Limited Inc (The) - Re Divisional Change
July 01 1997 - 4:13AM
UK Regulatory
RNS No 7579u
THE LIMITED INC
30th June 1997
THE LIMITED, INC. ANNOUNCES GALYAN'S LEADERSHIP CHANGE
Columbus, Ohio, June 30 - The Limited, Inc. (NYSE: LTD; London), announced
today that Patrick W. Galyan, Founder and Chief Executive Officer of Galyan's
Trading Company, a division of The Limited, Inc. has retired. Joel Silverman,
currently Chief Operating Officer and Chief Financial Officer of Galyan's, has
been named acting CEO until a permanent successor is found.
In making the announcement, Kenneth B. Gilman, Vice Chairman of The Limited,
Inc. said, "Galyan's has been very successful and we have great expectations
of continuing the expansion that Pat has initiated. We are dedicated to this
business and will continue to commit all the necessary resources to realize
the Galyan's vision -- to become the nationally recognized leader in the
sporting goods and outdoor industry."
The Limited, Inc. acquired Galyan's in July 1995, when it had six stores.
Since then Galyan's has opened two new stores in the Minneapolis/St. Paul area
and one in Kansas City. In addition, Galyan's will be opening its third store
in the Twin Cities area and its second store in Columbus in the fall.
Additional market expansions are planned next year for Chicago and Washington,
D.C. Galyan's has doubled the square footage of store space, and doubled
sales, since the acquisition in 1995.
In announcing his retirement Mr. Galyan said, "I believe that we have enjoyed
great success in achieving our goals. I have complete confidence in the
Galyan's team and in The Limited, Inc. to successfully complete this endeavor.
I have, therefore, decided it is time for me to retire. I have recently
married, and my wife and I plan to take some time for ourselves and our
children. I have loved my time at Galyan's. It has been an incredible ride."
Mr. Gilman added, "Although Pat Galyan is retiring and will not be directly
involved in Galyan's daily business, he has agreed to continue as a strategic
consultant to The Limited, Inc. While we search to find Pat Galyan's
replacement, Joel Silverman will lead the business."
The Limited, Inc., through Express, Lerner New York, Lane Bryant, Limited
Stores, Henri Bendel, Structure, Limited Too, and Galyan's presently operates
3,830 specialty stores. The Company also owns approximately 83% of Intimate
Brands, Inc. which, through Victoria's Secret Stores, Bath & Body Works and
Cacique presently operates 1,673 specialty stores and distributes apparel
internationally through the Victoria's Secret Catalogue. The Company owns
approximately 84% of Abercrombie & Fitch which currently operates 135 stores.
Contact: Al Dietzel or Rita Trevino Flynn of The Limited, tel Columbus,
Ohio 001 614-479-7070
END