Frederick's LoRe Resigns
After taking lingerie retailer Frederick's of Hollywood out of bankruptcy and in a new direction, Linda LoRe is stepping down as the company’s president and as a board member.
LoRe, who joined Frederick's in 1999, will stay with the company until Jan. 20, 2012, to help with the transition. Her resignation as president is effective Sept. 2.
LoRe, who is on vacation, was not available for comment. Candice Valencia, a company spokesperson, said LoRe was taking “some time away for future endeavors.”
The announcement about LoRe’s departure was made Aug. 24 following a staff meeting with Chief Executive Thomas Lynch. “On behalf of the company, I would like to thank Linda for her strong leadership and tireless service to the company for more than 12 years. We wish her the best of luck and success in her future endeavors,” he said in a statement.
In a separation agreement, LoRe will receive a $207,692 portion of her $400,000 annual salary, as well as a $250,000 payment. In addition, her 613,362 stock options, with exercise prices ranging from $1.05 to $3.10 a share, will be valid for three months. Her 112,000 shares of restricted stock granted will remain fully vested. The company’s stock was recently trading on the American Stock Exchange at 63 cents.
LoRe arrived at Frederick’s after many years as president and chief executive of Giorgio Beverly Hills, building the label into a premier luxury brand.
A year after joining the lingerie retailer, Frederick’s filed for Chapter 11 bankruptcy protection in 2000 and reorganized.
Frederick’s of Hollywood merged with apparel maker Movie Star in 2006, making the new company, Frederick’s of Hollywood Group Inc., a publicly traded company based in New York. The retailer has 123 stores.
