Melissa Payner-Gregor Out at Bluefly

Feb 05, 2012 2:08 AM  By

Melissa Payner-Gregor has resigned as CEO at Bluefly, according to an 8-K the off-price luxury apparel and accessories merchant filed Feb. 2 with the Securities and Exchange Commission. Payner-Gregor, who also gave up her seat on Bluefly’s board of directors, was immediately replaced by chief operations officer Joseph C. Park.

Though the company said in the 8-K and in a press release that Payner-Gregor resigned, the 8-K indicates Payner-Gregor signed a separation agreement with Bluefly. According to the 8-K, the company has agreed to continue Payner-Gregor ‘s salary and certain benefits for 12 months.

Though Bluefly’s fiscal year ended Dec. 31, the company has not released its 10-K for 2011. But its 10-Q for the third quarter and its 10-K for 2010 indicate the company has been losing money despite year-over-year increases in net sales.

For the first three quarters of 2011, Bluefly had net sales of $66.9 million and made a gross profit of $21.9 million. But its total operating expense of $26.8 million for the quarter put Bluefly $4.93 million in the hole.

In 2010, Bluefly made a gross profit of $33.2 million, but operating expenses of $37 million. Its gross profit was $31.6 million in 2009, but its operating expenses were $34.2 million. And in 2008, Bluefly’s gross profit was $35.5 million and its operating expense was $46.3 million.

Last January, Bluefly and A+D Labs formed a joint venture eyewear company called Eyefly, and launched in June. Bluefly also responded to the flash sale phenomenon in December with the launch of Belle & Clive.

Payner-Gregor became president of Bluefly in September 2003 and has been CEO since August 2004.

Before she came to Bluefly, Payner-Gregor served as CEO of Spiegel Catalog for six years and president of Chicos FAS for three.