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Vestis Retail Group Names Petty as New Chief Executive Officer

July 03, 2013, 07:06 AM

Vestis Retail Group, LLC (Vestis), announced the appointment of James Petty to the position of Chief Executive Officer, effective July 8th. Vestis, owned by affiliates of private equity firm Versa Capital Management, LLC (Versa), encompasses Bob's Stores (Bob's), a retailer of value-oriented footwear, apparel and work wear, and Eastern Mountain Sports (EMS), the iconic outdoor retailer.

Mark Walsh, a Versa Managing Director who has served as Chief Executive Officer of Vestis, will remain its Chairman, overseeing the Vestis investment for Versa.

Petty is a seasoned retail executive, most recently serving as President of Retail Stores for Carter's Inc., with oversight of key national brands (OshKosh, Carter's) that are sold in 485 stores and generate over $800 million in annual sales. Prior to Carter's, Jim held senior roles at Limited Too and Gap, Inc.

According to Gregory L. Segall, Chief Executive Officer of Versa, "I am pleased we have attracted a person of Jim's talent and experience to help guide Bob's and EMS to the next level of growth and success."

Segall added, "This is a long-planned and natural leadership transition at this stage of Vestis's development. Over the past five years, Mark has done a tremendous job in realizing the potential at Bob's and he led the acquisition and initial transformation at EMS, positioning it for growth. We're looking forward to Mark's contributions to our existing and future investments in the Versa portfolio of companies."

Petty will be based in the Meriden, CT headquarters of Vestis.

Philadelphia-based Versa Capital Management is a private equity investment firm with $1.2 billion of assets under management that is focused on control investments in special situations involving middle market companies where value and performance growth can be achieved through enhanced operational and financial management.

Vestis Retail Group was formed by Versa Capital Management and encompasses Bob's Stores and Eastern Mountain Sports (EMS).

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