Total Apparel Group, Inc. has added Robert Lineburg as president of TAG's wholly owned subsidiary Kappa North America, and Jeff Sirchio as chief operating officer, respectively.
Their combined 60 years of apparel industry expertise will significantly enhance both TAG's brand equity and business acumen, and position the company for further pursuit of immediate market share, TAG said.
“We are extremely excited to welcome Bob and Jeff to the team and look forward to tremendous growth under their leadership,” stated TAG Chief Executive Officer Janon Costley. “Their combined experience and expertise will significantly strengthen and prepare our company to navigate and succeed in this unique business environment.”
Lineburg brings more than 30 years of retail industry experience and was previously the CEO of children's apparel company Keystone Apparel. He is responsible for overseeing the sales and production-related activities for TAG's most important operating division and implementing strategies that are consistent with the Company's overall business objectives.
Jeff Sirchio has an extensive 20-year background in retail and manufacturing, and is responsible for managing and directing the company toward its primary objectives, based on profit and return on capital by overseeing the TAG's day-to-day operations.
Costley added, “As we continue to expand and look for new opportunities, we are confident that the void created by the bankruptcy of Global Brands Group, the master licensee of FIFA branded merchandise, will not be an impediment to the future growth of TAG. Adding new management is one of the key steps we will take to increase our sales revenue in other areas that will hopefully offset the loss of anticipated revenues from the Active Apparel Group division.”
As part of its restructuring process, the company has, by action of the Board of Directors and by written consent of approval of same by shareholder(s) holding at least a majority of the shares needed to approve same, as of March 3, 2011, approved a 1 for 150 reverse stock split of its issued common stock, to go into effect on March 4, 2011. This is in conjunction with an increase, also approved by the Board of Directors and similarly, as aforesaid, by the shareholders by written consent, of the company's authorized shares of common stock to the number of: 1,900,000,000. This action will enable the company to continue its near and long term growth strategy.
