Hampshire Group Dismisses CFO Trey Darwin

Hampshire Group announced today that it has “terminated” CFO and treasurer Trey Darwin, effective Monday, March 2. CEO Paul Buxbaum and COO David Pierce will oversee the company’s finances while a search is conducted for a new CFO.

Darwin joined Hampshire in May 2013. His previous position was as CFO for AEC LLC. He was VP of finance and director of business analysis at Haggar Clothing Co. from 2011 to 2012.

Hampshire Group reported a tougher fourth quarter than it anticipated in January, but it narrowed its FY loss to $4.0-5.0 million from 2013’s $9.1 million. The West Coast port negotiations left finished garments in cargo ships anchored outside ports , a fabric supplier’s quality and shipping issues, December delivery cancellations and late selling all caused liquidity problems for company. Hampshire’s lender increased its revolving credit facility by $2 million until April 11, 2015 to ease the pressure.

“Looking ahead, we anticipate improved financial results in 2015 as compared to last year,” said Buxbaum in February. “We have been shipping our spring deliveries and continue to push to meet our 2015 plan. We have established new relationships with two fabric suppliers in Latin America to fulfill our requirements for Rio Garment. Additionally, we expect that our performance in 2015 will benefit from incremental sales related to the commencement of our Dockers™ international agreement in the second half of the year, along with the addition of new brands, sourcing enhancements, and cost reductions.”