PLCE News & Events

The company states: "On July 6, the Board appointed Muhammad Asif Seemab, who is currently a Board member and Executive Vice Chairman of the Company, as President and Interim Chief Executive Officer of the Company. Mr. Seemab succeeds Muhammad Umair, who effective as of the Effective Date has resigned as President and Chief Executive Officer of the Company, but not as an employee. There are currently ongoing negotiations regarding Mr. Umair taking on a new role with the Company and potential adjustments to his compensation in connection with such change in role, and Mr. Umair will remain as a member of the Board. Mr. Seemab is Managing Director of Mithaq Holding Company. From January 2012 until joining Mithaq Holding Company in January 2019 as Portfolio Manager, Mr. Seemab was an Associate in the Asset Management Group of Mohammed Ibrahim AlSubeaei & Sons Investment Company, a family office based in Saudi Arabia that manages public equities, private equity funds, real estate funds and income-producing assets."

Reports Q1 revenue $215.23M vs. $242.13M last year. Comparable retail sales in owned and operated DTC business decreased 8.3% for the quarter. Consolidated results were also impacted by the planned reduction in shipments in the company's wholesale channel as it continues to work with customers to ensure inventories are aligned with demand. Muhammad Umair, president and CEO, said, "Today, we reported our first quarter results, which provide assurance that our strategies are beginning to take shape as we observed a reduction in the rate of sales declines versus the prior quarter and the same quarter last year, combined with material progress on our transformation efforts in a challenging retail environment. We recognize that our value customer has been impacted by higher gas and grocery prices. As a result, we are committed to clear messaging regarding the strength of our price/value offerings."