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REGIONAL PEOPLE

October 04, 1994

David T. Allen has been named executive vice president and chief financial officer at House of Fabrics Inc., the troubled Sherman Oaks-based chain of fabric stores. Allen replaces Donald W. Boyer, who resigned to pursue other interests, the company said.

Allen arrives at House of Fabrics after a five-year stint at Chicago-based Buccino & Associates Inc., a firm that specializes in managing corporate turnaround and refinancing efforts. Those skills will be tested at House of Fabrics, which reported an $11.6-million loss in the July quarter and a 15% decline in revenue.

"We're looking to upgrade the level of management at this company, and this is a really experienced guy," Gary L. Larkins, chief executive of House of Fabrics, said of Allen. "What makes him interesting to us is his recent experience in turnaround situations."

The struggling company recently announced plans to close 200 of its 624 stores and launched a plan to attract more customers by placing increased emphasis on crafts and home decorating supplies.

Previously, Allen was chief financial officer of Dynascan Corp., a Chicago-based consumer electronics firm. He began his career with Arthur Andersen & Co. in 1966, and holds a bachelor's degree and a master's degree in business administration from Indiana University.

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