Tarrant Realigns Executive Lineup
The Tarrant Apparel Group, one of Los Angeles’ largest apparel manufacturers, has reshuffled its executive management team and unveiled a $45 million factoring facility.
Barry Aved, president of Tarrant, will take on the added title of chief executive officer, a position held until recently by Tarrant founder Gerard Guez, who will retain his position as chairman of the board.
Aved has 40 years of experience in the retail industry, including a stint as chief executive of Lerner New York. The 61-year-old executive has been on Tarrant’s board since 1996 and was president of the company from 1999 to 2000. He returned as president last year.
“Since he assumed the role of president in September 2003, Barry has been integral to the management and operation of our company,” Guez said in a prepared statement released on Aug. 2. “In recognition of his contributions, we are pleased to promote him to the role of chief executive. I look forward to continuing to provide strategic input and oversight as the company’s chairman of the board, a position I have held since 1995.”
Patrick Chow, Tarrant’s chief financial officer since early 2002, is stepping down for personal reasons, according to Guez. He will be replaced by Corazon Reyes, who has been with the company since its founding in 1988.
Reyes has been secretary of Tarrant since 1988 and executive vice president since 1997. In 2000, she was appointed chief executive officer of the company’s Mexican operations. The eight sewing factories and two denim and twill mills made about 55 percent of Tarrant’s blue jeans and casualwear, sold at stores such as Limited Brands Inc., J.C. Penney Co. Inc. and Lane Bryant. After investing $190 million in the venture, Tarrant closed some of its Mexican facilities and leased out others in the past year.
Both Aved and Reyes have a challenge ahead of them. Last year, Tarrant had a net loss of $36 million on $320 million in revenue. During the first quarter of this year, the company had a net loss of $3 million on $42 million in revenue.
Tarrant also announced it has received approval from GMAC Commercial Finance for a new $45 million factoring facility with a three-year term. It will replace the company’s existing $90 million revolving credit facility.
—Deborah Belgum
