JumboSports Chair & CEO Stephen Bebis "resigned Monday
after failing to lead the money-losing sporting goods chain
to a promised turnaround," according to Kris Hundley of the
ST. PETERSBURG TIMES. Jack Bush, a retail consultant and
member of JumboSports' Board of Directors, will replace
Bebis. Additionally, CFO Ray Springer has been promoted to
acting President & COO (ST. PETERSBURG TIMES, 12/9).
DETAILS: The 85-store chain's "management upheaval"
comes five days after it reported a 3Q loss of $45.8M and
announced plans to "pull out of" the Atlanta, Houston and
Detroit markets. Also, third quarter sales in stores that
have been open more than a year were down 5.4%. Bebis, who
joined JumboSports in early '96, could not be reached for
comment. The company's release did not offer details on his
future plans (ST. PETERSBURG TIMES, 12/9).
ANY REMEDY? In Tampa, Aissatou Sidime reports that
Springer plans to "fine tune" the merchandise in the
company's stores and "increase marketing." Springer said
that he "expects to end the year with a total sales
increase", but that sales at stores open more than a year
"will probably fall" (TAMPA TRIBUNE, 12/9).