New Boss at Charlotte Russe

Charlotte Russe Holding Inc. (San Diego) announced the promotion of Mark Hoffman to ceo. The announcement coincided with the specialty retailer's release of third quarter results, which reported an increase in net sales while comparable store sales continued to decline.

Hoffman, who joined the company about two years ago and has served in almost every aspect of the business, replaces Bernard Zeichner, who will remain chairman of the board of directors. Hoffman was also elected to the board.

“Mark has made significant contributions as we have executed our national expansion, and he has clearly demonstrated his leadership skills,” says Zeichner. “As ceo, he will now assume overall leadership to include the merchandising organization.”

Hoffman is taking over at a time when the retailer announced that net sales for the quarter ended June 2003 rose 5 percent from the same quarter last year, while comparable store sales decreased 16.1 percent.

During this period, the retailer closed its 10 Charlotte's Room stores, as previously announced, bringing its total number of stores, operating under the names Charlotte Russe and Rampage, to 293.

Hoffman said based on current sales trends, the retailer has revised its expansion goals. It now plans to open up to 70 locations during fiscal 2003 ending September 2003, and 50 stores in fiscal 2004.