Brookstone Brings in New CEO
Brookstone Inc. announced this week that CEO Michael Anthony has left the company and will be replaced by Lou Mancini, previously the president/CEO of Murray's Discount Auto Stores Inc.Mancini "brings management strength and a new perspective on retail store management to Brookstone," said Ron Sim, chairman of Brookstone and CEO of OSIM International, which acquired Brookstone, Merrimack, N.H., as part of a new ownership group in October. "We believe that we already have the infrastructure and product culture necessary to take it to the next level. At this point, the primary need -- as well as opportunity -- is to increase productivity in the retail stores. That will be [Mancini's] mandate," Sim continued.
Mancini, who was also president/CEO of GNC, will have his work cut out for him. In February, Brookstone reported that same-store sales for the 48 weeks ended Dec. 31 2005 fell 8 percent. The company's net sales for the year dropped 4.4 percent totaling $440.6 million.
