Updated: May 07, 2019 09:00 PM
Maurices President and CEO George Goldfarb says more jobs could be coming down the pike for maurices. This comes after the women's retail store announced the $300 million sale with with European private equity firm OpCapita is final.
"This is an exciting day for our maurices family,” George Goldfarb said in a news release. “We’ve had strong holiday and early spring sales, and are looking forward to building on our momentum with our new owners, OpCapita, who are truly invested in adding even greater value to the maurices brand by providing additional resources and expertise.”
Goldfarb says OpCapita saw the potential for growth in maurices' sales and profits. The selling process took about 16 months, and maurices is OpCapita's first U.S. investment.
"What was so apparent through the process, which went on for almost 16 months, the selling process was the value of our people to OpCapita. There was three things that they (OpCapita) really saw: the value of our people, the value of our market positioning, and the growth potential," Goldfarb told WDIO News.
Ann-Marie Stojevich has been with maurices for around 20 years. She is the Vice President of Visual Merchandising, and leads a team that figures out things like how to dress the mannequin in stores.
She says the sale will allow her to learn something new from a company with different experiences, and she believes the sale will be beneficial for both maurices and OpCapita.
"I think it's really about being in a partnership, so I think they will learn from us, we will learn from them, and I think together we're just going to come up with something really, really great that we haven't done before," said Stojevich.
There are currently 940 maurices stores across the U.S. and Canada. Goldfarb says OpCapita has significant experience taking brands to the next level in Europe. He believes the same potential is there for the maurices stores saying, "the future is very, very promising."
"One of the things that they do so well is they come in, and they assist and provide their experience, their critique of some of the opportunity areas and three of them that were so clear was around sourcing, around inventory management, and around e-commerce," Goldfarb told WDIO News.
“OpCapita clearly recognizes the value of our people, market position and growth potential. We have a strong market niche and proudly operate 940 stores in communities across the U.S. and Canada, as well as a growing online business. OpCapita has significant experience in taking brands to the next level in Europe, and will help us best serve our customers and grow the organization,” Goldfarb said in the release.
OpCapita announced the $300 million transaction back in March.
“OpCapita invested in maurices because of its compelling position in the markets it serves and loyal customer following,” Henry Jackson, Chief Executive of OpCapita said in the release. “We are building from a strong foundation and believe we can provide additional value by applying several of the operational improvement strategies we have successfully implemented in the past, with a focus on optimizing sourcing, e-commerce, and inventory management. Our goal is to offer our customers the right product at the right price.”
Maurices will continue to be led by Goldfarb, and its current management team. Some members of the maurices management team are also investors in the transaction.
Maurices headquarters will remain in downtown Duluth.
The release says maurices will continue to leverage certain managed services through ascena Retail Group, which maintains a minority stake.
Updated: May 07, 2019 09:00 PM
Created: May 07, 2019 09:32 AM
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