Maurices CEO George Goldfarb to Retire
George Goldfarb, longtime CEO of Duluth-based women’s clothing retailer Maurices, will step down from his job next month, the company announced Tuesday.
Beginning March 15, Goldfarb will end his daily duties as CEO and become “chairman emeritus” of the company’s board. David Kornberg — the current CEO of Columbus, Ohio-based clothing retailer Express — will take over as Maurices’ next CEO.
Goldfarb, who’s appeared on the TCB 100 list two times in recent years, has been with Maurices for 36 years, including 10 as president and CEO. In a statement, Goldfarb described Maurices as an “unbelievable brand, with a winning track record, even during a global pandemic.”
“It’s been such an honor to lead Maurices,” Goldfarb said.
Maurices changed hands two times during Goldfarb’s tenure. In 2005, New Jersey-based Ascena Retail Group bought the company from American Family Retail Group. Nearly 15 years later, Ascena sold its majority stake in the company to London-based private equity firm OpCapita in a $300 million deal.
Last summer, Ascena filed for Chapter 11 bankruptcy. The retail group previously counted Ann Taylor and Lane Bryant among its brands, but later sold those to a New York private equity firm.
In 2017, Maurices operated over 1,000 stores; that number ticked down to 937 by 2019.
At the start of 2021, the company’s headquarters in downtown Duluth also changed hands, though officials have said that its employees will stay in the building. The building sold for $15 million; it was built at a cost of $80 million in 2016, according to Finance & Commerce.
Company leaders, meanwhile, say Goldfarb’s shoes will be “tough to fill,” but that Kornberg is the “right successor.
“David Kornberg is an extremely talented leader with experience from notable brands including Marks & Spencer, Disney and Express, where he spent 20 years shaping the brand and culture, most recently as president and CEO,” said Jeff Kirwan, who was installed as Maurices’ executive chairman as part of the OpCapita deal in 2019. “David has a deep understanding of the consumer and is recognized as a customer and people-centric leader.”