Founder makes son CEO of NC-based outlets Tanger
By The Associated Press Saturday, January 03, 2009GREENSBORO, N.C. - The founder of North Carolina-based Tanger Factory Outlet Centers is passing the day-to-day operation of the outlet centers to his son.
The News & Record of Greensboro reports that Steven Tanger is taking over as chief executive officer on Thursday at a time the company is well insulated against the recession.
Stanley Tanger built the Greensboro company in the early 1980s out of an idea for a shopping center filled with just outlet stores.
Steven Tanger notes that people like a bargain in good times, but need a bargain in tough times.
Steven Tanger says the company doesn’t owe on a single mortgage for any of its outlet malls, there is no corporate debt due for three years and the malls have been at least 95 percent occupied for 27 years.
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