Brookstone CEO Bebis out after less than a year
Less than a year into the job, Brookstone Inc.’s chief executive Stephen Bebis has resigned from the New Hampshire electronics chain after the retailer recently reported disappointing sales.
On Thursday, James M. Speltz, who previously served as the company’s chief operating officer, took over the as president and chief executive.
The departure of Bebis, who founded Golf Town, comes several days after Brookstone reported net sales in the fourth quarter dropped 8 percent to $233 million and sales at stores open at least a year decreased 3.5 percent.
“I look forward to building upon the strength of the Brookstone brand, continuing the significant progress we have made over the past few years, and expanding upon our business development initiatives,” Speltz, who has worked at Brookstone since 1998, said in a statement. He has been a key driver of the company’s new revenue initiatives in retail, e-commerce, and wholesale channels, according to Jackson Tai, Brookstone’s chairman of the board of directors. “His `hands-on’ leadership and his past roles in building the Brookstone brand and culture will be invaluable as the company addresses the challenges presented by an ever-changing retail environment,” Tai said.Jenn Abelson can be reached at firstname.lastname@example.org. Follow her on Twitter @jennabelson.