Footwear Insight

footwearinsight.com THE FOOTWEAR EYE Modell's Is Moving Forward IN THE NEWS May/June 2019 ~ Footwear Insight • 15 S ome two months after news broke that it was working with restructur- ing advisor Berkeley Research Group (BRG), New York retail institution Modell's Sporting Goods is in the midst of plotting its future without BRG — and appar- ently without the need for a bankruptcy filing. CEO Mitch Modell told the Wall Street Journal that the retailer has hired a new CFO, will inject $6.8 million in new capital into the business shortly, has scored rent concessions from some landlords and will close an unspecified number of its current 150 doors as it shifts to some smaller formats. It's not immediately clear if Modell's go-forward strategy will focus exclusively on its home New York-New Jersey market or continue to include a presence in other Northeast corridor metro areas such as Boston, Philadelphia and Washington, D.C. David Stern is replacing BRG's Mark Renzi as Modell's EVP/Chief Financial Officer. Stern's 25-year career includes stints with Pep Boys and A.C. Moore Arts & Crafts. He is expected to play a role in strategic planning and growth opportunities for the retailer while also over- seeing finance and information technology. Modell told the WSJ that he and his chief merchant, Charles Castaneda, have personally reached out to all of the chain's 300 vendor partners in recent weeks to regain their confi- dence and financial backing while also assuring a steady flow of deliveries to the retailer. l S an Rafael, CA-based comfort brand Vionic has added two members to its executive team, naming Jerry Williamson SVP of global sales and Angela Caltagirone SVP of digital and brand marketing. Williamson previously served as EVP of sales for Lucca Lane and Latigo Footwear for Footwear Unlimited, and before that was director of sales at UGG, where he oversaw the women's and kids' busi- nesses. Caltagirone previously led the digital team at Williams-Sonoma. "Both Angela and Jerry will be tre- mendous assets to our business and will give us additional leadership and support in the coming years," Vionic president Connie Rishwain said in a release. "Jerry and I had a great part- nership at UGG and I am thrilled that we will work together again!" l Vionic Beefs Up Executive Team

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