HSN Names Judy Schmeling President Of Cornerstone - Quick Facts

(RTTNews) - Interactive multichannel retailer HSN, Inc. (HSNIV, HSNI) said that Judy Schmeling, currently chief financial officer and chief operating officer of the company, will assume the role of President of Cornerstone, effective immediately.

Schmeling will continue to serve in her capacity as COO of HSNi and will remain CFO during this transition until a successor is appointed. She will continue to report to Mindy Grossman, Chief Executive Officer of HSN. The company has commenced an external search for Schmeling's replacement as CFO.

In addition to her responsibilities as HSNi's COO, Schmeling, as President of Cornerstone, will have oversight of HSNi's portfolio of aspirational home and apparel lifestyle brands including Frontgate, Ballard Designs, Garnet Hill, Grandin Road and Improvements.

In a separate statement, HSN said it has entered into a letter of intent to sell Cornerstone's TravelSmith and Chasing Fireflies brands.

In the second quarter of 2016, Cornerstone initiated a formal plan to sell TravelSmith and Chasing Fireflies, two of the apparel brands within its portfolio. In July 2016, the company entered into a non-binding letter of intent with an exclusivity period of 30 days to sell these businesses.

Assuming the parties can reach a final agreement, the company expects the transaction to close in the third quarter of 2016. In the second quarter of 2016, the company recorded a non-cash asset impairment charge of $20.4 million, or $0.24 per diluted share.

HSNi's board of directors has approved a quarterly cash dividend of $0.35 per share, payable September 22, 2016 to shareholders of record as of September 7, 2016.