Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, November 12, 1993 TAG: 9311120106
SECTION: CURRENT PAGE: NRV-1 EDITION: NEW RIVER VALLEY
SOURCE: MICHAEL STOWE
DATELINE: CHRISTIANSBURG LENGTH: Medium
Actually, it's old management.
James F. Seifert, who retired in 1990, has taken back control of the Cedar Rapids, Iowa retail chain that he co-founded with his brother, William Seifert, 40 years ago.
The local manager is also the same with Elaine Reed heading up the store's seven-person sales staff. She was bubbling with anticipation as the store, located in the New River Valley Mall, finished last minute preparations.
"We're all excited," she said. "This is a new beginning."
Michael J. McCue, executive vice president and chief operating officer for James F. Seifert & Sons, also was on hand for the store's reopening.
McCue said he's confident Seifert's leadership will restore the profitability the company enjoyed when it was still family owned.
"It became a company of stores, not a company of people after it was sold," he said. "The overall integrity was lost."
The first Seiferts store was opened in 1951 and the company grew to 50 stores by 1979.
The business was sold that year to the Grafton Group Ltd. William Seifert retired, but James Seifert remained chief executive officer until he retired three years ago.
The chain, which included Seiferts, Seiferts Plus and La Vogue, was sold again in March 1993 to Seiferts Group Inc.
In late July, Seiferts Group declared bankruptcy and announced plans to close its 103 stores.
Reed said she was given only one day's notice that the store would close and all of its workers would lose their jobs.
"It was a sad, very sad, day," she said. "I was stunned."
Her unemployment stint was short. Less than a month later, James Seifert called Reed at home and asked her to manage the store he was reopening.
"I didn't hesitate one minute," she said. "Mr. Seifert is so motivating, he makes you feel like you can do anything."
A bankruptcy court in Chicago gave Seifert & Sons approval to purchase 38 women's apparel stores from the bankrupt group.
The stores are in six Midwestern states, Wyoming and Virginia. Norfolk and Kilmarnock are the two other Virginia locations.
McCue said the company looked only at profitability when deciding which stores to reopen.
"The ones we selected have been very successful in the past," he said.
Seiferts operated four stores in Roanoke over the years, but decided not to reopen any of them.
The three Virginia stores will keep the La Vogue by Seiferts name and the others will operate as Seiferts and Seiferts Plus.
Reed said the La Vogue will continue carry upscale women's clothing. Suits will range from $150 to $250 and dresses will cost $125-$250. Its lines include Saville, Kasper and Zena jeans.
by CNB