Sale of Duluth-Based Retailer Maurices Finalized
DULUTH, Minn. – Maurices has announced that its sale to private equity firm OpCapita is complete, marking a new era in the Duluth-based women’s fashion retailer’s 88-year history.
The headquarters of the company will remain in downtown Duluth.
“This is an exciting day for our Maurices family,” said Maurices President and Chief Executive Officer, George Goldfarb. “We’ve had strong holiday and early spring sales, and are looking forward to building on our momentum with our new owners, OpCapita, who are truly invested in adding even greater value to the Maurices brand by providing additional resources and expertise.”
maurices will continue to be led by Goldfarb and its current management, supported by OpCapita’s investment team. Jeff Kirwan, the former president and CEO of Gap brand, will join Maurices as executive chairman. maurices is OpCapita’s first U.S. investment.
“OpCapita clearly recognizes the value of our people, market position and growth potential. We have a strong market niche and proudly operate 940 stores in communities across the U.S. and Canada, as well a growing online business. OpCapita has significant experience in taking brands to the next level in Europe, and will help us best serve our customers and grow the organization,” said Goldfarb.