Capmark Financial Group Inc. Announces Executive Changes
September 29, 2014 at 11:00 am
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Capmark Financial Group Inc. announced that it has entered into a series of agreements pursuant to which it will acquire Bluestem Brands Inc. Upon consummation of the acquisition of Bluestem by Capmark, Steve Nave, Bluestem's Chief Executive Officer, will become Chief Executive Officer of Capmark. Bill Gallagher and Tom Fairfield, the company's current Chief Executive Officer and Chief Operating Officer, respectively, will remain with Capmark with responsibility for the continued management of the company's legacy assets. Gene Davis will remain the company's Executive Chairman of the Board, and the Board will be expanded to include Mr. Nave and additional representatives of Centerbridge, as contemplated by the previously announced investment agreement between the company and Centerbridge.
Bluestem Group Inc. is a holding company. The Company's businesses include Bluestem Brands, Inc. (Bluestem Brands), a multi-brand, online retailer of a selection of name-brand and private-label general merchandise serving low- to middle-income consumers through retail brands. Bluestem Brands' retail brands include Appleseed's, Bedford Fair, Blair, Draper's & Damon's, Gettington, Gold Violin, Fingerhut, Haband, LinenSource, Norm Thompson, Old Pueblo Traders, PayCheck Direct, Sahalie, Solutions, Tog Shop and WinterSilks. Appleseed's offers apparel and updates to classic styles for women. Appleseed's assortment includes misses, petites and women's sizes in tops and blouses, sweaters, pants, outerwear, sleepwear and accessories, among others. Bedford Fair offers versatile separates, coordinated outfits, casual styles and dressier options, among others. Blair offers women's and men's apparel and accessories, as well as decor and furnishings for every room in the home.