Krause’s Names CEO

Krause’s Furniture Inc. has named former retail executive Philip M. Hawley as chairman and chief executive.

The company also said it received $17 million in financing from new investors, including GE Capital Services and Hawley, 71, former chairman and chief executive officer of Carter Hawley Hale Stores, the Los Angeles-based department store chain.

Hawley replaces the current chairman, Jean Perrette, 65, and Thomas M. DeLitto, 43, the current vice chairman and chief executive officer. DeLitto will remain vice chairman.

Krause’s said it received $10 million from GE Capital for 5 million common shares sold at $1 each and $5 million of subordinated debt. Krause’s said it received $4 million from new and existing investors, including Hawley, in exchange for 4 million common shares sold for $1 each.