Francesca's Merchandising Chief Resigns

   By Chelsey Dulaney 
 

Francesca's Holdings Corp. (FRAN) said Tuesday that merchandising chief Sei Jin Alt has resigned, the latest leadership shift at the struggling boutique retailer.

Ms. Alt, a former J.C. Penney Co. executive who has been Francesca's chief merchandising officer since 2012, will remain in the role until Nov. 20. Francesca's said it has initiated a search for her replacement.

Under new Chief Executive Michael Barnes, who joined the company late last year after the resignation of Neill Davis, the retailer has been focused on improving its comparable sales performance.

Francesca's focuses on 18-to-35-year-old female customers and designs locations to look and feel like independently owned upscale boutiques. Though its apparel sales have been soft lately, its gifts and accessories categories have helped to drive growth.

In July, Greg Brenneman and Richard Zannino, partners at CCMP Capital, resigned from Francesca's board. Mr. Brenneman and Mr. Zannino had joined the board in 2010 when CCMP took a controlling stake in the company. CCMP hasn't had an ownership interest in the company since 2013.

Shares of Francesca's are down 32.5% this year through Monday's close.

Write to Chelsey Dulaney at [e-mail]

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(END) Dow Jones Newswires

August 18, 2015 08:15 ET (12:15 GMT)

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