanding and increasingly complex business, including our current efforts to improve key management information systems and control;
The risk that the expected benefits of our strategic initiatives will not be achieved or may take longer to achieve than we expect;
And other factors discussed in our most recent annual report on Form 10-K and its quarterly reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. You should not place undue reliance on forward-looking statements, which are based on current expectations and speak only as of the date of this release. We assume no obligation to publicly release any revisions to forward-looking statements to reflect events or changes in expectations after the date of this release.
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