Frederick's Director Resigns
Rose Peabody Lynch, an independent director on the board of Frederick’s of Hollywood Group Inc., resigned from the Los Angeles–based retailer and wholesaler of lingerie and apparel on Aug. 1.
Peabody Lynch served as the chairperson for Frederick’s compensation committee. The company’s nominating committee began a search to find a replacement for Lynch, according to a company statement.
Frederick’s announced results for its third fiscal quarter on June 10. Net sales were more than $60 million. Its gross margin for the third quarter increased 35.8 percent, compared with 45.8 percent in the same quarter in the previous year. Same-store sales for its 133 stores declined 5.4 percent.
Frederick’s Executive Chairman Peter Cole blamed the weak economy for declines in sales, according to a company statement.
In other notes, the company opened two Frederick’s of Hollywood stores in San Diego County in April. One was opened in Westfield Horton Plaza in San Diego. The other debuted in Westfield North County in Escondido, Calif. —Andrew Asch
