MINNEAPOLIS, MN – Regis Corporation (NASDAQ:RGS), a leader in the hair salon industry, disclosed executive leadership changes in a recent SEC filing. The company announced the appointment of two senior executives to new roles effective August 16, 2024.
Jim Lain, who previously served as Executive Vice President and Chief Operating Officer, has been appointed as Executive Vice President, Brand Operations for Supercuts and Cost Cutters. Concurrently, Michael Ferranti, formerly the Executive Vice President and Chief People Officer, has been appointed to the position of Executive Vice President, Brand Operations for SmartStyle, First Choice Haircutters, Roosters, and Portfolio Brands.
These appointments reflect a strategic realignment of Regis Corporation's leadership structure to better manage its diverse portfolio of salon brands. The company operates under various brand names offering a full range of hair services, including Supercuts, SmartStyle, and Roosters, among others.
The changes in executive positions were made public through an 8-K filing with the Securities and Exchange Commission on Wednesday, August 21, 2024. The company has not disclosed additional details regarding the reason behind these changes or any further restructuring plans.
Regis Corporation, with its headquarters in Minneapolis, Minnesota, is incorporated in the state of Minnesota and has been serving customers with personal hair care services for many years. The company's stock is traded on The Nasdaq Global Market under the ticker symbol RGS.
This recent announcement comes as part of the company's ongoing efforts to streamline operations and enhance strategic focus on brand performance. The new assignments for Lain and Ferranti are expected to leverage their experience and expertise in their new roles overseeing brand operations.
The information is based on a press release statement from Regis Corporation and is intended to provide investors and the public with relevant company updates. Regis Corporation has a history of providing personal services in the hair care industry and continues to evolve its leadership team to meet the demands of a dynamic market.
In other recent news, Regis Corporation made significant strides in its financial management, securing a $105 million senior secured credit facility with TCW Asset Management Company LLC and Midcap Financial Trust.
This strategic move allowed the haircare industry leader to reduce its outstanding debt by over $80 million, expected to save around $7 million in annual cash interest. The new capital structure includes a term loan maturing on June 24, 2029, and a $25 million revolving credit facility.
These recent developments reflect Regis Corporation's commitment to sustainable growth and increased shareholder value. The company's President and CEO, Matthew Doctor, emphasized the importance of the strategic review that led to the refinancing agreement, which is expected to strengthen the company's balance sheet and enhance financial flexibility.
In addition to these financial maneuvers, Regis Corporation reported a minor uptick in same-store sales by 0.5% this quarter, with a year-to-date increase of 1.4%. Despite a decrease in franchisee stores and lower franchise rental and advertising income, the company improved its operating income and expects to achieve significant savings in G&A expenses, projecting $5 million in savings for fiscal 2024 compared to fiscal 2023.
The company's adjusted EBITDA for the quarter reached $5 million, showing an improvement from the previous year. With a strong liquidity position, having $36.7 million available as of March 31, 2024, Regis Corporation continues to focus on cash management and returning to cash generation.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.