FSG LAWYERS: Represented Loomworks Apparel (P.J. Salvage) on its acquisiton by Delta Galil.
INTREPID INVESTMENT BANKERS: How digital technologies are giving brands a makeover.
Details on Industry Insight.
The Closet has undergone quite a few changes lately, including closing all stores but one location in Costa Mesa, as well as changing ownership and management.
We caught up with head buyer Patrick Riley to find out what is going on with the influential fashion retailer and how they are changing strategy to grow their business.
According to Riley, in April of 2010, Regal Street Investment Group, owned by Hagop Sargisian bought out the assets of The Closet from owner Billy Stade who started the business in 1993.
The shop has been known in the action sports arena for launching cutting edge fashion brands.
After the acquisition, the company changed names to California Couture Incorporated and it now does business as The Closet.
After Regal Street acquired the assets of The Closet, Billy continued to work with the company. However, a legal dispute around ownership and company organization issues developed around November, during the holiday season, according to Riley.
Billy ended up leaving the company. A story in Apparel News said he has plans to open his own store in the next few months, called Stade California. Billy told us he would share more about his new concept soon.
Patrick Riley joined the company in February of 2010. He said undergoing a legal dispute during holiday was tough on the company and put them about three months behind.
Now that things have settled, The Closet is starting from scratch to rebuild and is moving in a slightly different direction to keep up with the new consumer of today’s economy.
“We are trying to go back to creating the allure of what The Closet once was while attracting a new customer base as well,” said Patrick.
See Page 2 for more about The Closet's new strategies