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Pacific Sunwear of California Inc., which is amid an auction of its Demo chain, announced the appointment of Michael Henry as interim chief financial officer, replacing Gerald Chaney, who resigned Thursday.
Henry, who has been with the surf-inspired retailer for more than seven years serving most recently as vice president and controller, will hold the position until a full-time replacement is found. Last month, the Anaheim, Calif.-based retailer announced the closure of its shoe retail unit One Thousand Steps and the auction of its 154 store urban apparel Demo chain, selecting Financo as the auction runner. The restructuring led to last week's poor earnings announcement. The retailer posted a loss of $20 million, or 29 cents per share, for the three months ended Nov. 3 compared with year-earlier net income of $9 million, or 13 cents per share. Excluding about $31 million of write-downs and inventory reserves related to the Demo stores, Pacific Sunwear earned 16 cents per share, a penny above analysts' average estimate of 15 cents, according to Reuters. — Matthew Wurtzel
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