Son of Sport Chalet Founders Resigns from BoardTuesday, October 15, 2013
The son of Sport Chalet Inc. founders Norbert and Irene Olberz has stepped down as a director amid a review by the La Canada Flintridge sporting goods chain of its strategic alternatives.
Eric Olberz, also the chief financial officer for several real estate corporations controlled by the Olberz Family Trusts, resigned after 20 years on the board, according to a press release issued on Monday.
He is being replaced by Miki Berardelli, chief marketing officer of New York women’s clothing designer and retailer Tory Burch. She previously worked at Ralph Lauren and has more than 20 years of experience in marketing and e-commerce.
Olberz resignation comes amid declining sales and mounting losses at the premium sporting goods chain, which last month hired Santa Monica boutique investment bank Cappello Capital Corp. to help it find a strategic partner.
“It has been a great pleasure serving on Sport Chalet’s board,” said Olberz, in a statement. “My departure allows the board to make room for a new director whose experience is more closely aligned with the company’s strategic growth initiatives.”
Sport Chalet Chief Executive Craig Levra said Olberz would still remain involved in the company.
“While I will miss his counsel and insights as a director, I am sure his role as a significant private shareholder will continue to benefit the company and all of its shareholders. I look forward to his ongoing support,” Levra said in a statement.
Alexander Cappello, chief executive of Cappello Capital, told the Business Journal this month that Sport Chalet has received inquiries from retailers, manufacturers and technology companies looking to have a presence in Southern California.
Sport Chalet has 52 locations in California, Nevada, Arizona and Utah.
Shares closed down 6 cents, or more than 2 percent, to $1.10.