Forman Mills sold to Villa owner

Goode Partners LLC, a New York investment group that also owns Villa clothing stores (the Philly-based former Sneaker Villa), has acquired Forman Mills, the 36-store discount-clothing chain based in Pennsauken, from founder Richard Forman, Allen Weinstein, a veteran retail store operator who is Forman Mills' new executive chairman and interim CEO, told me.

The chain was founded in 1985 and run for its whole history by Rick Forman, a 56-year-old Philly native whose dad financed his early forays as a flea-market T-shirt impresario. The sale closed Oct. 4, according to people familiar with the deal.

Known by its stentorian "FORR-MANN-MILLLLS" radio ads, Forman Mills operates eight supermarket-sized low-priced clothing stores in New Jersey, seven in Illinois, six each in Pennsylvania and Michigan, and others in Maryland, Ohio, Delaware, New York and the District of Columbia.  Price for the deal not disclosed.

Goode partner David Oddi said in a statment that Forman and his managers "build a great company" that sells family "style, selection and value." Oddi added that Goode plans to keep opening new Forman stores in new markets "and invest in the Company's infrastructure," including "an upgraded point-of-sale system."

Weinstein is also Executive Chairman at Philadelphia-based Villa, which sells sneakers and clothing, and is also a director of South Jersey-based Destination Maternity. He was CEO of Body Central Corp. 2009-12, and before that held senior management posts at Cato Corp.

Forman will serve as a consultant. Weinstein will be assisted by Michael Moore, a former CFO of Bloomingdale's, Cato Corp. Advance Auto Parts and Ruby Tuesday; and Dennis Tompkins, also a Cato veteran. 

Goode also used to own La Colombe coffee shops and Skullcandy earphones, among other brands.