American CinemaStores, Inc. Names Kathy Van Ness as
New President & CEO
Business Wire - June 25, 1997 08:32
LOS ANGELES--(BUSINESS WIRE)--June 25, 1997--American CinemaStores,
Inc.(NASDAQ:ACSI), announced today the appointment of Ms. Kathy Van Ness
as the new President and Chief Executive Officer for ACSI. Ms. Van Ness
brings more than 25 years of apparel industry executive management
experience to the Company. Most recently she was President of wholesale
businesses of Authentic Fitness Corporation (NYSE:ASM), where she managed
80% of ASM's revenues in brands such as Speedo, Anne Cole, and Catalina
until July 1996. Prior to ASM, Ms. Van Ness was General Manager/Vice
President for the publicly traded company V.F. Corporation's Jantzen
Division,and President of White Stag, division of Warnaco, also a
publicly traded company,(NYSE:WAC). Included in her extensive experience
in wholesale apparel management is eighteen years of retailing with
Federated Department Stores (NYSE:FD), Burdines Division.
A spokesperson for First Fidelity Capital, Inc. (Fidelity), the investment
banking firm participating in the restructuring of ACSI, stated: "We are
extremely pleased that an executive of Ms. Van Ness' stature has agreed
to spearhead the development of ACSI as an apparel company. Her proven
management skills exactly fit the requirements of ACSI, with the recent
acquisition of Susan Burrowes, Ltd. acting as the core for planned
acquisitions of related companies. Ms. Van Ness not only has extensive
managerial experience in the apparel industry, but also in running a
publicly traded company. During her tenure at ASM, the stock price
increased from $7.50 to $30.00 per share, reflecting increased earnings,
higher revenues and tighter cost controls."
Ms. Van Ness stated: "I am pleased to have this opportunity to take ACSI
further within the apparel industry with the financing having been made
available by Fidelity. This funding in conjunction with the ACSI
acquisition of Susan Burrowes provides an excellent base for expansion."
Christopher Ebert, who had been serving as interim President, continues
as Chief Financial Officer for ACSI. Further steps in the turn around
of ACSI will be announced shortly.
CONTACT: ACSI
Christopher Ebert, 213/725-4955
or
Fidelity
Christina Nable, 310/276-2255
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