David’s Bridal has named James Marcum as CEO, taking over the role from Interim CEO Tom Lynch. Marcum also will join the company’s Board of Directors.
The retailer named Lynch as Interim CEO in March, two months after emerging from bankruptcy without closing any of its 300 stores.
Former CEO Scott Key, who stepped down in March together with then-CFO Joan Hilson, led David’s Bridal through its Chapter 11 filing and re-emergence, cutting approximately $450 million in debt in the process. The bridal retailer is still struggling financially despite the massive debt cut, and the company remains at risk of failing to repay its remaining debt. Last month, S&P Global downgraded the company’s credit rating, citing a performance that “remained significantly weaker than anticipated after emergence from bankruptcy.”
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But Marcum’s experience appears to be a fit for the retailer’s go-forward strategy according to Christine Pope, Board Chair of David’s Bridal and a Senior VP at Oaktree Capital Management, L.P. Pope highlighted Marcum’s work in turning around businesses in a statement: “Jim has considerable experience leading retail and consumer companies through transitions, resetting strategy, building teams, and positioning companies for growth.”
Marcum most recently served as a Senior Operating Partner with the private equity firm Apollo Global Management, which owns Claire’s, GNC, Linens ‘n Things and Sprouts Farmers Market. Marcum also served as interim CEO at the now-defunct Circuit City when it filed for bankruptcy in 2008, and is currently on the board of Iconix Brands.
