Person to Watch
Andy Mooney
The Quiksilver Inc. boss continued to reshape the operations of the brand, which once again struggled despite its heritage as a pioneer of the surfwear sector.
The former Nike Inc. executive faced an uphill battle throughout year, as sales dipped to nearly $1.6 billion for fiscal 2014, off 11%, and the market value of the Huntington Beach-based manufacturer and retailer fell nearly $1 billion, or 80%, to about $250 million.
Mooney has been chief executive since January 2013, and this year he took over as chairman of the board of directors, replacing cofounder Robert McKnight Jr., who retired in October. Mooney also passed off his duties as the company’s president to Pierre Agnes, who served as global head of apparel and accessories and the company’s European operations.
The changes at the top signaled a significant shift in operations—marketing for the Quiksilver and Roxy apparel and surf businesses were relocated to France to be under Agnes’ watch. The DC footwear division remains in OC, overseen by Mooney.
Company to Watch
Wet Seal Inc.
This holiday season might seal the fate of the Foothill Ranch-based retailer, which recently said it will “seek a restructuring or other relief under the provisions of the U.S. Bankruptcy Code” if it can’t address its immediate liquidity needs.
Wet Seal’s stock had fallen to about 10 cents and a market value of about $8.3 million late last week after its third-quarter financials were announced on Dec. 10. That’s down from $2.50 per share and a market value of about $213.6 million a year ago.
Chief Financial Officer Steven Benrubi left on Dec. 1, with former corporate controller Thomas Hillebrandt filling the role on an interim basis.
John Goodman, who joined the company at the start of 2013, left in September and was replaced by Ed Thomas, who led the chain from 2007 to 2011. The company has also converted its 54 Arden B stores to Wet Seal stores, which currently total 528. It plans to close approximately 60 stores by the end of the fourth quarter as their lease terms expire, provided the chain is still operating.
